Sunday, July 1, 2012

Brand Management: Two of the Most Critical Elements in Branding

Brand Management is led by brand managers or specialists. These professionals are equipped with not only the innate creativity and business aptitude but also an impressive educational background that render them as unquestionable experts in the field. The people who are eventually given brand specialist designation have extensive experience in the field of marketing, advertising, or business administration. This set of expertise is vital in carrying out the various demands of the job.

Brand Management is one of the most daunting duties in a corporate set up. Brand managers are directly involved in a company's sales, advertising and promotions, and even budget and finance department. He or she juggles myriad responsibilities that could include, coordinating with advertising agencies in order to close marketing or promotional deals, be aligned with the sales team in order to keep track with product performance in the market, and of course set up meetings with budget and finance personnel in order to agree with Brand Management related budget allocations.

To top it all up, brand specialists are required to monitor the effectiveness of Product Packaging as well as entertain or determine possible areas in Brand Innovation.

Product Packaging- The word packaging used in this context doesn't only mean the physical look of the product, although it is a vital part of the concept. Product Packaging refers to the general message that the product wants to send. This message considers, put into consideration many factors such as target market or demographics. In determining the most suited packaging of a product, many questions should be asked. Who do I want to cater to? What do I stand for? Who are my direct competitors and how can I stand out amidst competition? Once these questions are answered with thoroughness and enough research, the packaging can prove effective.

Although in the field of advertising and marketing, nothing is really absolute. This makes Brand Management and Product Packaging even harder.

Brand Innovation- Even if a product is performing well in the market, one of the most consistent duties of brand specialists and a major consideration in brand management is Brand Innovation.

Not only is the advertising or marketing field a challenging prospect, but the market itself can be rather fickle and unpredictable. Even if a brand or product is doing well now, it is not always an assurance that it will its edge over its competition. Put in mind that direct competitors are also staging their very own marketing and advertising initiatives and people are always susceptible to the luring effects of these messages. To top it all up, new products as well as alternative brands emerge from time to time which affects everyone else's share of the money-pie. This is where Brand Innovation comes to play.

It is imperative that brand managers or specialists to have a back-up plan ready to be utilized once its market share has been compromised. This innovation plan should be made through extensive product and market research. The most vital question: Where do I want to take my product?

Brand Management may not be rocket science. But it does involve complicated decisions that would require the necessary knowledge and skills from you.

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