A brand is defined by both the customer and the product perspectives. It is an aspect that brings in the difference between the competitors’ products. The difference is brought about by the symbols, signs, terms or names used to identify the various products.
A brand is characterized by its price, packaging, customer experience and its image.
Importance of a Brand
- It enables the consumers to easily identify the product.
- It acts as a form of legal protection against production of similar brands with the same features.
- It enhances customer confidence since it acts as an assurance that the customer will derive intended satisfaction from the brand.
- It is used as a way of showing strong business relationship among the consumers.
- Brand management is a process of creating a promise to the clients, implementing and managing it. It may also entail creating a brand and running it efficiently to ensure it stays relevant in the market.
- Through brand management the company can create competitive brand identity, introduce it in the market and ensure that it is in the best position as compared to those of competitors.
Importance of brand management
- It ensures that the brand remains authentic by ensuring that the promise made to the client is kept.
- Ensures consistency of the brand.
- It ensures durability of the brand even when its packaging and logos change.
- It helps in maintaining the uniqueness of a brand.
- It ensures the brand remains relevant to the consumers.
- Creates a competitive advantage over competitors.