Understanding Brand Management
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Brand_Management_CEON.pdf (2.45 MB)
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Date
2023-10-30
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Wydawnictwo Placet
Abstract
We are delighted to be able to offer you a handbook to help students to learn about the brand concept and brand management processes. It is an integral part of a simulation game brandY available on the https://brandygame.eu/ which was created thanks to European Union funding. A group of lecturers from various European countries worked on the development of the simulation game as well as the handbook, sharing their knowledge and experience. What is a brand and how to manage it in the market? This is the main question we try to answer in this book. The term brand refers to a business and marketing concept that helps people identify a particular company, product, or even a person. Brands are intangible, meaning that they cannot be touched or seen. As such, they help shape customers’ perceptions of companies, and their products. Brands commonly use identity markers to help create a brand identity in the marketplace and they provide great value to a company by giving them a competitive advantage over others in the same industry. As a result, many entities seek legal protection for their brands by obtaining trademarks. Brand management refers to the techniques used to increase the perceived value of a product over time. Developing a good relationship with the target market is key as it ensures that companies' activities remain relevant in the minds of consumers. Strategic brand management can help create a competitive advantage. It also helps to create a positive brand image and build lasting relationships with consumers. Brand management encompasses both tangible elements (i.e. product appearance, packaging, and price) and intangible elements (i.e. the expe- riences consumers have with the brand, the relationships they build, and the emotional connections they make with the brand). Improving the tangible and intangible elements enhances the customer experience, so consumers are more likely to continue shopping with your company. Brand equity is the heart of brand management. Brand managers are involved in building strong brand equity because it directly influences the consumer's purchasing decisions, determines the product's market share, and sets the brand's position in the market. We can define it as brand value. The concept of attributing brand value is very interesting and complex. In general, it is believed that a good brand value gives better prices and therefore better revenues for the company. There are many ways in which brand value is calculated. In order to understand the concept of brand value, numerous ways and extensive research have been carried out. Brand equity models aim to establish how brand value is created for a brand. Each of the brand equity models described in the literature offers deep insights into the concept of brand value and how it is assessed. They are used to design marketing strategies at various stages. Some of the important actions that can be taken using these brand equity models are to improve product perception, gain more loyal customers, gain competitive advantage, etc. The book adopts the perspective proposed by Douglas Holt emphasizing the iconic brands and cultural branding concept. According to him, iconic brands are companies that are masters in storytelling and psychological marketing. They know how to connect with their customers on a deeper level, representing a certain selection of cultural values through products, advertising, and even customer service (Holt, 2004). These companies have invested years in creating a distinctive identity that supports ideas and concepts that appeal to customers. To such an extent that iconic brands enjoy deep psychological bonds with their customers. It translates directly into a high level of brand loyalty – often far beyond the likes that any other companies can achieve, resulting in repeat purchases and willingness to pay premium prices. As a result, around a brand or specific products are forming communities of people who have the same taste and are equally emotionally attached to the brand. These loyal communities are the driving force behind every iconic brand and may be recognized as another aspect that distinguishes them from conventional brands. Thanks to the selfless customer’s commitment to the life of the company, products of iconic brands are resistant to changes in the market and the passage of time. They enjoy a longer life cycle than in the case of conventional brands.
Description
The book consists of six parts. Each part corresponds to a specific phase of the international brand management process and refers to a specific stage of the simulation game. Each part is composed of three chapters.
The first part focuses on brand and brand management. The authors presented the issues of brand theory, described the role of brands in the business and marketing activities of firms, and explained the concept of brand management. In the final section, the cultural innovation theory is presented. Then there is an overview of code maps and types of cultural codes and a summary of global brands with exemplification of their cultural expressions is provided.
The second part explains market targeting issues in detail. First, explains the importance of the targeted marketing process and how to estimate demand. Then it indicates the criteria in the process of market targeting in the international context. The section concludes with a discussion of targeting strategies and an introduction to market positioning.
The third part focuses specifically on brand positioning. The students can find their theories in the field of brand positioning in the international market. Possible positioning strategies and techniques are indicated. The chapter concludes with recommendations on brand positioning in the cultural context, referring to the theory of D. Holt.
The fourth part takes a closer look at the concept of brand equity. It defines brand value and identifies various models for managing brand equity. The classic approaches represented by D. Aaker and K. Keller are explained, as well as a newer approach represented by D. Holt, who defines iconic brands and emphasizes the social context in the process of building brand value.
The fifth part describes the process of communicating brand value to the customer. In particular, the principles of building a brand appeal were discussed, but also what is a brand narrative system and how to effectively use storytelling in marketing. The final section discusses an integrated system of brand communication in an international context.
The sixth part focuses on issues related to brand relationship management and brand loyalty. First, the idea, definitions, and forms of brand loyalty are explained. The next step outlines brand loyalty as a complex construct. Determinants that are helpful in better understanding and measuring brand loyalty were discussed. Finally, the journey to loyalty is presented through the brand experience to conclude with information on how to maintain brand loyalty.
In the book, you will also find references to additional materials that can enrich students' knowledge and make the studying process more attractive. And finally book includes special case studies based on well-known companies on global market and their brand and brand management challenges.
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Citation
Ganassali, J. (red.). (2023). Understanding Brand Management. Wydawnictwo Placet