Is The Substance Of Marketing
Brand management is the foundation of marketing. The value of your product or service rests within the minds of customers. What they think about your offering(s) is everything.
What is a Brand?
A brand is a name,
design, or a
combination of them that identify a product or service as distinct from other products and services in a respective category.
So, a brand is an idea in the minds of the public. You can cultivate that idea and make it grow.
Brand knowledge is all the thoughts,
beliefs, etc., that are associated with a brand.
Brand equity is the value associated with products and services. This equity is just like the equity in your home. It builds over time, and it can also decline over time.
Branding is endowing products and services with the power of a brand. This is the activity part of building a brand.
The following are some characteristics of strong brands.
- They deliver what consumers want.
- They remain relevant which means they are current and consistent with market trends happening now.
- They differentiate a product or service from others in the same category. Their is an identity to the brand.
- The brand is consistent. It doesn't send mixed, conflicting messages to the public.
- Pricing is in line with the value the public attaches to the branded product or service.
Consistency is a key concept. Individuals are never totally consistent. You can build consistency into a manufacturing process or a distribution process within tolerable exception limits, but individual persons are not that consistent.
Anything can happen in a person's life such as divorce, a criminal charge due to poor judgment in a defining moment, poor performance, etc. When an individual's behavior or performance conflicts with past performance the brand suffers. An actor or athlete can potentially have a bad performance at any time.
So, never brand your individual person. You are asking for marketing trouble that is out of your complete control and ability to prevent.
Brand strategies focus on value to consumers, and meaningful differentiation of your products and services. They also serve your organization's internal efforts to build a product/service culture associated with your marketing.
Thus, you can see that brand management is an important part of marketing for any organization. The public needs to always have it clear in their mind what makes you different, and why they should buy yours over another's.
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