Brand Management

• Brand

  • refers to the identity of a company, of a product, of a service of an entrepreneur him/herself
  • a symbol of promise or assurance from the entrepreneur that what it implications to the customers will happen
  • a good brand not just entices customers to try the product but makes them loyal to it
• Brand Name

  • is a name, symbol, or other feature that distinguishes a seller's goods or services in the marketplace
  • your brand is one of your greatest assets because your brand is your customers' over-all experience of your business
• Branding

  • the process of integrating strategies formed from the marketing mix to give an identity to the product or service
• Brand Management

  • the supervision of the tangible and intangible elements of a brand. The tangible elements (physical) include the product itself, its packaging, its price, and its location. The intangible elements, on the other hand, include the perception and relationship of the customers with the brand.
• Goal of Branding

  • establishing to target customers that the business is reliable and trustworthy and the product or service is the superior solution to their current problem
  • differentiating with competitors
  • driving customer loyalty and retention
• Characteristic of a Brand Name

  • unique
  • extendable
  • easy to remember
  • can describe the benefits of the product or service
  • can be converted to other dialects or languages in case the entrepreneur expands to other territories
  • can describe a product category
  • can describe concrete qualities
  • positive and inspiring