Overview

A brand is a symbol, sign, term, name or a blend of them, which is anticipated to identify the services and goods of one seller or group of sellers, and to differentiate them from those of the competition. In general, whenever a marketer creates a name logo symbol, she or he has created a brand.

Brand Management is the application of marketing techniques to a specific brand. The fundamental resemblance for brand management is that brands are treated like businesses within the company.A brand is well-established, if it is recalled. A good brand promise is desirable and memorable; it evokes feelings, because feelings drive actions. This will increase sales by making an assessment with opposing products more favorable. The value of the brand is determined by the amount of profit it generates for the manufacturer.

Principles of Brand Management

Following are the principles of brand management; a good brand name should –

1. Be easy to remember.
2. Be easy to pronounce.
3. Be easy to recognize.
4. Be easy to know.
5. Be easy to translate into all languages.
6. Be attractive.
7. Stand out among a group of other brands.
8. Suggest the product or company image.

Techniques

• Some companies reduce the number of brands that they market, it is known as Brand Rationalization.
• Some companies tend to create more brand and product variations within a brand than economies of scale would indicate.
• An older brand identity is misaligned to a revisited mission statement, a restated corporate vision statement, a redefined target market or values of a company.
• Some companies use brand orientation approach, which is a deliberate approach to working with brands, both externally and internally.
• A company may decide to rationalize their portfolio of brands from time to time to gain production and marketing efficiency.
• Sometimes they rationalize a brand portfolio as part of corporate restricting.