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Brand management

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Brand[5] management is a strategic process that involves developing, maintaining and enhancing a brand to create and uphold its positive reputation[2] and strong image in the market. Stemming from historical practices of marking personal property, its modern form began with Neil H. McElroy of Procter & Gamble. Today, brand management aims to build lasting customer[3] loyalty[4] and increase a product’s perceived value through positive associations. It explores brand identity, heritage, and the impact of branding strategies, all of which play crucial roles in a brand’s success. In a competitive global market, a strong brand, such as Apple or Amazon, can provide a lasting competitive advantage[1]. Academic research on this topic often emphasizes the role of brand heritage in marketing.

Terms definitions
1. competitive advantage. Competitive Advantage is a key business concept that refers to the unique ability of a company to outperform its industry rivals. It is achieved through various strategies identified by Michael Porter, a foremost authority in strategic management. These include cost leadership, differentiation, and focus. Cost leadership involves the production of goods or services at a lower cost, granting higher profit margins. Differentiation, on the other hand, entails offering unique products or services that stand out in the market. Lastly, the focus strategy targets specific market segments to optimize resource utilization. Factors internal to a company, such as positioning, corporate identity, and core competencies, also contribute to competitive advantage. However, advantages can sometimes be classified as unfair if they grant benefits to a business that are not accessible to others, hence disrupting market fairness. Government bodies often intervene in such cases to maintain fair market dynamics. Furthermore, the resource-based view of a firm and its capacity for innovation are other key determinants of competitive advantage.
2. reputation. Reputation refers to the general belief or opinion that people hold about the character, quality, or standing of a person or organization. In the context of businesses, reputation can be seen as a reflection of a company's identity, often signaled through strategic actions. It influences perceptions and behaviors among competitors, stakeholders, and the general public. Reputation can be gauged through various metrics including rankings in business magazines and online platforms. Effective management of reputation, often done through public relations and social media monitoring, plays a crucial role in maintaining a positive image. A good reputation can yield numerous benefits such as increased customer loyalty, trust, and financial gain. In the digital age, managing online reputation has also become essential, as perceptions formed online can significantly impact a company's overall reputation.
Brand management (Wikipedia)

In marketing, brand management begins with an analysis on how a brand is currently perceived in the market, proceeds to planning how the brand should be perceived if it is to achieve its objectives and continues with ensuring that the brand is perceived as planned and secures its objectives. Developing a good relationship with target markets is essential for brand management. Tangible elements of brand management include the product itself; its look, price, and packaging, etc. The intangible elements are the experiences that the target markets share with the brand, and also the relationships they have with the brand. A brand manager would oversee all aspects of the consumer's brand association as well as relationships with members of the supply chain.

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