A Brand is used to identify and distinguish a specific product, service or Business from others. So a brand is most important. So from Brand it is of Brand Management, which is very much important for the marketing. Brand Management is the application of marketing techniques to a specific product or Product line that may be a Brand too. A brand will give an impact on the customers mind that it will continue with the same kind of quality in the future or it will update its products as per the requirements. It will have a effect on its sales as compare to the Competitive Products.Because of Brand Management it will generate more of profit ,which is an essential feature for a manufacturer. So Brand management is considered as a great weapon in the organisations to a get hit in the market.
So,what a good Brand name needs ? it requires to be protected under a trademark law, easy to pronounce, easy to remember,easy to recognize,easy to translate into all languages where ever the product is used or marketed, Attracting attention,most easy to catch the name i.e catchy word should be there, Stand out on top among the brands.So branding may be of different types ,it may be touching the creamy layer of the society or the segments of society.But depending upon the product and Company, Targeted customer they take care of branding. So, for branding one of the most important way is Promotional Activities.
So, Branding may be of different types, it may be Corporate branding, Individual Branding, Family Branding many more to reach the targeted customer. Brand positioning may take more time but once it is done then there is no need for more promotional or heavy work of marketing required.But there is a need of constant up gradation and quality of the product. Otherwise it will be a problem for the company to think of the Brand Repositioning.
So to have an example, most of the people will ask for Intel Processor in their PC's then any other.because Intel has already created its brand image and quality of service then others. it has its brand equity . In lay man terms if we go on thinking about soaps , shampoos then there are leaders like HUL and P&G who has created their Brand Image in every segment of society.They have their huge way of product line for each segment of society ,which has helped them in each sector. For example :- it has Lux for Beauty and Lifebuoy for healthy segment. Because of all these they are the brand leaders in these sectors.
If we think of Mobile segment where Nokia has created its value of Brand image , it has started with its strong way of marketing through quality of products and after sales service. They have analysed the Indian Market and really worked very hard to get into that. Till now if any one buys mobile they think of Nokia even though so many brands are present in the same sector,So that kind of Brand image it has created for itself.
So,if we take the examples in each sector then there are lots of Companies and products which have really worked very hard with their marketing and Branding strategies to create a band Image.
To conclude there is always a requirement of Strong marketing and Promotional activities for a company to create a brand image in the market. And there is always a need to give quality and upgraded products to the customers in a constant process.So Branding has its importance for the marketing of products.
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An MBA from GITAM University,India . Believe in "Learning never ends".