Introduction To Brand Management

Brands are important for every type of organizations, irrespective of the nature, geographical regions, or size of the business. A well established brand not just develops an image or identity, but also contributes a lot in the financial and economic performance of the company. It is the intellectual asset of a company which needs to be managed as carefully as the other resources, like human, financial, and physical. Brand management decisions are not made just for a specific period of time, but in a strategic perspective. 

IMPORTANCE OF BRAND MANAGEMENT 

Basically brand management is an important branch of marketing management. The biggest reason for why brand management is done is to make brand loving customers, who will not only prefer you over all its competitors but will also be a source of bringing new customers for the company. A brand is needed to truly represent the unique features, characteristics, and quality level of the product of a company, and developing its ever-lasting, idiosyncratic, and distinctive perception in the minds of the customers.

WHY DO BRANDS FAIL?

Brands subsist for the core motive of matching the brand value with the customer's wants. If a company's performance continuously keeps on declining, the first thing which comes to mind as the reason is poor financial and human resource management or failure to meet customers' expectations by the company's products or services. Brands are established with a commitment to gain the customers' confidence in the company. For this, a company not just has to meet, but exceed the customers' expectations. Brands fail due to many reasons: some brands come in the market and suddenly vanish out because the market share was already captured by the existing companies and there was no room for new entrants in the mature market or they fail to do appropriate brand management.