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What is Brand Management?
What is Brand?
A type of product created by a specific company under a specific name. A label mark burned on beasts or culprit or slaves with an application. The term brand refers to a business and marketing idea that helps people recognize a particular company, product, or individual. Brands are non-physical, which means you can't even touch or see them. Fundamentally, they help shape people's insight of companies, their products, or individuals.
Product branding refers to the branding of any contribution be it product or service.
An example of product branding could be Mountain Dew. Mountain Dew has its own name, color, voice, and specifications, features, etc. One can acknowledge the brand even when the non-specific product is not even there.
Branding is a way of recognizing your business. It is how your customers identify and experience your business. A strong brand is likewise just a logo–it's considered in everything from your customer service style, staff uniforms, calling cards and establishment to your marketing materials and advertising. Branding must be studied in the early stages of starting a business–launching a business with a strong brand will give you a great opportunity of success.
What is Brand Management?
Brand management is a wide term used to narrate marketing strategies to sustain, enhance and bring perception to the broad value and reputation of a brand and its products over time. A strong brand management plan helps to raise and take care of closer relationships with its market.
Brand management is a set of approaches and plans used by marketers to increase the recognized value of a brand, product or service and perception among a target audience. Those who focus on brand management may generate advertisements, marketing campaigns, product development and wrapping. While marketing professional workers are usually related with brand management, it's an important authority for many members of an organization to achieve.
Brand management is the main part of a company's marketing strategy that helps brands develop and protect their identity, more apparently define the value of their products and services and form important connections with their target audience.
For example, a bike insurance company develops a brand management strategy to promote brand recognition and recognition and promote familiarity within its target audience.
What are the Key Brand Growth Strategies?
Following are the key brand growth strategies −
- Line Extension Brand Growth Strategy
- Brand Extension Strategy
- New Brand Strategy
- Flanker Brand Strategy
- Fighter Brand Strategy
Let us try to understand each of the strategies in detail below.
Line Extension Brand Growth Strategy
A company establishes a brand line extension by using a confirmed product's brand name to launch a new, somewhat different item in the same product classification.
For example, Diet Coke is a line extension of the parent brand Coke.
The line extension brand growth strategy requires creating supplementary products in response to consumer needs.
For example, Apple introduced the iPhone Plus for the first time, with the release of the 6. The iPhone Plus was born to assure customers who are looking for a bigger screen. Now, they can have their iPhone the way it suits them best.
This growth strategy satisfies Apple because it represents customers who may have scrutinized it as one of Apple's competitors. In preference to losing those potential customers, Apple has found a beneficial way to serve them.
Brand Extension Strategy
Brand extension strategy involves the introduction of a new brand, in a new market, after consolidating your brands' name in a related field. This brand strategy can be seen in Hershey Foods Inc. They make Twizzlers, and since they have done well in satisfying the market for chewy candy snacks, perhaps Twizzler Bites which is also known as ‘Young and Smylie’ might reach a new market.
Another example, Starbucks established their k-cups for coffee drinkers who are looking to enjoy the benefits of Starbucks' gourmet coffee at home or at the office. Not only have they used the brand extension strategy in order to serve customers at the comfort of their homes or offices, but they also introduced a line extension now known as, Blonde Roast.
New Brand Strategy
The new brand strategy is when a firm generates a new brand to go along with a new product. The new brand strategy is the most expensive, therefore starting a new brand includes costs such as advertising, sales personnel, manufacturing costs and more.
For example, Frito Lay has created many different salty snacks under different brand names including Doritos, and Cheetos. In spite of the fact that this brand growth strategy is the costliest, it can also acquire the most benefits if done correctly. By establishing an entirely new product to the market you will be able to capture an audience by serving different ends of the scale.
Flanker Brand Strategy
Flanker brand strategy is the positioning of a new brand or sub-brand, at the high or lower ends of the scale in order to capture new market divisions.
For example, One plus released the Oneplus Nord along with the Oneplus Nord 2. You can state that the Oneplus Nord 2 was released for the sole purpose of being a 10-year anniversary special.
Businesses don't make big decisions like that, unless they can be money making. The Oneplus Nord 2 also served as a Flanker product on the high end of the spectrum. It came with more features than the Nord at a price point above the Nord 2.
Fighter Brand Strategy
Fighter brand strategy occurs when a firm creates a new brand to seize market share from another. Generally, fighter brands aren’t created to target customers instead, they are created to target competitors.
For example, Squirt was a Grapefruit soft drink owned by Dr. Pepper and introduced in 1938 without competition. Soon, Coca-Cola saw an opportunity to compete with the new fruity soft drink Squirt; and in order to gain market share, Coca-Cola decided to create Citra.
Conclusion
We can conclude here that branding is more than a design on a product, a logo, or a slogan. It is about all of these things and more, customer experience, brand promotion, etc. We have discussed different brand strategies. We know that a brand may attract different customers. There are so many brands in the market which are competing with each other. Branding is so important in the business by which different companies start competing and are also profitable.
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