Brand management is the degree to which consumers can recall or identify a company under different circumstances. Brand management is often thought of as a complex process of tracking, maintaining, and improving a company’s brand image. It is important to note that this can also be achieved by a company without the need to invest in brand management programs.
Brand management is one of three dimensions in brand memory, a sociocognitive model of brand recall. Brand management is an essential consideration in brand advertising, consumer behavior, and business management. The basic premise of this model is that brand associations have a significant impact on consumer decisions. A company’s brand awareness can be measured through various methods such as market penetration, brand recall, customer surveys, consumer sentiment, and customer loyalty surveys.
Brand associations are the most prevalent ways in which a company promotes their brand. These associations occur when the association between a particular brand with a specific product or service, a consumer action, or a situation is consciously recalled. In addition, many companies make associations with their brand name by relying on a product or service to provide an association between the brand and the product or service.
The role of a brand manager is to understand brand associations in the business environment, develop a comprehensive brand strategy, measure brand performance, and analyze brand associations. There are several approaches that can be used to measure brand performance indicators, including market penetration, customer satisfaction, customer surveys, consumer attitudes and recommendations, brand associations, and brand loyalty.
When a company’s brand is known by the public they may become familiar with the company’s logo, brand name, or symbol. This familiarity can lead to brand awareness. This awareness may result from marketing or advertising campaigns, word of mouth, or by an indirect marketing approach such as corporate gifts, sales promotions, or discounts.
Brand associations are influenced by many factors such as product availability and price, promotion, marketing, communication, advertising and publicity, reputation, and competition. In addition, a company’s brand reputation can also be affected by the way it treats its consumers. Customer loyalty is influenced by both the amount and the quality of information about the company’s products and services. Brand recall is influenced by brand associations and consumers’ perceptions. Consumer attitudes and recommendations influence a company’s brand image in the marketplace.
The results of these studies can be used to help formulate a company’s marketing plans, target their marketing messages, and develop new products and services that will meet consumer preferences. Many studies also demonstrate that brand management studies can change the way that a company’s customers perceive the products and services. As a result of these studies, the company is likely to develop better products and services and attract new customers. Brand management research and development are the basis for successful marketing campaigns and marketing strategies.
Brand management research has provided a foundation for the creation of products such as the Ford Model T, a car made especially for the middle class, and the first commercial airliner, and even an animated film about a toy dinosaur. These products have changed the lives of millions of people worldwide.