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Assignment on Importance of Brand Management

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Added on  2019-10-09

Assignment on Importance of Brand Management

   Added on 2019-10-09

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Why brand management is essential?Introduction Before addressing the concerned topic, it is important to know “what simply brand means.” The term “Brand” can be defined as a name, symbol, design or any other feature which helps in identifying the products of a manufacturer as distinct from other manufacturers. It plays a very important role in making the product successful in the market. The brand differentiates the product in the market among the products of key competitors. It significantly helps in making the product visible in the market among the competitors' products. It is a great source of competitive advantage and hence every organization must extensively focus on developing a strong brand and manage it significantly to achieve competitive advantage in such a competitive market. Managing a brand is a very challenging and tough task. There is very high competition in the market and every organization is busy in developing a strong brand to attract more and more customer. So, it has become important for organizations to focus on innovation and advance technology to manage the brand effectively and efficiently. Here, it is important to gain some knowledge about the concept of Brand Management. It is nothing but an effort to enhance the perceived value of a product. It can be defined as a process of improving, maintaining as well as upholding the brand in order to yield a positive result. Brand Management involves several important aspects including competition, customer satisfaction, cost, as well as in-store presentation. Proper managing brand improves the sales of the product. It also improves the sales of associated products with the brand. Therefore, it is important to manage the brand effectively and efficiently.
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Need for brandingAs it has been identified that branding plays a very significant role in improving the performance of the product or services in the market, the organization should extensively focus on branding. Branding is necessary because with the help of branding the organization can make a memorable impression on the customer. It also allows the consumer of the organization to know what to expect from the organization. The corporate world is very competitive and every day the level of competition is increasing which creates issues for the organizations to sustain and survive in the market. In order to compete in such a competitive market, the organization should achieve a competitive advantage. Branding helps in gaining competitive advantage and competing in the market. Competitive advantage can be defined as an attribute which helps the organization to outdo the key competitors. Competitive advantage is also needed to improve the performance of the company. So, with the help of branding the organization can improve its performance as compared to the competitors. Therefore, branding is needed to gain competitive advantages. Branding is also needed to gain the trust of the customers. Branding creates trust among the potential customers which is very important for the success of the organization. It has also been studied that people purchase goods and services from the organization they trust. Hence, it is important for the organization to focus on creating trust among the potential customer. For this purpose, it is important to build a strong brand. Apart from this, branding also helps in building loyalty, enhancing market share, increasing the relevance of the brand in the mind and heart of the potential customer, etc.
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Essential elements of branding A brand consists of several elements which make the brand strong. Some of the elements and attributes of the brand are essential and hence the organization should be very carefulwhile branding. The following are the essential elements of branding.Brand position Brand position describes the unique value of the organization and the product. The brand position also describes what differentiates the organization from other organizations. It also informs the consumers what they can achieve or gain by using the goods and services. Brand promiseThe most important thing which an organization promises to deliver is a brand promise. Itis important to ensure that what has been promised to the customers is being delivered to them in order to enhance the performance of the brand. The organization needs to consider the expectations of the customers, employees, as well as partners in order to come up with the brand promise. Brand personality There are several brand traits which formulate the brand personality. Brand personality significantly determines the effectiveness of the brand in the market. The customer recognizes the brand with the help of brand personality. It describes what the brand of theorganization should be known for within as well as outside the organization. Brand story
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