BRAND MANAGEMENT
A brand is a name or trademark connected with a product or its manufacturer. Brand management is the application of marketing methods to a product, or a product line. The basic objective of brand management is to increase the perceived value of the product in the eyes of the customer , so that he would develop an affinity or liking for it and go for repeat purchase. Brands should possess some good qualities such as easy to pronounce, remember and recognize, attract attention, suggest product benefits, and / or company’s name or image of the product. They should stand out amongst a group of brands and also distinguish the product’s positioning with respect to competitors
Brand management is being looked upon as a strategic option. In their efforts to uphold their image, many companies are now switching to on line monitoring on a regular basis. This would include misrepresentation of the trade mark of the brand by fraudsters or imposters, who cause a confusion in the minds of customers for their own monetary gain. This monitoring can also include writing on blogs or articles in newspapers or magazines where people would generally write abut their experiences , say stay in a hotel or difficulties faced while using a washing machine , or a service problem encountered by them. Such write ups can do unimaginable damage to the reputation of the brand and thereby the name and reputation of the company in an indirectly way, which would be difficult to retrieve as the implications can be quite severe and far more damaging than what companies perceive it to be .
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