Marketing Management Personal Branding Management

Question: Describe about the Marketing Management for Personal Branding Management. Answer: Introduction In present scenario, brands are considered as the heart of business and marketing strategy. If the company sells the similar offer over the product just like its competitors then in that case customers will be indifferent and will buy the product which will be most accessible and cheapest of all. The main aim of marketing is to build a preference for the brand of the company. If a brand is appeared to be superior in the market, then the customer will pay high for it and prefer that brand only. There are also various implications which a brand manager faces in developing and marketing the brand (Keller, Parameswaran and Jacob, 2011). Branding and Brand Management A brand can be symbolized in the form of a design, symbol, sign or term. It is intended to recognize the services or merchandises of one vendor or group of vendors and to distinguish them from those of opponents. By facilitating the new customers and retaining the older ones the successful brands develop growth and create wealth. For successful branding, companies are adopting various brand management techniques and tools for making their products and services more reliable and recognized. In branding a company tries to build its the image of its products and services so robust that the customers can identify the products with just by a sign or design (Keller, Parameswaran and Jacob, 2011). The differentiation strategy adopted by the company can be called as branding. In branding there are specifically 3Cs i.e. constancy, consistency and clarity. The first C which stands for constancy states that the brand must be visible to the potential customers otherwise it is of no use. The one major aspect of all the strong brands is that they remain constant in the market so that they can always be present for the prospects as well as for the customers. They dont hide anyways. For example, Coke is a product whose target market is the entire world. This is the only reason that one cannot remain bare from its familiar logo or its bright red color. It is visible that people walks down the restaurants, street etc. carrying a coke. There are various TV advertisements, billboards, advertisements in movies etc. which shows the popularity and demand for COKE and that is why it is considered as one of the renowned and strongest brand worldwide (Anand, 2016). The second C stands for Consistency which states that a robust and successful brand always remains consistent. They always work as per their saying. For example the basic purpose of the Volvo is to provide safety to the customers. So with changing model, the main purpose also gets stronger instead of getting dim. The third C stands for Clarity, a successful brand always remain clear about their products and services. They possess an understanding for their promise of value. It allows them to facilitate and create loyalty among a potential group of customers. For example, Volvo always remains secured and safe for the customers instead of being luxurious and sporty as they comprehend their exclusive promise of value (Philbrick and Cleveland, 2015). In branding there are various challenges which are associated with it such as the brand challenge which is generally experienced by the established and old brands where new players try to hit them with marketing communication, innovativeness and rationalization. Another challenge in branding is related to marketing function, according to this the marketing strategies adopted by the companies are required to reframe or change so that the changing needs of the customers and increasing sophistication could be matched. The major challenge of communication and media affects the brand in a larger context too. There are other various challenges also such as increased competition, complex product portfolios, savvy consumers, need for simplification etc (John, 2016). There are number of implications of the brand manager in branding such as analyzing and evaluating the target markets where the business is operating, evaluating the changing needs and preferences of the customers so that relevant modifications could be made in the products and services, analyzing the strengths and weaknesses of the competitors brand as well developing of marketing strategies to make the brand much stronger (Selnes, 2013). There are several times when the brand managers made managerial decisions on the basis of incomplete knowledge and information as they are not aware of the relative competition in the market, the new players, changed needs of the customers and the other prevailing issues and this creates various challenges for the company and the brand to sustain. There can be consequences like diminishing the popularity of the brand, declining in the companys revenue and customer base, facing competition and squat sales. To attain huge benefits of strong branding, the brand managers are required to fulfill its obligations and implications regarding branding (Rosenbaum-Elliott, et al., 2015). With effective strategies and efficient approaches towards branding several benefits can be attained by the company such as it develops reliability and emotional bonding with the services and products offered, gives the base to the company to sell products at relatively high price, increase customer base, facilitate potential customers, build image and name recognition of the product as well as the company and helps in articulating the values associated with the brand (Urde, 2016). All these benefits could be attained by strong and robust branding and effective decision making by the brand managers. In marketing management branding can be said as the essence of revenue generation and image building of the company, its products and its services (Franzak, Makarem and Jae, 2014). Conclusion Brand management in todays world is emerging out as one of the most successful factors behind the growth and success of a product or a company. It helps in making the brand recognized at various platforms both domestically and internationally. The strategies used must be innovative, technologically updated, matched with the needs of the customers and competition driven. For this there is a requirement that brand managers must be attentive enough to catch the changing needs of the timeframe and make the managerial decisions accordingly. Effective branding helps the company to achieve huge success as well as to sustain in the market for a longer period of time (Kapferer, 2012). References Anand, V. V., Renganathan, R., Balachandran, S., Suganth, L. T. J., Sravanthi, C. K., Kumarappan, R. (2016). 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