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Ans. Brand management is the process in which the business creates the image of the brand in the minds of their customers. This helps in creating the image of the brand which the businesses want to create in the minds of customers. There are four elements of brand management namely, brand identity, brand equity, brand image, and brand position. For the purpose of brand management, the businesses need to create the identity of the brand that makes the brand differentiated from the brands of other competitors. Brand identity is of utmost importance for the business or the brand. If the customers are not able to identify and recognize the brand amongst the brand of the customers then brand management is not effective. Brand identity is created through the effective communication of the brand to the customers. Brand image is the image of the brand that is perceived by the customers in their minds. Brand image can be created by both the tangible and intangible aspects of the brand or product. Different customers have a different image of the brand in their minds as the thinking of every individual vary. Brand image can be the result of its packaging, advertisement, word of mouth, etc. Brand position means placing or positioning the brand in the minds of potential customers. Brand positioning can be done through the brand name, packaging, services, etc. Brand equity refers to the value that the brand provides to the business as well as to the customers. Through brand management, the uniqueness of the brand can be maintained that can help in facing competition in the market. Brand management helps in maintaining consistency in the products of the business which makes customers satisfied as they get the same quality products all the time, they make their purchases. Brand management is very effective for organizations.
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