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Brand, the concept
Brand is an essential component of corporate strategy to develop and popularize their business. It is a concept that helps to identify a product or a company as it contributes to enhancing the value respectively. It is one among the important assets of a company that gives the company an edge over the others in the industry. Brand is an exclusive ownership obtained over a corporate or a product that differentiates them from the rest.
- Many companies set out to obtain trademarks to protect their brands legally.
- Successful marketing strategies can elevate the brand value of a company to a higher level.
Now, the concept of brands has extended beyond corporates and products and has swept over social media in this era of reality television.
Why is branding essential?
Effective branding is the key to business success. It can instill trust among the customers that can reflect in the upward trajectory of their sales division. It helps customers create unique relationships with the company or the products.
- These satisfied customers bring in new consumers thereby increasing the company’s customer base.
- The trust the customers have reposed in the brand will encourage them to try other products of the same brand creating a phenomenon called brand loyalty.
- Brand loyalty opens up new vistas for the company wherein they can introduce new products or services with utmost confidence as they can rest assured that they can count on their loyal customer base.
Brand management and its importance
This highlights the importance of managing a brand in a strategic way. There are certain tools like messages, logos, ads and images to construct a phenomenal brand image.
Brand building and brand management are two sides of the same coin that can boost a company’s sales and thereby its profit. It is imperative to critically analyze the key components and evaluate the various strategies to build and manage a brand.
- In order to maintain a company’s brand image in high esteem, it is imperative to consistently work on improving its brand image.
- This calls for efficient brand managers to manage a company’s brand periodically.
- Students of business studies are given assignments on brand management to make them understand the principles, advantages and ethics of branding.
Writing case studies requires an analytical bent of mind and writing elaborative essays requires an investigative bent that entails extensive research.
Such assignment work initiates the students to explore newer possibilities. This leads to better understanding of the concepts that pertains to brand management.
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