f. Customers associate the original/core brand to new products; hence, they also have quality associations. Cost Approach. The intangibles include emotional connections with the product / service. Effective brand management helps the business grow as consumers become loyal and advocate for the products & services. The likelihood of gaining distribution and trial increases. Building strong brands has become a marketing priority for many organisations. While in case of service brands, the tangibles include the customers’ experience. A strong brand provides marketers with a number of important advantages. It focuses on creating loyal customers to win the competitive edge and to capture the significant market share. Regardless of how sophisticated your current approach to branding is, your business has a “brand” today, though you may have acquired it by … Brand valuation are three main approaches for brand evaluation and brand evaluation models are the same as the models for measuring Tangible assets. Brand extension in unrelated markets may lead to loss of reliability if a brand name is extended too far. Brand management starts with a comprehensive knowledge of your “brand”. 2. Brands provide multiple sensory stimuli to enhance customer recognition. 2. Brand management consulting is particularly worthwhile to those organizations that are new to the business. They are: 1. In most co-branding arrangements, the brands or companies involved are sharing the marketing costs. The Advantages and Disadvantages of Using Each Brand Architecture In the previous article, we discussed various brand architecture types. Brand Valuation Approaches . This allows them to reach a potentially larger audience while lowering their overall expenses. One of the key disadvantages of redesigning your company is the possibility of losing brand awareness. A brand strategy can take what people know and believe about your business to new levels. Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Brand strategy is a step above the brand positioning; it can transform normal business operations into a powerful competitions advantage. Brand management includes managing the tangible and intangible characteristics of brand. An organization must research the product categories in which the established brand name will work. As a part of brand management, brand valuation helps understand the overall brand equity of a company. Disadvantages of Brand Extension: 1. Choosing your brand architecture is also part of your brand strategy, but before deciding which one matches your brand portfolio, you should know that every type has its advantages and weaknesses that you should be aware of. In case of product brands, the tangibles include the product itself, price, packaging, etc. Brand management helps create an emotional connect between customers and products. Customer loyalty further helps boost business. An obvious advantage of marketing is the promotion of your business; getting the recognition and attention of your target audience across a wide ranging or specific market.

Listed below are the key advantages of brands with discussion of how these advantages can benefit marketing strategy: Enhances Product Recognition.

Understanding target customer’s tastes, preferences, beliefs, and expectations can help in developing more powerful brand strategies. There is a risk that the new product may … General Advantages of Marketing. that provides competitive advantages, both tangibles and intangibles, ... that brand management is one of the relative alignments of hospitality research and industry priorities. The presumption is that building a strong brand yields a number of marketing advantages. Positioning effects on a founding benchmark and works toward building a strong brand by helping marketers to design, to implement, to solidify or to sustain brand associations.

Advantages of Brand Management. This allows them to reach a potentially larger audience while lowering their overall expenses. The risk perceived by the customers reduces. According to the book Strategic Brand Management by Kevin Lane Keller (2008) , Identifying and creating brand positioning is the first and important stage of the strategic brand management process.