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While shopping or planning to shop, many of us are stuck with a particular brand. For example, I wear only Woodland shoes, I buy only Blackberry trousers, I like only Apple laptop, etc.
So, what is this likeness and rigidness? Why are we so particular with a certain brand? This chapter tells what a brand is and what its importance is.
What is a Brand?
Brand is the name and credibility of a company in the market. A big brand evolves through substantial period of time with consistent and regular quality production and services. Brand name keeps your customers committed to your products/services.
A credible brand name helps customers to identify quality product and differentiate with other. It reduces customer’s perceived monetary and safety risk while buying the products/services. For example, the services of British and Emirate Airways, unmatchable design of Lamborghini, etc.
What is Brand Management?
Brand management is something that begins with the thorough knowledge of the brand. It involves with making a promise and maintaining that promise.
In other words, brand management is a technique of improving and maintaining the credibility of the brand through quality product and prompt services.
Brand management manages both the aspects i.e. tangible such as quality of products, packaging, price, etc., and intangible, which includes the emotional connections with your products/services.
Salient Features of a Brand
A good and reputed brand should have the following salient features −
It should be creative and distinctive, e.g., Apple, Maybach Exelero, etc.
It should be a recognition of the product’s qualities and services, e.g., for quality services − Emirates Airways, etc.
It should not have wrong interpretation or mismatch with the product, e.g. “Feo” is not good brand name for the cosmetic product. It is a Spanish word, meaning ugly.
It should be easily accessible in foreign countries.
Brand attributes basically suggest the brand characteristics. It highlights physical as well as qualitative aspects of the brand, which is developed through quality, image, actions, customers’ satisfaction, etc.
A big and popular brand carries following attributes −
Relevancy − Any good and strong brand must be relevant and perform well or give results according to people’s expectations.
Uniqueness − It must be unique and creative enough to catch the attention of the people in the market.
Sustainable − It must sustain in a competitive market.
Consistency − It must be consistent in the market to build customers’ trust. The company should always stick with the quality and theme that it conveys to its audience.
Credibility − To develop the credibility, a popular brand should always fulfil its promises. The promise and quality of product must be the same.
Appealing − It should must be appealing enough to convince people.
Branding process involves a few steps illustrated in the following image −
As shown in the above image, first you need to define the idea as it will help you to develop into reality. After the ideas takes shape, then comes presentation. Presentation is a sort of internal review. It helps you correct any errors before deployment.
Brand positioning is a marketing technique, which is developed for a common objective, i.e. to create a stronghold in the market. The technique aims at occupying a place in the customer’s mind and providing compelling reasons to buy; it emphasizes on establishing a healthy relation with customers.
Further, it ensures your brand is distinct and unique in comparison to competitors and helps the company to meet the target.
Check Your Progress
- What do you understand by brand?
- What do you understand by brand management?
- Define attributes of brand management.
- What do you understand by brand positioning?
- Describe branding process.