Brand Management Term Paper Example | Topics and Well Written Essays - 2750 words

patsy Management - Term Paper Example..9 punctuate Positioning10 Brand Value.11 Current Scenario..12 Conclusion & Recommendations...13 References.14 Introduction A Brand is the identity of a particular product or service, which distinguishes it from other products. The concept of instigatoring has gained a people of importance with the passage of time and nowadays disgraceing has become an essential part of marketing for many a(prenominal) companies. Nowadays, everything from a product to a person is a brand (Parameswaran, 2006). In this report, I will talk more or less the potence of Nokia as a brand and evaluate it on various criteria that form the basis of brand management. Brand Management Brand management understands what a brand actually is and an approach to managing it in a way that it puddles value for a company (Miller & Muir, 2004). A brand is the differentiating factor between two products which makes it particular(a) and gives it a competitive edge. A brand pu t forwards a promise which defines what the product has to continue to its nodes. Marketers create a proper token of the brand through visual images, logos, etc so that a customer can identify with it. Hence, brand management is a comprehensive process starting from understanding the brand to maintaining its image. Brand management can be simplified into 3 steps First step is to create a promise i.e. understanding the brand and what it has to offer and defining it to the customer. Next is to make that promise which is how the image of the brand is created to register in the intellectuals of the customers. Last is to keep the promise i.e. no brand can s carcely survive on its name. A brand survives on what it offers to its customers and more. So brand management is also about living the promise of the brand till it exists. There are various ways to evaluate the effectiveness of a brand. The most important criteria are Brand Image A brand has a constitution and a promise and the impression or image of that personality in the mind of a consumers mind of a brands character is known as brand image. Brand image is the overall impression of a brand that a consumer acquires from various sources. For example while purchasing a car Nissan would be associated with style, while Toyota is associated with reliability. Brand image is based on the fact that customers buying decision is associated with the image of the product and the customer is purchasing that set of beliefs (the image) that he has about the product. So a brand image should be positive and distinctive. Various promotional tools can be used to build up bran image like advertising, packaging etc. Brand Positioning Positioning refers to how a product appears in the eyes of the target market as compared to other products