Management students learn a lot during their academic years about different types of management, and one of them is brand management (Amazon SWOT analysis). Brand management is a broad topic, and there are many concepts that you should learn in details before developing an assignment for any academic paper related to brand management. A company needs to establish and market its brand name because its name and consumers know a company. Branding is necessary to reach and become familiar with the consumers; it is unique in several ways. Understanding the concepts can help you understand why branding a company is crucial. Here are the main concepts. (Mutual Fund Separation Theorem)
1. Brand identity
In trading and new products coming up every other day, brand identity is a powerful tool play. It can become very popular in a short period and can be recognised among people. Brand identity means the concept that reflects brand managers decisions on how he wants to set up a relationship and communicate with its potential customers. Over time a brand identity can evolve, gaining new attributes from the perspective of their customers. The main focus of brand identity is the authenticity of the products, natural features of the value and the promise that the brand is offers backed up by the organisation's characteristics or production. So it means that the brand identity reflects on the decisions taken by the brand manager. (Corporate Strategy Assignment Help) When a foreign company invest on a company it’s image and identity both get benefit and foreign direct investment also helps customer to see the brand from a different perspective. (Dissertation Abstract)
2. Brand image
Brand identity discusses the brand's features and is distinguished from other brands; similarly, the brand image reflects its customers' viewpoint. Brand image is the impressions developed by the brand manager on its customer's mind. The concept is established on the fact that customers buy the product and have an effect on a bunch of different items like power, wealth, sophistication, and many more. Brand image can be established by brand communication that includes packaging, promotion, advertising, customer service, word of mouth and many more. The brand name makes a visual and verbal impression on a consumer's mind, affecting the sale of the product.
3. Brand position
a brand position is a part of brand identity and its value. A brand position can set it apart from its competitors. A brand manager must establish practical communication objectives and develop a plan to execute a creative strategy. A company can establish a brand position statement in the initial stage of the execution strategy. It defines the exact place where the brand needs to be to occupy the consumer's mind.
The three concepts are extremely crucial for brand management and students who pursue management course.