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Brand Management

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Introduction to the concept of Brand Management :

Introduction to the concept of Brand Management m1

Contents:

Contents Introduction to the concept of Brand Management: Brand –Meaning, Definition, Evolution of Brands, Functions of Brand to consumer, Role of Brand- Advantages of Brand, Product Vs Brand, Branding- Meaning, Creation of Brands through goods, services, people, Organization, Retail stores, places, online, entertainment, ideas, challenges to Brand builders Brand Management-Meaning & Definition. Strategic Brand Management Process-Meaning, Steps in Brand Management Process Strong Indian Brands (Case study)

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Brand : Meaning & Definition – A Brand is a “ name, term, sign, symbol or design or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition. The key to creating a brand, according to the AMA definition, is to be able to choose a name, logo, symbol, package design, or other attribute that identifies a product and distinguishes it from others. These different components of a brand that identify and differentiate it can be called brand elements.

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Evolution of Brands: Branding, in one form or another, has been around for centuries. The original motivation for branding was for craftsmen and others to identify the fruits of their labors so that customers could easily recognize them. Marks have been found on early Chinese porcelain, on pottery jars from ancient Greece and Rome, and on goods from India dating back to about 1300 B.C. The history of branding in the USA since 1860 to its more modern developments from 1985 on can be divided into four main periods. Some of the important development in these four main periods are:

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Emergence of National Manufacturer Brands (1860 to 1914): Improvements in transportation and communication made regional and even national distribution increasingly easy. Improvements in production processes made it possible to produce large quantities of high-quality products inexpensively. Improvements in packaging made individual packages that could be identified with the manufacturer’s trademark increasingly viable. Advertising became perceived as a more credible option and newspapers and magazines eagerly sought out advertising revenues. Changes in U.S. trademark law in 1879, 1880s and 1906 made it easier to protect brand identities.

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Dominance of Mass Marketed Brands (1915 to 1929): Personal selling become more sophisticated as salesmen were carefully selected and trained to systematically handle accounts and seek out new business. Advertising combined more powerful creativity with more persuasive copy and slogans. Although functional management of brands had these virtues, it also presented problems, because responsibility for any one brand was divided among two or more functional managers, as well as advertising specialists, poor coordination was always a potential problem.

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Challenges to Manufacturer Brands (1930 to 1945): The onset of the Great Depression in 1929 posed new challenges to manufacturer brands. In 1938, the Wheeler Amendment gave power to the Federal Trade Commission (FTC) to regulate advertising practices. Manufacturer brands became relatively scarce as resources were diverted to the war effort.

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Establishment of Brand Management Standards (1946 to 1985) Firm after firm during this time period adopted the brand management system. A brand manager was responsible for developing and implementing the annual marketing plan for his or her brand, as well as identifying new business opportunities.

Functions of Brand to consumer: :

Functions of Brand to consumer: To consumers, brands provide important functions. Brands identify the source or maker of a product and allow consumers to assign responsibility to a particular manufacturer or distributor. Brands take on special meaning program to consumers. Consumers find out which brands satisfy their needs and which ones do not. As a result, brands provide a shorthand device or means of simplification for their product decisions. From economic perspective, brands allow consumers to lower search costs for products both internally (in terms of how much they have to think) and externally (in terms of how much they have to look around). The relationship between a brand and the consumer can be seen as a type of bond or pact. Consumers offer their trust and loyalty with the implicit understanding that the brand will behave in certain ways and provide them utility through consistent product performance and appropriate pricing, promotion and distribution programs and acitons .

Role of Brand – Advantages of Brand :

Role of Brand – Advantages of Brand Brands can serve as symbolic devices, allowing consumers to project their self-image. Brands ply a significant role in signaling certain product characteristics to consumers. Brands can reduce the risks in product decisions. Brands take on unique, personal meanings to consumers that facilitate their day-to-day activities and enrich their lives.

Product Vs Brand :

Product Vs Brand A product is defined as a "thing produced by labor or effort" or the "result of an act or a process. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. To brand a product it is necessary to teach consumers “who” the product is – by giving it a name and using other brand elements to help identify it – as well as what the product does and why consumers should care.

Branding: :

Branding: Meaning Branding involves creating mental structures and helping consumers organize their knowledge about products and services in a way that clarifies their decision making and in the process, provides value to the firm. The key to branding is that consumers perceive differences among brands in a product category. Creation of Brands through goods: Physical goods are traditionally associated with brands and include many of the best known and highly regarded consumer products ( e.g., Coca-Cola, Kellogg’s, Kodak, Marlboro, Sony, Mercedes-Benz and Nescafe). More and more companies selling industrial or durable products to other companies are recognizing the benefits of developing strong brands. The rapid nature of the technology product life cycle causes unique branding challenges.

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Creation of Brands through services Although there have been strong service brands for years (e.g., American Express, British Airways, Hilton Hotels, Merrill lynch and Federal Express), the pervasiveness and level of sophistication in branding services has accelerated in the past decade. One of the challenges in marketing services is that relative to products, they are more intangible and more likely to vary in quality depending on the particular person or people involved in providing the service. Branding a service can also be an effective way to signal to consumers that the firm has designed a particular service offering that is special and deserving of its own name.

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Creation of Brands through People and Organizations People and organizations also can be viewed as brands. This fact becomes particularly true when considering public figures such as politicians, entertainers and professional athletes. Organizations often take on meanings through their programs, activities and products. Nonprofit organizations such as the sierra club, the American Red Cross, Amnesty International and UNICEF have increasingly emphasized marketing. Creation of Brands through Retailers To the retailers or other channel members distributing products, brands provide a number of important functions. Brands can generate consumer interest, Patronage and loyalty in a store and consumers learn to expect certain brands and products from a store. Retailers can also create their own brand image by attaching unique association to the quality of their service. Retailers can introduce their own brands by using their store name, creating new names or some combination of the two.

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Creation of Brands through Online Products and Services Online brands came in many different forms, with business models based on selling information, products, experiences and so on. Online brands realized that it is critical to create some unique aspects of the brand on some dimension important to consumers, such as convenience, price, variety and so forth. At the same time, the brand needs to perform satisfactorily in other areas, such as customer service, credibility and personality. To be competitive, many firms have had to improve their online service by making customer service agents available in real time, shipping products promptly and providing tracking updates and adopting liberal return policies. Creation of Brands through Entertainment The existence of a strong brand name in the entertainment industry is valuable because of the strong feelings that the names engender as a result of pleasurable past experiences.

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Creation of Brands through Places Increased mobility of both people and businesses and growth in the tourism industry have contributed to the rise of place marketing. The goals of these types of campaigns are to create awareness and a favorable Image of a location that will entice temporary visits or permanent moves from individuals and businesses alike. Creation of Brands through Ideas Numerous ideas and causes have become branded, especially by nonprofit organizations. These ideas and causes may be captured in a phrase or slogan and even be represented by a symbol (e.g., AIDS ribbons).

Challenges to Brand builders :

Challenges to Brand builders Savvy customers: Consumer information and support exits in the form of consumer guides (e.g., Consumer Reports, online Web sites and so on. Many marketers believe that what consumers want from products and services and brands has changed. Brand Proliferation: With so many brands having introduced extensions, there are few single ( or “mono”) product brands around, complicating the marketing decisions that have to be made. Media Fragmentation: An important change in the marketing environment is the erosion or fragmentation of traditional advertising media and the emergence of interactive and nontraditional media, promotion and other communication alternatives. Increased Competition: Both demand-side and supply-side factors have contributed to the increase in competitive intensity. On the demand side, consumption for many products and services has flattened and hit the maturity stage, of the product life cycle. On the Supply side, new competitors have emerged due to: Brand extensions, Deregulation, Globalization, Low-priced competitors. Increased Costs: The cost of introducing a new product or supporting an existing product has increased rapidly. Greater Accountability : Marketing managers may find themselves in the dilemma of having to make decisions with short-term benefits but long-term costs( e.g., cutting advertising expenditures).

BRAND MANAGEMENT :

BRAND MANAGEMENT Meaning & Definition: It involves the design and implementation of marketing programs and activities to build, measure and manage brand equity.

Strategic Brand Management:

Strategic Brand Management Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. The strategic brand management process is defined as involving four main steps: 1) Identifying and establishing brand positioning and values 2)  Planning and implementing brand marketing programs 3)  Measuring and interpreting brand performance 4)  Growing and sustaining brand equity 19

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20 Strategic Brand Management Process Mental maps Competitive frame of reference Points-of-parity and points-of-difference Core brand values Brand mantra Mixing and matching of brand elements Integrating brand marketing activities Leveraging of secondary associations Brand Value Chain Brand audits Brand tracking Brand equity management system Brand-product matrix Brand portfolios and hierarchies Brand expansion strategies Brand reinforcement and revitalization KEY CONCEPTS STEPS Grow and Sustain Brand Equity Identify and Establish Brand Positioning and Values Plan and Implement Brand Marketing Programs Measure and Interpret Brand Performance

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Identifying and establishing brand positioning and values: The Strategic brand management process starts with a clear understanding as to what the brand is to represent and how it should be positioned with respect to competitors. Positioning often involves a specification of the appropriate core brand values and brand mantra. Core brand values are those set of abstract associations (attributes and benefits) that characterize a brand. A brand mantra is a short three to five word expression of the most important aspects of a brand and its core brand values. Planning and Implementing Brand Marketing Programs: Building brand equity requires creating a brand that consumers are sufficiently aware of and with which they have strong, favorable and unique brand associations. In general, this knowledge-building process will depend on three factors: The initial choices for the brand elements or identities making up the brand. The marketing activities and supporting marketing program and the manner by which the brand is integrated into them. Other association indirectly transferred to the brand by linking it to some other entity (e.g., the company, country of origin, channel of distribution or another brand. Choosing Brand elements: Brand names, logos, symbols, characters, packaging and slogans. Integrating the brand into Marketing Activities and the Supporting Marketing Program. Leveraging Secondary Associations.

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Measuring and Interpreting Brand Performance: A useful tool in that regard is the brand value chain. The brand value chain is a means to trace the value creation process for brands to better understand the financial impact of brand marketing expenditures and investments. A brand equity measurement system is a set of research procedures designed to provide timely, accurate and actionable information for marketers so that they can make the best possible tactical decisions in the short run and the best strategic decisions in the long run. Growing and Sustaining Brand Equity: Managing brand equity involves managing brands within the context of other brands, as well as managing brands over multiple categories, over time and across multiple market segments. Defining the Branding Strategy: Define Brand Hierarchy, Define Brand-Product Matrix, Enhance Brand Equity over time, Establish Brand Equity over Market Segments. Managing Brand Equity over Time: Effective brand management requires taking a long-term view of marketing decisions. Because consumers’ responses to marketing activity depend on what they know and remember about a brand, short-term marketing activity depend on what they know and remember about a brand, short-term marketing mix actions, by changing brand knowledge, necessarily increase or decrease the success of future marketing actions.

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