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Brand is a name, term, symbol, design or a combination of all these intended to identify a product or service of a seller or a group of sellers. The popularity of a company greatly depends upon the brand. It is an identity of the company and/or their products in the market. A successful brand can only be created through an efficient brand management system.
Brand management is the process of identifying and managing marketing techniques for a particular service or product to increase its market value, and popularity among the customers. It also involves managing the tangible and intangible elements of a brand such as cost, customer satisfaction, in-store presentation and competition. Brand management plays a broad and significant role in almost every business organization or a company. Most companies appoint a brand manager to manage and sustain their brands according to the market trends.
A Brand Manager is a person who identifies a brand that will cater to consumers and work out marketing strategies to establish brands in the market. They plan, develop and direct the marketing efforts for a particular brand or product. Brand managers may deal with various kinds of brands in the market, such as premium brand, economy brand, fighting brand, corporate brand, family brand, individual brand, brand extension, private branding etc. and they should know.