I. INTRODUCTION TO BRAND MANAGEMENT.

A. MEANING OF BRAND.

According to Kotler, a brand is a- “Name, term, sign symbol that identifies the maker or seller of the product.”

In simple terms, a brand is the combination of properties within and outside that gives an identity which is different from others identity in the market.

What is a Brand?

The term brand refers to the concept of marketing and business which helps people to identify a specific company, services, product or an individual. It is intangible, which means that they cannot be touched, seen or be felt. Having a brand helps to shape people’s perception towards a particular company, their services or their products. They provide a huge value to the company or individual, by giving them a competitive edge by being distinct from others in the same industry. It is publicly differentiated from others products, services, or concepts because it can be easily marketed.

Branding is the process of creating and circulating the brand name. A brand name is the name of different company, products or services which can be applied to the entire identity as well as to individual product and service.

Brands are most of the times secured with the help of a trademark or service mark from an authorized agency. Therefore, business entities must seek legal protection for their brands by obtaining trademarks for them.

Steps to apply for a trademark or a service mark.

1. Before applying for a trademark or service mark, one must need to establish that someone hasn’t already obtained for the brand you are opting for.
2. One can do the searching themselves, but it is better to hire a law firm that is specialized in doing trademark searches and managing the application process for us.
3. Once you’ve learned that no one else is using the brand that you have opted for, then you can simply begin to use your brand name as trademark.
4. After one receives his/her trademark, they can use the registered symbol after your trademark.

Brands are often identified in the form of logos or the graphical representation of the brand. Sometimes, people consider a name, logo, and even sound to be a brand. While they are partially correct as these do form elements of a brand. Proper branding and marketing tools helps a brand to promote their products and services in a very good way as these things helps to create a brand identity. Using successful marketing tactics helps the brand to be the main thing in the consumers’ mind. This can help someone choosing your brands over your competitor’s brand.

But still, the term brand is rarely understood by many of them. Then this subject would clearly explain what exactly brand is and why it is important to know the difference between a brand and its elements.

Below are the key pointers which would help us to understand things briefly:

• Brands are intangible.
• Proper marketing of brands help people identifying a company, product, services, or an individual.
• Logos, slogans or other recognizable marks are marketing tools that help promote a particular brand’s goods and services.
• Brands are considered to be a company’s most valuable assets.
• Companies must protect their brands by registering trademarks or service mark.

B. BRANDING

Introduction

Cambridge Dictionary defines branding as “the act of giving a company a particular design or symbol in order to advertise its products and services.” It is not only about the brand’s visually identification such as name, logo, and design etc. but they are more than that. Branding requires a strong understanding and a decent grasp of business and marketing. It is such a vast concept that a correct definition would not bring too much clarity to the subject just by itself.

According to Tom Goodwin, “Brands are essential patterns of familiarity, meaning, fondness, and reassurance that exist in the minds of people.”

In simple terms branding means the process of identifying, creating, and managing the cumulative assets and actions that shape the perception of it in people’s mind.

Process of branding

Understanding and using branding means that the control of what the reputation of the company looks like is in your hand. Therefore, it is suggested to use branding from the very first stage of your business. Branding is not an expensive way of marketing that only big brands use but also it has to do a lot with heavily inspired things in the market you are in and the level you want to play at it. It increases the business value. Below are some points which would explain branding in an easier way.

1. Continuous process: Branding is a continuous process because it never stops as it represents a particular brand in a proper manner. Changes take place in people, markets and businesses constantly. Hence, brands must also change in order to cope up with them.
2. Creating and Managing: Particular process of branding must be followed where one must identify their stakeholders. In this creating your brand strategy becomes an important process to position yourself, and then constantly managing everything that influences your positioning.
3. Building Image: Brand positioning must be done according to visual identities, contents, products, ads, services, customer support, human relations etc. that makes and positive image in the stakeholder’s minds, slowly building up that perception.
4. Reputation of a brand: Reputation or perception of your brand refers to the thing that an individual has in their mind regarding your brand. This reputation is the result of branding process. A proper branding strategy leads to positive perception in the minds of an individual for your brand.
5. Stakeholders: Consumers are not the only ones that build a reputation of your brand in their own minds, but stakeholders such as clients, existing customers, employees, shareholders, and business partners, each one of them builds up their own perception and interact with the brand accordingly.

C. BRAND MANAGEMENT

Introduction

The term brand management refers through having the knowledge of the term “brand”. It means promising the customers and maintaining it. Brand management is an art of creating and sustaining the brand image. Branding makes the consumers to stay committed towards our business as it gives a quality image to our brand. It includes managing tangible as well as intangible assets of brand.  When it comes to product brands, the tangibles include the product, price, packaging, etc. Whereas, in case of service brands, the tangibles are the consumer’s experience. The intangibles include emotional connections with the product and service of that particular brand.

The aims of branding are as follows,

• Conveying brand message vibrantly.
• Creating consumer loyalty.
• Persuading the buyer for the product.
• Establishing an emotional connectivity with the consumer.
• Forming consumer perceptions about the product.
• Raising consumer expectations about the product.
• And mainly to create differentiation.

Brand management can shortly be defined as a promise given to the consumers of providing unique set of advantages and services. Some examples of well known brands are Mc Donald’s, Coca Cola, Sony, etc. It is all about capturing the targeted market for your goods and services and to create a confidence in the prospective customers’ minds that you are the unique solution to their problem.

Having a strong brand image reduces consumers’ perceived monetary, social and safety risks in buying your goods and services. The brands should be given a good support by their stakeholders in managing, so as to sustain itself for a longer run. The person who is managing the brand image should always see the overall brand performances and make changes in the business strategies accordingly.

Brand management uses marketing tools and tactics in order to increase the value of a product. It analysis on how a brand is currently perceived in the market, and according to that it plans how the brand should be perceived in order to achieve its objectives. Building a good relationship with targeted markets is essential for managing a brand.

Why is brand management so important? In a world where consumers make decisions on brands, companies must be prepared to influence them over the public’s view. In fact, many businesses will get success or failure based on their ability to successfully market their brand. When you manage to create a strong brand identity, you will be able to attract more customers and make them have trust on your brand. Some benefits of effective brand management to consumers are as follows:

1. Standing out beyond the competition: When we establish an effective brand image, buyers will automatically gravitate towards your product and services and act in you favor. This not only helps you to give positive impact for your customers but also helps you to stand out beyond your competitors.
2. Improving brand loyalty: The more the customers trust your brand initiative the more they will remain loyal to you and continue doing business with you as brand works as an adhesive to your customers. Observing and maintaining your loyal customers helps you to identify who your most valuable customers are and how you can target them particularly.
3. Employee engagement: When a company has a positive and effective brand image, employees will feel more engaged at their jobs. When employees at your company feel the energy of your organization, they tend to work harder for the company’s success.

TARGETING MARKETS

A good relationship with your target markets is a must for a brand management. Bad branding will reflect in weak sales, poor client relationship, and slow or no growth. To be effective, a brand manager must fully look after your brand and must use proper and effective marketing skills in a way that makes sure the entire brand is highlighted and promoted. At the end, it’s all about making a commitment to your customers and then delivering on that promise. Marketing experts know how customers and employees can build emotional attachment to a brand which in return translates into a strong loyalty.