Brand Management

Brand management is something which we gets a picture in our mind by hearing it's names. Gucci, ferrari, nike, adidas now when you are hearing these names what is the first thing that comes into your mind? Now let me tell you what I assume that you guys are going to have a picture in your minds now when you hear the term nike, adidas, I am pretty sure you guys are going to have the image of the sporty funky shoes of all kinds of different spots now when you're hearing the term Ferrari you are going to have an image of sports car red sports car riding on the road super fast, Now this are the brand image that these companies have created in our minds. Brand Management is a marketing function that employs tactics to boost a product line or brand's perceived value over time. Effective brand management allows product prices to rise while cultivating loyal customers through favorable brand connections, imagery, and strong brand awareness. Let's understand that,

Why brand management is important?

1. Shopping behavior - Branding aids the marketers pinpoint and show the customers what they want.

2. Attachment on an emotional level - you need to build a brand that adds value to the product. This value comes from brands personally and image to which customers get emotionally attached.

3. Buying habits - Most of the purchase decisions are made due to habit. It becomes difficult to break the habits of people; even the compitetors face the same.

4. Making decisions is simple - With some research and experience with a brand, the buyers can easily make decisions on the purchase of the brand.

5. Reduce the chance of making a wrong product decisions - Consumers may identify many risks or barriers involved in utilizing a product.

There are types of brand management. Let me explain you those in 2 Or 3 senteces :

1. Corporate Brand - Corporate brand is when a company promotes its brand name rather it's services or products.

2. Place Brand - Place brand also referred to as city or destination brands. They are majority used to attract investors, residents, businesses, and tourists. Examples : Parls, Dubai, Tokyo

3. Personal Brand - Personal Brand are also known as individual brands. Generally these brands that are built around individuals. Few of the top companies are so well known because of their wonderful leaders and founders. For example, Tesla - Elon Musk, Apple - Steve Jobs, Microsoft - Bill gates.

4. Activist Brand : These brand are referred to as purpose brand. These brands have a particular aim and purpose while making their products, which is brought in front of people. One of the renowned examples of an activists brand is The Body Shop, Their Forever Against Animal Testing campaign is what make them an activist brand.

5. Ingredient Brand : When an element brand builds on another brand's value, the component brand is known as the ingredient brand. Best examples are Intel in laptops and Harman Kardon in the Mercedes cars.

6. Luxury Brand - Luxury is hard to define, and it's expensive not overpriced. It is just high quality, long-lasting and futuristic. These brands endorse their customers and add to their social status. A few examples of luxury brands are Gucci, Tiffany, Omega.

Name : Truna Ganesh Bhosale

Class : Sybcom / Division : G / Roll no. 706.