Brand Management
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A Definition Paper About
BRAND MANAGEMENT
INTRODUCTION
The modern world provides us with so many options with less time to choose. For brands, the ultimate goal is how to stand out among a variety of competitors and how to sustain the loyalty of their buyers. These challenges were realized by the business industry when Brand Management became very important after the World War II. The personal income of the middle class grew at this time and thus fueled an array of new product demands, which very much receptive to the increasing market. There was a need in properly managing products in order to survive the growing trade. Thus, came the birth of brand management
Brand management is a business strategy involving the design, and implementations of marketing plans to build and measure products or services. Nowadays, corporations are spending millions of dollars to hire managers in pushing their brands to their utmost profitability.
According to the American Marketing Association, a “brand” is a name, term, symbol or design intended to identify goods or services of a seller or a group of sellers to differentiate them from those of the competitors. “Management” on the other hand, is the act of managing, supervising and controlling. One who handles this position should have a dedication to his job and pours a huge amount of effort to do what is best for the business. Thus, Brand Management is business strategy that creates marketing programs to build, measure or manage brand equity. It is backboned by leaders of the company who defines and controls brands delegated to their expertise. Good brand management creates a promise that is memorable and effective. It should also convey a character or an image that can affect the buying preferences of its target market.
Consumers play an important role brand management. If consumers found a brand that is able to fulfill their “promise” then brand loyalty may be expected. For brand management, keeping this loyalty is important as this forms their captive market. That is why a huge part of brand management involves research on consumer behaviors and lifestyle. The brands marketing efforts are driven by its type of captive market. When brands create an image for their product the target consumers can relate to, and discovers a “need” which no other brand as offered so far, these will give the brand an advantage over their competitors. Another factor to consider is classifying what type of market segment do its consumers belong.
The basic market segments are A, B, C, and D. In simple terms, Markets A and B are the upper class consumers whose buying habits are driven by options.