Brand Management

A brand is the identity of a specific product, service, or business. A brand can take many forms, including a name, sign, symbol, colour combination or slogan. A legally protected brand name is called a trademark. The word brand has continued to evolve to encompass identity and it affects the personality of a product, company or service. Brand management can be defined as the application of marketing techniques to a specific product or brand. It helps in increasing a product's perceived value to the customer and thereby increase brand franchise and brand equity. Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product. This may increase sales by making a comparison with competing products more favorable. The value of the brand is determined by the amount of profit it generates for the manufacturer. This can result from a combination of increased sales and increased price and /or reduced cost of goods sold and/or reduced or more efficient marketing investment. All of these enhancements may improve the profitability of a brand. Brand management is often viewed in organisation as a broader and more strategic role than marketing alone.