Introduction

Brand management is the process of overseeing or supervising promotional activities for a branded product or service. It entails detailed planning and analysis and has a significant impact on how a brand is perceived in the market. The product, packaging, price, and appearance are all examples of tangible brand management elements (Rosenbaum and Pervam 2015). This report examines several aspects of the brand management process, including how brands are built and managed over time, how brands are organized in portfolios, and how brand hierarchies are created and managed. It also evaluates how brands are leveraged both domestically and internationally, as well as the various techniques used to measure and manage brand value over time.

How Brands Are Developed and Managed Over Time

Building Brands

A brand is a symbol, term, design, or other feature that clearly distinguishes one organization or product in the market from another in the eyes of the customer. Name brands, in particular, stand out from store brands and generic brands. Brands are used for advertising, marketing, and business (Heding et al., 2015). To develop a brand, a company or business enterprise must first decide what it will brand, such as a service, product, or even an individual. Market research is then conducted, and the service or product to be branded is positioned in the marketplace. Santos-Vijande et al. (2013) recommend developing a brand definition, including a logo, tagline, and name, before launching and managing the brand.

Branding benefits consumers, intermediaries, and organizations.

Branding provides five major benefits to intermediaries, organizations, and customers. The first step is to recognize the customer. A robust brand network can help build customer recognition. The second benefit of branding is that it gives the organization or consumer a competitive advantage in the market. Third, branding makes it much easier to introduce new products to the market. Fourth, branding promotes customer loyalty and shared values. Fifth, branding increases the credibility of a product or service while also making it easier to purchase. Customers are more likely to buy a product or service that has been branded. If an organization or business enterprise sells products that lack brand value, the sale figure is unlikely to be high (Hanna and Rowley 2013).

Understanding Brand Equity

Brand equity is a popular term in the marketing industry. It refers to the value that comes with well-known brand names. Brand equity is based on the idea that owners of well-known or popular brands in the market can generate more revenue than usual simply by leveraging brand recognition. Products with a brand name perform significantly better in the market than products without a good brand name. As a result, consumers are more likely to purchase a branded good or service over one that lacks good brand value. Thus, brand equity refers to the value associated with a specific brand. Researchers approach brand equity from two perspectives: information economics and cognitive psychology (Buil et al. 2013).

Understanding how organizations grow and build brand equity.

Organizations take a variety of steps to increase and develop their brand equity. The first important step is to increase brand awareness. Customers are made aware of brands and are expected to perceive them in the manner that the organization desires. The second step is to communicate about the brand. This occurs through targeted marketing and word-of-mouth advertising. The third important step that organizations take to grow and develop a brand is to reshape customer perceptions of that brand. Customers typically respond to any brand through feelings and judgment (Roll 2015). Judgments are based on a number of important factors, including credibility and quality, the product’s relevance to customer requirements and needs, and the brand’s level of superiority in comparison to competitors. Finally, organizations can grow and develop brand equity by cultivating a deep and meaningful relationship with their customers.

The role of marketing in establishing brand equity, as well as brand positioning and techniques

Marketing is the process of extracting value from a brand and selling that value to customers so that they purchase the branded product or service. Marketing essentially drives the sales of branded products. It creates all of the familiarity and awareness that is required to establish a specific brand in the market, as well as all of the tactics that must be used to make the branded product known to customers so that they purchase the branded commodity at some point. Marketing is important in determining a brand’s value and positioning (Brexendorf and Keller 2015). This is because customers are more likely to be convinced of the value of a product or service after it has been extensively advertised, and the value of the product or service has been aggressively promoted over a long period of time.

Building a Brand

A necessary step for strengthening brand equity or brand value is to ensure that the product or service’s quality is never compromised. Customers will always place a high value on products whose quality meets expectations. The second critical step in ensuring that brand value is retained is to build a loyal customer base for the brand. If the branded product or service has a large number of loyal customers on which to rely, its market value will skyrocket in comparison to the value of rival products and services. Consistency is also essential for building a positive brand image. According to Centeno et al. (2013), the brand message should be consistent in both content and appeal, and promoted through various channels.

Restore and Recover a Brand

One of the most effective ways to restore and recover a brand that has lost market value is to avoid dwelling on past mistakes. If a brand has suffered a significant setback, there is no reason to dwell on the error. Rather than focusing on the past, the business enterprise must make every effort to move the brand forward. It is critical to accept responsibility for what occurred and maintain momentum. Brand owners must strive to rebuild the brand by networking both within and outside of the organization, as well as taking on new projects that are likely to restore customer faith and confidence (Du Preez and Brendixen 2015). It is also necessary to compensate for any mistakes that have occurred, as well as to closely monitor the media and inform customers that efforts are being made to compensate for the loss of brand value.

Using Converging Technologies to Engage Customers

Technology is something that can be easily applied to brand management, particularly in terms of successfully engaging with customers. Organizations and companies can use a variety of social media apps and platforms to gather quick and genuine customer feedback following the launch of a specific branded product or service. The use of cutting-edge technologies to communicate with customers can undoubtedly determine brand equity or value. Customers can simply rate the brand on their mobile app, and the ratings will reveal how popular and in demand that product or service is, assisting in the determination of brand value (Severi and Ling, 2013).

How Brands are leveraged and extended over time, both domestically and internationally.

Brand Extension Approaches and Strategies

Brand extension approaches and strategies are marketing strategies and approaches in which a company involved in the marketing of a branded product or service uses the exact same brand name across multiple product categories. In fact, the process generates a new product known as a spin off. Jello-Gelatin used a well-known brand extension strategy to create Jello pudding pops. Some of the most popular brand extension approaches and strategies used today include brand name selection, brand positioning, brand development, and brand sponsorship. These are developed and implemented only after taking into account the overall business strategy of a company or organization involved in brand building and management activities (Eisend and Stockburger-Sauer 2013).

Fit and Leverage in Brand Extensions

A brand is said to have leverage when its distinctive properties are used to lead customers into new categories, causing them to perceive the brand extension as superior to existing competitive products. The boundary issues are referred to as fit. A brand that does not fit well into a specific category is unlikely to perform well. According to Braun et al. (2013), poor performance will lead to failure.

Identifying the various ways in which brands can be revitalized and reinforced.

Brand revitalization and reinforcement essentially entails preserving brand equity. Brand owners and developers must ensure that consumers have all of the knowledge structures required for brands to maintain their brand equity sources. Brand revitalization and reinforcement can be accomplished through marketing activities. Such activities will consistently communicate the brand’s meaning to customers in the form of brand image and awareness. Some of the essential features of brand revitalization and reinforcement strategies include maintaining brand consistency, protecting all brand equity sources, leveraging and fortifying, and carrying out a fine-tuning and supporting marketing programme. The implementation of brand reinforcement strategies will ensure that brand equity is consistently maintained over time, and that the market value of a branded product or service is not allowed to decline or erode too quickly (Qian 2014).

Brand Partnerships and Collaborations

Brand partnerships and collaborations are extremely valuable because they help to bring together the status of two different brands for the benefit of both of their reputations. As a result, those who enter into brand partnerships and collaborations must be on the same page in terms of brand values and target consumers (Lim and Weaver 2014).

Global Branding and Positioning

Because of its international scope, global brand positioning requires a multifaceted approach. It is a necessary step if a brand wants to reach a global audience. Global brand positioning necessitates the creation and implementation of custom positioning statements. In addition to its strengths, the brand’s corporate values, and the audience’s specific preferences and needs, the brand’s unique selling point (USP) must be identified. The positioning statement should be concise and limited to internal use (Wallace et al., 2014).

Conclusion

Thus, brand management encompasses many different aspects and techniques. It should be conducted on a regular basis by brand management experts and is best implemented using social media platforms and apps with a large user base, which greatly assist brand managers in understanding the impact and value of a brand.

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