Four Aspects of Brand Management
By Viktoriia Dorofeieva
Brand management – management of goods and consumers. The principle of brand management is in the separation of individual brands into independent marketing objects. Moreover, it has become a common tool for promoting products to the consumer market. Brand management is becoming a consumers management. In that case, you should carry out with high social responsibility, with a focus on the market:
- market research;
- customer service;
- quality management.
Usually, one can manage the brand at different levels: from corporate brands, family brands to individual brands. With this in mind, there are various methodological concepts, and tools of brand management which helps to create the ideal brand.
Brand management is a complex process in which marketing is only one, though very significant component. Further more, the basic marketing components of this are:
- Brand idea development;
- Planning the marketing mix components of a brand;
- Market and brand research;
- Planning and control of the production of goods united by the brand;
- Planning and sales management;
- Organising, planning, and conducting advertising campaigns;
- Brand value control (financial and investment value);
- Brand value control (indicators of importance, market importance);
- Marketing management.
As a result, the purpose of brand management is to create long-term relationships with the consumer.
The objectives are :
- Brand creation;
- Maintaining and preserving the brand.
4 Aspects of Brand Management
1) Brand Strategy
Firstly, Brand strategy (BS) is methodological tool for brand management. Thus, It’s a long-term plan for the creation and management of the brand. In other words, it is the technology for systematic brand development to achieve the goals. Hence, it is essential to build a BS under the essence of the brand and principles of competition.
2) Brand Culture
Secondly, Brand Culture (BC) is the defining link for brand management, the essence and the soul of brand strategy. The core of brand culture is the content of the entire culture. To create the ideal brand you will need the help of various methodological systems. Take into account the psychological and cultural mechanisms of a particular market.
3) Brand Positioning
Thirdly, Brand Positioning (BP) is the marketing activities of the firm. You can conduct them to fix the brand image as different from the brands of similar products. This includes such concepts as brand identity, brand personality, brand repositioning, and brand archetype.
As a rule, a brand carries an archetype. That is the psychological and cultural mechanism embedded in it and time-tested. It becomes a symbol, the essence of its product category, and is a market leader.
4) Brand Architecture
Brand architecture (BA) means the hierarchy of the company’s brands, the reflection of its marketing strategy. It consists of the verbal as well as visual order of all brand elements.
The main types of architecture are distinguished. Such as monolithic, umbrella or subsidiary brands, endorsed brand, pluralistic, etc. Also includes concepts of brand attributes. There are physical, sensory (appearance, design, colour, smell, packaging, etc.) and functional characteristics of the brand.
Apart from this, brand attributes include graphics supporting the brand (super graphic). It is an auxiliary element of its signature. Basic elements of the signature are: symbol (brand mark), logo (brand logotype), brand slogan (brand line, brand slogan).
Moreover, consumer behavior in choosing a brand usually based on the commitment to a particular culture of brand.
To sum up, the effectiveness of brand management, one can measure the financial indicators of branded goods.