This proposal is about one particular aspect of marketing, “Brand Management”. Marketing is a vast discipline so as a part of writing this proposal; I chose one particular aspect of it, which will provide information about several aspects of brands in global scenario. The main objectives of writing this proposal are:
1. Understanding the concept of brand and brand management 2. How brand names get evolved
3. Relationship of brand management and marketing
4. Different issues regarding brands in global scenario
5. Branding challenges
This is the age of marketing. Today the success of any organization depends on the level of its marketing ability. Marketing has gained a great deal of importance in modern organizations to achieve its goals. However the concept of marketing continue to change along with the changes in nature of competition and consumer demands.
According to Kotler and Armstrong –“ Marketing is a process by which individuals and groups obtain what they need and want by creating and exchanging products and value with each other”.
Marketing is like giving medicine to a patient. Patient identifies a problem within them and then the health personnel delivers specific medicine to cure the problem. Marketing is also the same. Customer has certain problems or feels some deficiency and marketing delivers them with the right product to deal with. Marketing is the process of communicating the value of a product or service to customers. Marketing might sometimes be interpreted, as the art of selling products, but sales is only one part of marketing. Actually “selling” is traditional of marketing and “marketing” is a modern form of selling. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of promoting a product or service to the customer. The concept of marketing has changed over time. Previously, people preferred only production and selling as a part of marketing. But as the competition rose, they started valuing product quality, customer relationship, societal responsibilities as well as other supply chain participants. From a societal point of view, marketing is the link between a society’s material requirements and its economic patterns of response. Marketing satisfies these needs and wants through exchange processes and building long-term relationships. . Marketing can be looked at as an organizational function and a set of processes for creating, delivering and communicating value to customers, and managing customer relationships in ways that benefit the organisation and its shareholders Major concepts related with marketing can be outlined as:
a. Studying consumer behavior
b. Brand management
c. Selling and sales management
d. Managing market intermediaries
e. Service marketing
f. Identifying customer needs, wants, market segment and product positioning g. Distribution logistics and supply chain relationships
h. Responsibilities towards society and customer
In this proposal, we focus on one of the major aspect of marketing, Brand management. Branding has been around for centuries. The word "brand" is derived from the Old Norse brandr meaning "to burn." Initially, branding was adopted to differentiate one person's cattle from another's by means of a distinctive symbol burned into the animal's skin with a hot iron stamp, and was subsequently used in business, marketing and advertising. A brand is the most valuable fixed asset of a Corporation. For any organization to make its identity in the market requires a specific domain name. It helps to get recognized in the market. Brand name gives identity and helps it get recognized differently in the market. A modern example of a brand is Coca Cola, which belongs to the Coca-Cola Company. Similarly, Harley Davidson, Apple, Samsung, Adidas, Nike, Britannia etc. are other examples of brand. According to...