What is Brand Management?
Nestle, Pepsi, Coke, Reliance, Tata Steel, Compaq, Olympus, Maruti are some of the brands we are all familiar with. Brand management is the application of marketing techniques to a specific product, product line, or brand. It seeks to increase the product’s perceived value to the customer and thereby increase brand franchise and brand equity. Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with present and future purchases of the same product. This may increase sales by making a comparison with competing products more favorable. It may also enable the manufacturer to charge more for the product. The value of the brand is determined by the amount of profit it generates for the manufacturer. This results from a combination of increased sales and increased price.
What do I have to do?
Success in consumer products—which is where most brand management careers are found, is all about marketing, often by promoting a brand name. While...