In simple terms brand management deals with managing the branding of your product or service. Branding helps your product stand-out among a group of products and for that you need to understand the concept of branding. So what is meant by the term called “brand”. There is a huge difference between a product and brand. An item that a company manufactures and markets can be termed as a product but what the customer buys or prefers the most is what you call as a “brand”. The measures adopted to transform an ordinary product to the status of a brand are known as brand management. More on Brand Management is discussed in MBA distance learning India blogs.
How does a customer perceive a brand?
There are both tangible and intangible aspects associated with a brand. When it comes to products, the price tag, the design, other external factors associated with the product brand that can be personally felt or touched by the customer is termed as tangible aspects. The emotional attachment to the brand, the appreciation towards its quality or worth and all other factors that are not directly associated with the brand are termed as intangible aspects.
Branding persuades the customer to make the purchase without too much thinking or consultation with other users. Hence brands serve a crucial role in the customer’s decision making process. Customers often see or perceive brands as a reliable product that satisfy all their requirements or needs without giving them any sort of trouble in the future. It’s the consistency and the quality-assurance that a customer perceives in a brand. The customer believes that there is no or less risk associated with purchasing the particular brand and therefore complete value for money.
Brand management – concepts
Brand management is the image building or the identity building of your product or service. Apart from the product branding benefits, brand management can also boost the reputation of the manufacturer. The customer gets an idea or perception that the manufacturer that promotes a particular brand must be reputed or quality assured. Hence there is every chance that the satisfied customer may try or purchase other products or services offered by the same manufacturer.
Brand management has to deal with pricing of the product, customer preference, visual merchandising concepts, and a clear-cut knowledge of the competitor. Visit our MBA distance learning India blogs for more on Brand Management.