Brand Management

Today, the commodity marketplace is flooded with various brands. The requirement of the seller’s brand to stand out among other parallel brands is crucial. Hence, there is a fierce competition among the sellers to make their products or services stand out in the market, thereby winning new consumers and retaining the existing ones. At times, it even leads to diverting the consumers following other brands to the seller’s brand. To remain competitive in the marketplace, strong brand management is required.

Brand Management begins with understanding the term 'brand'.

What is a Brand?

Brand may be defined from the brand owner’s perspective or the consumer’s perspective. There are various popular definitions of a brand ?

·???????“A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers. The legal term for brand is trademark. A brand may identify one item, a family of items, or all items of that seller. If used for the firm as a whole, the preferred term is trade name.” - American Marketing Association

·???????“A type of product manufactured by a particular company under a particular name.” ? Oxford English dictionary

·???????“A name, term, sign, symbol, design, or a combination of these used to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors.” ? A product-oriented definition

·???????“The promise of the bundles of attributes that someone buys and provide satisfaction . . .” ? A consumer-oriented definition

The fundamental purpose of branding is?differentiation. A brand is a means of differentiating the seller’s product from other competing products.

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