Product Brand Management
Explaining what product brand management is
Product brand management is a process of first identifying how consumers perceive a brand currently. Then it focuses on how the organization wants the brand to be perceived. It identifies the goal and uses different techniques to try to get consumers to see the brand the way the organization wants it to be seen. Positive brand associations and brand loyalty help the brand to become more popular and valuable over time. The aim is to increase the value of the brand by building its equity with customers through advertising, using slogans and jingles, putting out content and so on (Grant, 2021). A company can also use an animal or character in advertising to help associate the product with the brand so that consumers easily recognize it.
Discussing the importance of brands, brand equity, brand personality, and brand values to consumers, organizations, and society
Brands, brand equity, brand personality, and brand values are all important to consumers, organizations, and society because they reflect something personal about the consumer (Hayes, 2021). A brand has name recognition and it can be a status symbol for some consumers. For instance, if people want to wear Nike apparel, it sends a message to others. Or if they drive a Mercedes, it sends a message. Brands have personality and they also have values: for instance, Tesla is a brand that values sustainability, so people send a message about their own values when they purchase a Tesla. The more that a company is able to market itself as aligning with a particular set of values, the more customers who share those values will be willing to give the brand equity. Marketing is about developing the equity, personality, and values of the brand so that it appeals to the target customer.
Explaining brand identity, aesthetics, symbolism, communication, and the attention economy through digital consumption
Brand identity is what helps...
…this had an impact in terms of how the companys brand was perceived in relation to social justice. This is what is meant by social responsibility and brand ethics.On the importance of a strategy for brand growth, architecture, brand extensions, technology, and innovation for future strategies of the brand
Brand growth requires a strategy so that it can bring in more and more consumers. Red Bull did this by starting out in a niche market and appealing to consumers of the underground subculture (Prophet, 2013). It then adopted a more mainstream approach to marketing in order to grow the brand. The architecture for how the marketing strategy is put into place has to be thought out, so that brand extensions can also be brought into the market and move consumers to try other products so that they are not burned out. The goal is to achieve brand loyalty over time. Technology and innovation are particularly important for future strategies as a lot of…
References
Anchor. (2021). Make a statement. Retrieved from https://anchordigital.com.au/make-a-statement-how-to-build-to-the-visual-components-of-your-brand-identity/
Grant, M. (2021). Brand management. Retrieved from https://www.investopedia.com/terms/b/brand-management.asp#:~:text=Brand%20management%20is%20a%20function,strong%20awareness%20of%20the%20brand.
Hayes, A. (2021). Brand equity. Retrieved from https://www.investopedia.com/terms/b/brandequity.asp
Prophet. (2013). Red Bull the ultimate brand builder. Retrieved from https://www.prophet.com/2013/05/140-red-bull/#:~:text=Red%20Bull's%20brand%20building%20is,machine%20into%20a%20profit%20center.
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