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Home Page > Business > Strategic Planning > Brand Management in Retail

Brand Management in Retail

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Posted: Dec 28, 2009 |Comments: 0
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Brand Management in Retail

By: Seetarama Hegde

About the Author

Seetarama Hegde.
Retail Consultant
Custologix Solutions
Email: seetaramah@custologix.com
URL: http://www.custologix.com
CustoLogix with its wide experience in statistical analysis helps retailer to improve retail profitability through Analytics. To know more about brand management please visit CustoLogix at http://www.custologix.com/service.

(ArticlesBase SC #1634802)

Article Source: http://www.articlesbase.com/ – Brand Management in Retail

Why are people brand loyal? Why branding is so important in business? What makes the brand successful? Finding answers to these questions leads to successful business which depends on repeat purchasing. It goes well beyond a logo or “look and feel” and encompasses the whole product concept – the promise of delivery, quality, and predictability. It goes beyond just letters, words, symbols, or a combination of these.

Brand increases consumer satisfaction, loyalty and product attachments. Branding seeks to distinguish your company, product or service from the competition and create a lasting impression in your prospect’s mind.

Brand Management is one of the applications of marketing techniques used for marketing a product or product line. It increases the product perceived value to the customer and thereby increase brand franchise and brand equity. Marketers see a brand as an implied promise that the level of quality people have come to expect from a brand will continue with future purchases of the same product.
Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity. Brand Management often viewed in organizations as a border and more strategic role than marketing.

Today branding is more important due to increasing advertisement culture, media fragmentation, product differentiation etc. Branding creates emotional attachment to product and companies. Branding efforts create a feeling of involvement, tangible and intangible qualities and symbol.

Branding efforts creates strategic awareness, where people easily recognise brand and their distinct qualities. A strong brand influences on buying decision and shapes ownership experience. Branding helps customer while making purchasing decisions. Brand attracts firm’s identity upon potential customers.

Brand Management approach can be explained as follows:

1. Total Approach: Brand Management starts with understanding “brand “concept. Brand Management in retail starts with leaders of the company who define the brand and do the management.
2. Creating Promise: This is also called as defining the brand. A good brand always should be memorable to customers. A good brand promise evokes customers feeling. For example, Volvo (buses in Asia) offers feeling of safety. If you hope for good success you have to go with specific territory and make your promise unique and different from the promises of other firms.
3. Making Promise: Once you created the promise, and then inject this into the minds of customers. This step needs advertisements and PR activities.
4. Continue the Promise: Continue the promise means delivery of good quality of products and motivate the people.
5. Perception: A good brand gives messages to customers such that they wait to purchase the products again and again. This happens in the perception that is created in the minds of both intended customers and innocent bystanders. Perception comes from direct experience. Perception is the brand as experienced. Perception is not reputation, but reputation is perception.
6. Communication: We communicate to customers and get their feedback on brands. The Brand reputation may be viewed as socially constructed.
7. Decision: In the final analysis, the value of a brand comes in the simplification that it brings to decision-making.

Most of the retail managers does brand management and their merchandise mix is intended to improve overall gross margins and enhance retail brand awareness. Most of the retailers have implemented their own brands, called private brands. The private brands decrease prices to consumers, refer their prices with national brand prices and get profits.

A brand should be like a soul for any organization. If a human starts understanding his soul then he is not withered by his soundings, similarly brand should be built in an organization. Keeping pace with new developments, finding out how other companies have solved branding dilemmas and keeping one step ahead of your competitors can play an important part in the strategies you employ to imprint your brand firmly on the consumer – and keep it there.

Retrieved from “http://www.articlesbase.com/strategic-planning-articles/brand-management-in-retail-1634802.html”

(ArticlesBase SC #1634802)

Seetarama Hegde -
About the Author:

Seetarama Hegde.
Retail Consultant
Custologix Solutions
Email: seetaramah@custologix.com
URL: http://www.custologix.com
CustoLogix with its wide experience in statistical analysis helps retailer to improve retail profitability through Analytics. To know more about brand management please visit CustoLogix at http://www.custologix.com/service.

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Source:  http://www.articlesbase.com/strategic-planning-articles/brand-management-in-retail-1634802.html

Article Tags:
brand, management, retail, concept, strategy, analysis, custologix

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What is innovative brand management? Creative brand management is the use of marketing methods to a specific product, line, or brand. It is important for any business because it seeks to powerfully increase the product’s value to the consumer and therefore up brand franchise and equity. Brand managers and business brand marketers see a powerful brand as a powerful “promise” that the quality consumers expect from a brand will continue with their continued future purchases of the same product – a real promise and a real expectation. How does this fact help business earnings? This may increase consumer sales by making a consumers’ comparison with competing products more favourable, and in favour of the better brand, naturally. It may also enable the manufacturer to charge consumers more and thus earn a premium for the product, thus boosting earnings powerfully. Since the value of the brand is determined by the amount of profit it generates for the good manufacturer, this clearly shows that brand management is powerful and in many ways powerful for any business. Businesses in this postmodern globalised world definitely need brand management techniques.

Specifically, how does creative brand management raise profits? This increase of profits can come about from a combination of increased sales and increased price due to the premium pricing of the product, and the reduced cost of goods sold, and perhaps even the reduced or more powerful marketing investments. What does this mean for your business, for profitability? This means that you can increase your product sales. This means that you can increase your price to premium product prices. This means that you can reduce the costs of the goods and products sold. This means that you can make product and/or business marketing far more effective and cost efficient. All these are powerful developments for your business!

All of these enhancements will improve the profitability of a brand, and brand managers thereby usually carry line-management accountability for a brand’s profitability, contrasted with marketing manager roles, which are usually allocated budgets, to manage and execute usually. In this regard, Brand Management is usually viewed in many worldwide or localised organizations as a broader and more strategic role than Marketing alone, and in many ways usually brand management is more important than marketing. This is a powerful open business secret.

If you wish to powerfully improve sales and business, then definitely <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://matrixasiabrand.com/en/home.htm>brand management</a> is the most powerful differentiating factor separating your business from the competition’s business. Brand management is powerful for your business, and powerful for your business’ bottom line and powerful profitability, so do come and learn how to improve your business by using the power of <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=http://matrixasiabrand.com/en/home.htm>brand management communication</a> to help you generate more income for your business.

How much should I spend on marketing?

This is a common question that marketing consultants gets asked on a regular basis.

The simple answer is that there is no hard a fast rule – it depends on the competitive environment, the stage of business development, the product or service category and the balance of advertising designed to promote the brand vs advertising designed to generate a specific response.

As a result of these factors, marketing budgets are best set based on careful analysis of a number of factors as part of a Marketing Strategy not via the often used % of sales method.

If you are looking to develop a deeper understanding of your marketing budget then there are two good places to start.

Brand Awareness- Analysing the level of advertising that is appropriate to reach your target markets with appropriate levels of frequency and credibility

Specific Response – Analysing the response and conversion rates you are achieving from various forms of advertising

Brand awareness is a direct product of the  Marketing Strategy – by identifying the key target markets and having an understanding of the competitive environment it is possible to establish a picture of the level and types of “brand” advertising required to generate awareness of the brand for new customers and reinforce the message with existing consumers.

Planning the elements of the campaign designed to generate a specific response is more closely aligned with the sales budgets and requires analysis of the response and conversion rates you are achieving from various forms of advertising.

Using response and conversion rates as a starting point allows MJH Group to determine the expected result for a particular level of spend in a particular area and plan the marketing strategy accordingly. This is correlated to the sales budget to help plan the necessary mix of advertising required to drive the response to deliver the sales result.