Strategic Brand Management
University of Bath
|Learning objectives|| |
This module is designed to enhance your understanding of the strategic management of brands. After you have completed this module, you should able to:
Chapter 1: What are brands?
Chapter 2: Brand equity
Chapter 3: Measuring brand equity
Chapter 4: Building brands in 8 steps
Chapter 5: Positioning and refreshing
Chapter 6: Brand extension
Chapter 7: Brand architecture
|Read excerpt||Strategic Brand Management|
Why Open School of Management believes that brand management is important
The process of attempting to achieve positive results for a particular brand may require mastering the concept of maintaining and improving the brand image of a product. To understand brand management, you need to explore the different aspects of this important concept. Mastering the concept of brand management requires understanding cost, in-store presentation, customer satisfaction, and competition. To understand brand management, you must understand you must focus on the brand and how it can remain favorable to customers.
Why is brand management necessary? It increases sales when customers recognize a brand and celebrate it. It can also help increase sales of related products through brand extension. Customers who love a certain brand and love it may also buy other items in that particular brand. It's just the nature of the industry.
Trust is the primary component of developing a brand image. If you have trust, you'll have what you need to attract customers who will become loyal to your brand. When they buy your products without being prompted with expensive marketing campaigns, your company will save money. This is desirable of any organization that is trying to maximize a company's return on investment.
All brand management campaigns need to be consistent with the image portrayed by the company. Branding campaigns can be either internal or external. Each type of campaign will require a different level of understanding. It's also important to understand how your brand compares to your competitor's brand. This will help your company remain profitable even amidst troublesome times.
Historically, brands have been informally established even in the ancient times. Trademarks were often put on hand-crafted goods, and branding became more widely used in the nineteenth century during the industrial revolution. The process of branding requires differentiating products from one another.
The most successful brand management campaigns were launched by Procter and Gamble, Coca-Cola, Toyota, GE, Microsoft, Intel, and Google. They recognized that branding involves appealing to the public and saying more with less. People who view the Coca-Cola logo automatically recognize the brand and conjure thoughts that engender their trust in the brand. Companies will not be able to compete in the industry if they cannot accomplish this goal.
Nearly every person in America associates the bullseye with Target. When they see it, they know that the company stands for low prices, good design, and convenience. They trust the brand and know what they are getting with the brand.
Why study this course unit?
Brand management is necessary for marketing experts because it helps companies establish trust. When trust is established by just viewing a simple logo, it's easier to sell products and services. Marketing experts must learn how to master this concept in order to have a successful product launch that is profitable for their organizations.
Marketing experts are often so focused on just gaining visibility for a company that they often neglect the concept of branding. Branding is one of the most important aspects of marketing. Without branding, companies must work to establish trust each time they sell a product. If the brand is recognized across America or around the world and it's deemed reputable, the customer only has to decide if the product is useful for their particular task. When a major hurdle is removed from the sales process, it makes it easier to sell.
People know Toyota and GE because they develop products that meet Six Sigma standards. Customers love Toyota because the brand is known to last. Customers know the vehicle will still be operational once it hits the 200,000-mile mark because quality and trust have been established. Other brands cannot provide the assurance that Toyota can provide, and that is why people buy Toyota over other brand names.
Marketing experts who cannot establish or differentiate their products from a competitor's product will not be able to successfully sell their products or services. It's a simple concept, but it's often overlooked by marketing experts who are unaware of the power of branding.
Course unit overview
To understand and master brand management concepts, you must understand and master these general learning outcomes. After you complete your coursework, you should be able to understand how to build brands from scratch and refresh older brands. You should also able to assess the strength of your brand. Always be able to solicit internal support for your branding program and be able to extend your brand into new markets. You should also be able to manage a brand portfolio with the intent of improving the growth of your firm.
During your coursework, you should understand how to define brands and understand the history behind brands.
Brand equity is an important aspect of brand management that will help you propel your marketing campaign forward.
Measuring brand equity is another aspect of brand management that should be considered in a marketing campaign. If you want to learn to be a successful brand, you must know how to properly measure brand equity and make adjustments to your marketing campaign based upon your findings.
There is a process to build brands, and it can be accomplished in eight simple steps. When you master these eight steps, you'll be prepared to build the brands that will help you sell your products and services.
Positioning and refreshing will allow you to capture the attention of your targeted audience and keep it. It's important to know how to do this effectively to ensure that your product sells.
Brand extension is the process of extending the brand to other products. This concept needs to be mastered in order to maximize the sales potential of a product.
Return to Marketing Management (MM Modules).