A brand can be defined as a product, service, or concept which can be communicated and marketed easily and can be differentiated from other products, services, or concepts. Earlier more than a hundred years ago, cattle ranchers used to brand their animals using branding irons so that when these cattle go to Chicago slaughter houses it can be easily determined that from which ranches they come from as all of their heads were branded. In the 19th century the packaged goods emerged into the market and the producers of these goods used to put their mark on their products like cough drops, flour, sugar, beer in order to indicate the source. For instance, in the late 1880s as the Coca-Cola Company was getting started, there were many soda producers in every market. Before Coca-Cola could get a customer to reach for a Coke, it needed to be sure the customer could distinguish a Coke from all the other fizzy caramel-colored beverages out there. Beginning in the later part of the 20th century, marketers began to grasp there was more to the perception of distinctive products and services than their names, something David Ogilvy described as “the intangible sum of a product’s attributes.” Marketers realized that they could create a specific perception in customers’ minds concerning the qualities and attributes of each non-generic product or service. They took to calling this perception the ‘brand’.Brand name is that element of brand which helps the customers to distinguish one product from another. The brand name should be chosen with utmost care as it should be such that registers itself in the mind of customers easily.
Presently, the managers’ lives are very challenging and it is becoming complex day by day. Technology is both a curse as well as a boon for the managers because on one hand it provided new capabilities for them and on the other hand, the need and demand for new skills increases.With the emergence of smartphones and other gadgets online shopping has become a necessity rather than a luxury. Therefore, brand managers need to manage their brand in the virtual world as well. Online mode is more complex and risky as compared to the real one. Hence, managing in this medium is very challenging because news travels fast whether good or bad. Word-of-mouth advertising is one of the most effective ways to promote a company.Positive feedback in this arena can do more for a business than pretty much anything.
The brand managers for the proper management of the brand should establish brand awareness and a rich brand image, create corporate credibility associations, control secondary associations of quality, avoid overbranding products, selectively introduce new products as new brands and clearly identify the nature of brand extensions. The staff members should also be recruited with utmost care because they are very helpful in putting forward the brand before the customers.
Building brands is a challenge for small businesses because they have limited resources and budgets. They usually do not have the luxury of making mistakes and must design and implement market programs much more carefully. Nevertheless, many entrepreneurs have built their brands into powerhouses essentially from scratch. For instance, online footwear retailer Zappos, founded by Tony Hsieh, has become a top brand in a little over a decade because of its relentless customer focus and strong corporate culture.
