Brand management focuses on marketing a specific brand or product to increase popularity and market share. It involves recognizing a product’s success and building on it, often through introducing new products under the same brand name. Successful branding requires a simple, recognizable name that can be easily translated into different languages. There are three categories of brand naming: corporate, family, and individual branding.
Brand management refers to the marketing of a particular brand or product to increase its popularity among consumers and increase market share. It differs from general marketing in that it focuses on a business name. This name can apply to just one product, but it usually covers a range of products produced by a company or manufacturer.
There are several categories of brands in the marketing industry. More expensive brands are usually called premium brands. Brands associated with cost savings that claim their products are as good as the more expensive varieties are often referred to as budget brands. If a product’s competitor makes a claim of superiority, a new brand deemed “improved” or “better than ever” may be introduced. This is commonly referred to in the industry as a combat mark.
Marketing that uses brand management as a foundation often starts with recognizing a product’s popularity and building on that positive image. For example, if consumers determine that the XYZ brand of laundry detergent cleans their clothes better than any other product and its sales soar, XYZ’s marketing department might introduce a branded fabric softener product. If that product is also a top seller, they might market a fabric bleach by the same name.
As the brand management cycle progresses, the company can slowly increase the price of the product. If the price increase has no negative effect on sales, the marketing department’s next step may be to slightly scale back marketing efforts to reduce costs. The combination of increased sales and reduced marketing expenses increases the overall profitability of the product.
Brand management professionals often apply a set of branding principles to newly introduced products. These guidelines indicate that a brand’s success depends heavily on its name being simple to remember, easily pronounced, and highly recognizable. Other success factors often include the ability for the name to be easily and accurately translated into all languages of the target consumer market.
Brand naming generally falls into one of three categories. If the name of a manufacturing company is used to market a product, this is called a corporate brand. A family brand often refers to a group of related products, such as a line of laundry products. If no two products are produced by a company with the same name, the term regularly used to refer to these items is individual branding.
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