Before we talk about what is brand management, let’s define the meaning of brand management. Brand management is actually the function of doing marketing which uses specific techniques for enhancing the actual value of a specific range of product line or even a brand across time. Efficient brand management actually allows the cost of products to move up and supports in building loyal customers via exclusive brand associations for establishing strong brand awareness.
If we look at the process of strategic brand management it includes planning, implementation as well as controlling of marketing programs and specific activities to build, calculate and also for managing of the brand equity. Strategic brand management is quite crucial especially in case of the present day business scenario as brand emerged out as one of the distinguishing features for a company.
Building a brand is not at all an easy job and so proper planning need to be done well in advance. Just right from here the role of strategic brand management begins. Its responsibility is to take brand equity into the next level of success and position it strongly in the minds of the prospective clients.
There are 4 major steps which are followed in strategic brand management:
1) Brand positioning: This step will decide the brand positioning which a firm is targeting to achieve.
2) Brand marketing: This step includes marketing via support of several media vehicles besides implementation of ATL and BTL strategies for reaching the end customer.
3) Brand Performance and analysis: Once you are done with the positioning and marketing of the brand, it’s time to make an analysis of the performance made by the brand. Brand audits are generally conducted on a periodic basis to note the real performance made and how it managed to bring benefit for the brand.
4) Establishing Brand value: Now it’s time to establish the value for your brand after taking necessary measures. A firm less than a year or two yeard old will find it difficult to provide value to their customers.
The Modern, advanced, globalized, technology-driven world gave serious challenges to branding. Now Customers or consumers will get more access to the information which was difficult earlier. Strategic brand management turned out to be one of the important elements of today’s world of business. Establishing a brand is not an easy affair and needs complete dedication from the brand manager’s to make it successful.
To understand the nature of strategic branding, it is first necessary to understand what a brand is. A brand is an idea or image of a specific product or service that consumers connect with, by identifying the name, logo, slogan, or design of the company who owns the idea or image. I would definitely dig this now to find out the movies about casino as I love movies that have casino touch in them.
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