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Brand Asset Management
Branded asset management refers to the implementation of brand modifications and life-cycle management of branded assets. The branded assets category includes managing digital brand execution.
Branding has emerged as a top management priority in the last decade due to the growing realization that brands are one of the most valuable assets that firms have. A brand is more than simply a name and the physical embodiment of that name on stationery, clothes, plant, and equipment. A brand has a meaning to all stakeholders and represents a set of values and promises, even a personality. Most companies with the biggest increases in brand value operate as single brands all over the world. The goal for many corporations today is to create consistency and impact, both of which are a lot easier to manage with the concept of a global brand - single worldwide identity. It's a more efficient approach, as the same strategy can be used globally. Yet, global marketing and increased competition have added pressure to the brand management structure. The marketplace is cluttered with hundreds of brands that strive to seize the attention of consumers.
Importance of re-branding
The effects of global marketing and increased competition have added pressure to the brand management structure. The marketplace is cluttered with hundreds of brands often competing with each other to seize the attention of consumers.
- Increased competition: as competition intensifies across all business categories, we see an increasing number of companies reviving their brands to stand out from the competition and capture a larger share of the market. Branding has been seen as a way of building a strong reputation.
- Mergers, Acquisitions and Takeovers: In a global economy subject to changing market dynamics, the role of brands has never been greater. The global marketplace has attracted the activity of mergers and acquisitions. Following such an activity companies are likely to re-brand to reflect the new brand name, and this will have to be modified on all branded assets (internal, external signage, point of sale material) that carry the brand in the retail environment. Examples of major M&A include ArcelorMittal, and Daimler-Chrysler.
- Return on Investment: Companies often revive their brands to keep it with target customer needs and expectations and combat competitive threats.
- ^ a b Clifton, R., and Simmons, J. (2003) "Brands and branding", The Economist.
- ^ a b Clifton, R., and Maughan, E. (2000) "Twenty five visions: the future of brands", New York University press.
- ^ Davis, S.M. (2000) "Brand Asset Managemement: driving profitable growth through your brand", Jossey-bass WILEY