Developing a good relationship with the target market is essential for brand management. Tangible elements of brand management include the product itself, look price, the packaging, etc. The intangible elements are the experience that the consumer has had with the brand and also the relationship that they have with that brand.
A brand manager would oversee all of these things in 2001, hislop define branding as the process of creating a relationship or a connection between a company’s product and emotional perception of the customer for the purpose of generating segregation among competition and building loyalty among customers in 2004 And 2008 capper and Keller, respectively defined it as a fulfillment in customer expectations and consistent customer satisfaction.
Brand management is a function of marketing that uses special techniques in order to increase the perceived value of a product, see brand equity based on the aims of the established marketing strategy. Brand management enables the price of products to grow and builds loyal customers through positive associations and images, or a strong awareness of the brand brand management is the process of identifying the core value of a particular brand and reflecting the core value among the targeted customers in Modern terms brand could be corporate product service or person.
Brand management build brand credibility and credible brands only can build brand loyalty bounce back from circumstantial crisis and can benefit from price sensitive customers. Brand orientation refers to the degree to which the organization values, brands and it’s practices are oriented towards building brand capabilities. It is a deliberate approach to working with brands, both internally and externally.
The most important driving force behind this increased interest in strong brands is the accelerating pace of globalization. This has resulted in an ever tougher competitive situation on many markets. A product superiority is in itself no longer sufficient to guarantee its success. The fast pace of technological development and the increased speed with which imitations turn up on the market have dramatically shortened product life cycles.
The consequence is that a product related competitive advantage is soon risk being transformed into competitive prerequisites. For this reason, increasing numbers of companies are looking for other more enduring competitive tools such as brands. Brand management aims to create an emotional connection between products, companies and their customers, and constituents. Brand managers may try to control the brand image brand managers create strategies to convert a suspect to prospect prospect to buyer buyer to customer and customer to brand advocates.
Even though social media has changed the tactics of marketing brands, its primary goals remains the same to attract and retain customers. However, companies have now experienced a new challenge with the introduction of social media. This change is finding the right balance between empowering customers to spread. The word about the brand through viral platforms, while still controlling the company’s own core strategic marketing goals.
Word-Of-Mouth marketing via social media falls under the category of viral marketing, which broadly describes any strategies as encourages individuals to propagate the message, thus creating the potential for exponential growth. In the messages, exposure and influence basic forms of Ness are seen when a customer makes a statement about a product or company or endorses a brand. This marketing technique allows users to spread the word on the brand, which creates exposure for the company because of this brands have become interested in exploring or using social media for commercial benefit.
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