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 to sell a product or service; it is developed visually in the age of digital consumption, because consumers are looking visually at the brand online. They see the colors of the logo, the symbols that are used, and how the message or content of the brand is communicated. All of this is important to formulating the brands identity (Anchor, 2021). Another aspect is the attention economyhow much time the brand identity demands of the consumer. The consumer is going to have an opinion of the brand based on how it strikes him or her visually and digitally. If a brand does not have the right digital or visual appeal, it will not retain value well in the consumers eyes. Thus, aestheticshow the brand presents itself artisticallyis crucial to marketing successfully.
Explaining the holistic brand experience and emotional branding through the concepts of the experience economy and experiential marketing
The holistic brand experience and emotional branding through experience economy and experiential marketing is based on the idea that the consumer should get to experience the brand personally and in-depth in order to make an informed purchasing decision (Madhvapaty & Rajesh, 2019). Through personal interaction with the brand, the consumer can see for himself how he likes it. This can also happen nowadays through social media influencers serving as proxies for experiential marketing, as they get to experience the brand and film it. This is a type of experience economy that is widely practiced today.
Discussing brand ethics, social responsibility, sustainable consumption, brand performance, metrics, and exploring their implications for brands in a postmodern society
Brand ethics and social responsibility are important for companies today because many consumers are interested in sustainable consumption, and marketers have to look at brand performance, metrics and implications for how a brands identity affects consumer behavior in a postmodern society (Ulver-Sneistrup et al., 2011). The ethics of the brand can play a part in how well it relates to consumers in a particular demographic. So, for instance, Nike relies on Asian sweatshopshow does this appeal to certain consumers? What ethical principles can Nike highlight in order to boost its brand? It chose to sponsor NFL quarterback Colin Kaepernick to sell apparel, and 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 brand growth is now predicated on social media interaction, influencers, user-generated content, and how much traction a brand gains online.
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
Madhvapaty, H., & Rajesh, A. (2019). Experiential marketing as a tool for emotional
brand building. InBrand culture and identity: Concepts, methodologies, tools, and applications(pp. 602-625). IGI Global.
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.
Ulver-Sneistrup, S., Askegaard, S., & Kristensen, D. B. (2011). The new work ethics of
consumption and the paradox of mundane brand resistance.Journal of Consumer Culture,11(2), 215-238.
