| Why are people brand loyal? Why branding is so | | | | 2. Creating Promise: This is also called as defining the |
| important in business? What makes the brand | | | | brand. A good brand always should be memorable to |
| successful? Finding answers to these questions leads | | | | customers. A good brand promise evokes customers |
| to successful business which depends on repeat | | | | feeling. For example, Volvo (buses in Asia) offers |
| purchasing. It goes well beyond a logo or "look and | | | | feeling of safety. If you hope for good success you |
| feel" and encompasses the whole product concept - | | | | have to go with specific territory and make your |
| the promise of delivery, quality, and predictability. It goes | | | | promise unique and different from the promises of |
| beyond just letters, words, symbols, or a combination | | | | other firms. |
| of these. | | | | 3. Making Promise: Once you created the promise, and |
| Brand increases consumer satisfaction, loyalty and | | | | then inject this into the minds of customers. This step |
| product attachments. Branding seeks to distinguish | | | | needs advertisements and PR activities. |
| your company, product or service from the | | | | 4. Continue the Promise: Continue the promise means |
| competition and create a lasting impression in your | | | | delivery of good quality of products and motivate the |
| prospect's mind. | | | | people. |
| Brand Management is one of the applications of | | | | 5. Perception: A good brand gives messages to |
| marketing techniques used for marketing a product or | | | | customers such that they wait to purchase the |
| product line. It increases the product perceived value to | | | | products again and again. This happens in the |
| the customer and thereby increase brand franchise | | | | perception that is created in the minds of both intended |
| and brand equity. Marketers see a brand as an implied | | | | customers and innocent bystanders. Perception comes |
| promise that the level of quality people have come to | | | | from direct experience. Perception is the brand as |
| expect from a brand will continue with future | | | | experienced. Perception is not reputation, but reputation |
| purchases of the same product. | | | | is perception. |
| Strategic brand management involves the design and | | | | 6. Communication: We communicate to customers and |
| implementation of marketing programs and activities to | | | | get their feedback on brands. The Brand reputation |
| build, measure, and manage brand equity. Brand | | | | may be viewed as socially constructed. |
| Management often viewed in organizations as a | | | | 7. Decision: In the final analysis, the value of a brand |
| border and more strategic role than marketing. | | | | comes in the simplification that it brings to |
| Today branding is more important due to increasing | | | | decision-making. |
| advertisement culture, media fragmentation, product | | | | Most of the retail managers does brand management |
| differentiation etc. Branding creates emotional | | | | and their merchandise mix is intended to improve |
| attachment to product and companies. Branding | | | | overall gross margins and enhance retail brand |
| efforts create a feeling of involvement, tangible and | | | | awareness. Most of the retailers have implemented |
| intangible qualities and symbol. | | | | their own brands, called private brands. The private |
| Branding efforts creates strategic awareness, where | | | | brands decrease prices to consumers, refer their |
| people easily recognise brand and their distinct qualities. | | | | prices with national brand prices and get profits. |
| A strong brand influences on buying decision and | | | | A brand should be like a soul for any organization. If a |
| shapes ownership experience. Branding helps | | | | human starts understanding his soul then he is not |
| customer while making purchasing decisions. Brand | | | | withered by his soundings, similarly brand should be built |
| attracts firm's identity upon potential customers. | | | | in an organization. Keeping pace with new |
| Brand Management approach can be explained as | | | | developments, finding out how other companies have |
| follows: | | | | solved branding dilemmas and keeping one step ahead |
| 1. Total Approach: Brand Management starts with | | | | of your competitors can play an important part in the |
| understanding "brand "concept. Brand Management in | | | | strategies you employ to imprint your brand firmly on |
| retail starts with leaders of the company who define | | | | the consumer - and keep it there. |
| the brand and do the management. | | | | |