Brand equity is not always positive in value. In case responses are highly variable, not quick, or refer to non-image attributes such as cost, it indicates weak brand image. From essential information to weird (but true!) It is based on the concept that consumers buy not only a product but also the bundle of associations such as wealth, power, sophistication, etc. As compared to financial measures of brand equity, brand extensions are more difficult to quantify. These associations represent what the brand stands for and imply a promise to customers from the organization members”. Brand identity refers to an insider’s concept reflecting brand manager’s decisions of what he wants to communicate to its potential customers. Following are the important concepts of brand management: Understanding Brand – What is a Brand ? When responses are similar, quick or describe the product/experience in some way, image is said to be strong. Similarly, in the consumer goods industry especially FMCG and consumer electronic products category, each brand has its position in the customer’s mind and delivers high set of values than these of other competing brands. Image Guidelines 5. This is done to attract customers. It is nothing but developing a promise to the consumer, materializing that promise, and maintaining the same for a product, a group of products, or services. Before publishing your articles on this site, please read the following pages: 1. Brand Management Concepts Case Solution. The Brand Concept should encompass the important and crucial messages and information that the brand wishes to convey to its stakeholders that include employees, customers, vendors, sponsors, and investors. Effective brand management enables the … The company's filing status is listed as Inactive - Dissolution (Jun 29, 2011) and its File Number is 3260718. Brand image can be reinforced by brand communications such as packaging, customer service, promotion, advertising, word-of-mouth and so on. Management Study Guide is a complete tutorial for management students, where students can learn the basics as well as advanced concepts related to management and its related subjects. Higher the consumer associations and awareness, higher will be brand loyalty. The statement basically describes the “place” that a brand should occupy in the minds of target customers. Brands are used in business, mar… The brand equity is an intangible asset that depends on associations made by the consumer. Reports have shown that actual experience by the customer implies that trial samples are most effective than advertising during introduction stage of building a strong brand. Critical to effective brand management is the clear definition of the brand's audience and the objectives that the brand needs to achieve. Brand management helps to manage the tangible and intangible characteristics of a brand. The main objective of brand management is to ensure that the product and service highlight the quality of the brand. Brand Attribute: This includes brand characteristics and its core values. Brand images are usually evoked by asking consumers the first words/images (views come to their mind when a certain brand is mentioned sometimes called “top of mind”). Thus, brand identity refers to an insider’s concept reflecting brand manager’s decisions of what the brand is all about. Ranga Marketing Concepts has helped small and large businesses create their brand presence and achieve their goals. (iv) Make the brand easy to remember and develop repeat usage. Alexander proposed that types of brand associations can be hard and soft and brand images consist of three elements: image of provider, image of product and image of user. Your brand is a living, breathing entity … and it’s your job to help it grow and improve. The strategic brand management process involves the design and implementation of marketing programs and activities to build, measure, and message brand equity.. A brand concept is the general idea or abstract meaning behind a brand. Brand Management Concepts / Merchandising Concepts. Report a Violation, Difference between Product Branding and Retail Branding, Brand: 5 Main Elements of Brand Equity – Explained. they're covering in school. It all begins with authenticity, the key purpose, mission, vision, position, character … The main benefit of brand extension is to take the benefits of brand awareness and thus reducing the advertising expenditures and risk associated with new launch. Brand equity is one of the popular and widely used concepts in marketing that hardly emerged three decades before but is gaining popularity and vital place in marketing strategy. 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