Brand Management: A science and an art too!!

We are more or less aware of the term Brand and most of us are also very much brand conscious. When we go out to buy toothpaste or a toothbrush, washing powder or soap, we tend to prefer a few brands over the other. But most of us are not that much familiar with the term Brand Management. This is the term used to denote the process which involves the marketing of a specific product or a line of products. Brand Management is a very important subject for those who are involved in the marketing and advertising of a specific brand. Without the concept of Brand Management, it will be very difficult to sell even one product in the market

Brand Management also involves another concept that is termed as the Brand Value. This is generally denoted as the amount of profit that the brand is generating for the manufacturer. It is of common knowledge that business is done for gaining profits. So, Brand Value is one of the most important factors of Brand Management.  

Choosing the right Brand Name is also a very important factor which can result in the success or failure of a brand. A brand must always have a very attractive name, which should have the power to draw the attention of the consumer towards itself. So, Brand Name is also an integral part of the total process of Brand Management.  

There are many more determining features, when we talk about Brand Name. The name must be a trademark and thus, protected by law. The name must also be easy to pronounce and easy to remember too. The Brand Managers must also look into the fact that people can easily recognize with the brand name and thus, it can finally become a household name. The Brand Name should be such that it stands out amongst a group of products belonging to the same category, but being manufactured by other companies.  

Brand Architecture is another very important part of Brand Management. It is a known fact that most companies own more than one brand. The inter-relationship between all the brands owned by a company falls under the purview of Brand Architecture. This is a determining feature, when we talk about the profitability and non-profitability of a particular brand of a particular company.