Brand Management

What is 'Brand Management'

Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand. Developing a strategic plan to maintain brand equity or gain brand value requires a comprehensive understanding of the brand, its target market and the company's overall vision.

BREAKING DOWN 'Brand Management'

When implementing marketing plans, the core brand values are emphasized and it is important to be consistent in the ideas portrayed by the company, whether it is through internal or external branding. Understanding how your brand compares to the competition is also important. Profitability is one way brand managers measure the effectiveness of campaigns, but it could take decades to build and manage a brand.

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RELATED FAQS
  1. Why is brand equity considered an intangible asset?

    Brand equity is an intangible asset because the value of the brand is not a physical asset and is instead determined by consumer ... Read Answer >>
  2. How does brand image and marketing affect market share?

    Building a positive brand image is a must for companies that want an edge over the competition. Learn how marketing and branding ... Read Answer >>
  3. What are some of the benefits of positive brand equity?

    Learn how having positive brand equity enables companies to make a higher margin on sales and spend less money on marketing ... Read Answer >>
  4. What impact does brand equity have on profit margins?

    Learn how both positive and negative brand equity affects profit margins by influencing profit per customer, sales volume ... Read Answer >>
  5. What are some of the ways that a company can improve its brand equity?

    Learn why brand equity is so valuable in business. These strategies for gaining high exposure and a great reputation will ... Read Answer >>
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    Brand equity is the heart of reputation building for companies and products. With solid equity, the quality of a service ... Read Answer >>
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