Q1. Define Brand Management?
ANS. Brand management is the application of marketing techniques to a specific product, product line, or brand. It seeks to increase the product's perceived value to the customer and thereby increase brand franchise and brand equity. Brand Management involves a number of aspects such as cost, customer satisfaction, in-store presentation & competition. Brand Management is built on a marketing foundation but focuses directly on the brand & how that brand can remain favourable to customers. Proper brand management can result in higher sales of not only one product, but also impact the sales of other products associated with the brand. E.g., if a customer loves Pillsbury biscuits & trusts the brand, he/she is more likely to try other products offered by the same company such as Chocolates, Cookies etc.
Q2. Define Strategic Brand Management?
ANS. Strategic Brand Management involves the design & implementation of marketing programmes and activities to build, measure, & manage brand equity.
Q3. Explain what is a brand? How does your perception of brand differ from others? ANS. What is Brand? The word, Brand is derived from the Old Norse word Brandr, which means to burn as brands were & still are the means by which owners of livestock mark their animals to identify them. AMA Definition: A Brand is a name, term, logo, symbol, package design, or any other attribute intended to identify the goods or services of one seller or group of sellers, and to differentiate it from those of the competition. A brand is a combination of tangible (name) & intangible (good will) elements. Logos, symbols, names, characters, slogans, jingles, URLs, are called brand entities or brand elements. Modern day concept combines these brand entities with marketing materials; customers’ services etc to form key touch points of a brand. Technically speaking, whenever a marketer creates a new name, logo or symbol for a new product or service, he/she has created a brand. These days, people like Cindy Crawford, place like country Pakistan, city like Karachi, university like PIMSAT, physical goods e.g. Apple computers, intangible goods like EFU insurance are all the examples of a brand. Consider the variety of brand names, in some cases, the company name is used for all the products e.g. General Electric, Nestle, & in some cases manufacturer assign different brand names to new product that are unrelated to the company name. E.g. Protect & Gamble and their brands Tide, Pentene. Retailers can create their own brand based on their store name.e.g Makro, Cash & Carry. The purpose of the branding is to create a lasting impression in your prospect’s mind & distinguish your product & services from the competition because brands add value to the consumer, create a powerful image of the brand. Brand also increases product awareness & powerful brands increase employee satisfaction, loyalty, and achievement drive.
A brand is everything that a customer & prospective customer think, feel, say, share, read, watch, imagine, suspect and even hope about one’s product, services & organization. Therefore, a brand is a set of meanings, feelings, & experiences that we have about a product, service & the enterprise. Brand is an accumulation of emotional and functional associations. Brand is a promise that the product will perform as per customer’s expectations. It shapes customer’s expectations about the product.
To a consumer, brand means and signifies;
1. Help buyers identify the product that they like/dislike.
2. Identify marketer
3. Helps reduce the time needed for purchase.
4. Helps buyers evaluate quality of products especially if unable to judge a products characteristics.
5. Helps reduce buyer’s perceived risk of purchase.
6. Buyer may derive a psychological reward from owning the brand, IE Rolex or Mercedes. i.e. projecting self image.
7. Lower search costs for acquiring...