Brand Management is much wider and very strategic
activity of any company. There is no-doubt it is one of the most vital aspect
of marketing so that brand management is nothing less than a CEO’s
accountability in every company. This management consists of developing a
certain level of confidence in the customers minds that the quality they want
from the line of products of the specific brand can be expected to maintain.
This is known to boost sales by comparing the product with different brands, building
a well managed brand more encouraging in the eyes of the investor.
Make your brand protected by trademark law, it should be
easily recognize and should associate with high quality services or products,
this make your brand easy to remember. It should grab attention whenever and wherever
it is mentioned. Brand management should
achieve all of the above points efficiently and should build the brand stand
out when placed along with other competitive brands.
One company may possess different brands pertain to
series of products. This makes brand management a lot difficult, but in the
mean time you can get the confidence of the consumer more easily. If a customer
is aware of a certain brand, who have used their service or product, will
effortlessly trust another product from that company. So, some marketers
advertise the parent corporation along with the different brands linked with
it. This is normally seeing during a marketing campaign of a hotel, like a
hotel is being advertised as “Residency Hotel” An International Hotels group.
In this campaign International Hotel is the 'main brand' and the 'local brand' can
be the Residency Hotel. Public from different countries will trust the
Residency Hotel although they are not there because of the mother brand the -
'International Hotels' group. This is single example of brand reputation service or
brand management and it is positioned under Brand Management Architecture.
A well established brand will definitely get favor amongst
customers who will be eager to trust a fresh product under the same brand exclusive
of asking so many questions. That is why companies expend millions of dollars yearly
just for the promotion of their brand all over the world. A disturbing activity
is brand theft. This is why most of the companies have a department who are
there to find out for the infringement of their brand. Without any doubt internet
is one of the best tool when it comes to promoting a brand, but it is also a great
tool for crooks to use a well-known brand to market their products or services just
by simple modification of brand name and logo to grasp customer attention.
According to some resources it is assumed that brand infringement accounts for
a loss of 120 million dollars of trade every year over the world. Trade laws stop
anybody from using a same sounding brand name for the promotion of their
products or services. Also they cannot use the same looking logo the existing
brand.
We can describe Brand Management as the activity of the
management of the company to develop confidence in their customer base, promotion
of products, and improvement is sales of the company. It is one of the most important
parts of marketing which you cannot neglect.
