Brand Management Essay
S. No. CONTENT
1. Objective
2. What is Brand Management?
3. How does Brand Management solve the purpose of day to day life?
4. Areas where Brand Management can be used
5. Case Study
6. Conclusion
Objective of Research
The objective of this research is to gain understanding of what brand management is, how brand management solves problem of day to day life and other than that which are the areas in which brand management can be used.
This research will serve as a framework for additional knowledge on brands and brand management
What is Brand Management?
Brand is a name, term, sign or design or combination of all of them, given to identify goods & services of one seller or group of sellers & differentiating
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To arrive at a new formulation, Coca-Cola conducted taste tests with an astounding number of consumers- 190,000. The findings from research clearly indicated that consumers “overwhelmingly” preferred the taste of the new formulation to the old one. Brimming with confidence. Coca-Cola announced the formulation change with much fanfare. Consumer reaction was swift but unfortunately for Coca-Cola, negative. In Seattle, retired real estate investor Gay Mullins founded the “Old Cola Drinkers of America” and set up a hotline for angry consumers. A Beverly Hills wine merchant bought 500 cases of “Vintage Coke” and sold them at a premium. Meanwhile, back at Coca-Cola headquarter, roughly 1,500 calls a day and literally truckloads of mail poured in, virtually all condemning the company’s action. Finally, after several months of slumping sales, Coca-Cola announced that the old formulation would return as “Coca-Cola Classic” and join “new” Coke in the …show more content…
According to Kotler Brand Management is all about “creating & sustaining superior performance”. It involves differentiating the company’s products or service from the existing ones through added value generated by creating customer loyalty or implementing processes that are aligned with sustainable development.
Brand management solves a number of purpose in day to day life. It creates companies reputation and build an incredible brand through images, symbols and messages.
Brand management involves enormous consistency that’s why it is being used in various areas such as marketing, for creating strategies
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