Internship Report On Closing Observations: A Study of Product and Brand Management

The chapter “Closing Observation” includes various observations regarding the strategic brand management. The challenges and complexities of the modern market place make efficient and effective marketing an imperative. So, in this situation it is recommended to do the following:
· Consistent actions and applications of these guidelines across all aspects of the marketing program
· Guidelines should be viewed only as a point of departure in the difficult process of creating a world-class brand
· Each branding situation and application is unique and requires careful scrutiny and analysis
· How best to apply the framework in the branding of a product or service.
· Effective marketing programs and brand elements must be taken.
Major Findings:
· At first, the CBBE framework is illustrated
· Brand management guidelines, sources, and outcomes are found
· 7 deadly sins of brand management that cause failures is elaborated
· Summary of the success factors for strong brand
· The applications of CBBE framework and strong brand factors are analyzed
· Prospect of the future of the brand and brand management
The concept of brand equity has been put forth as a means to focus marketing efforts. The businesses that win in the 21st century will be those that have marketers who successfully build, measure, and manage brand equity. Some of the important guidelines put forth in this text to help in that endeavor. In some cases, ignore these various recommendations and guidelines. Smart marketers will capitalize on every tool at their disposal—and devise one that are not—in their relentless pursuit of achieving brand preeminence

Preview:
This chapter includes various closing observations regarding the strategic brand management. At first, the CBBE framework is illustrated. Then, brand management guidelines, sources, failures, and summary of success factors will be upheld. Next, some discussion from Chapter 1 “Brand & Brand Management” will be reviewed. Following up on a few topics related to the applications of CBBE framework. Besides, strong brand factors will be analyzed. Finally, we will prospect the future of the brand and brand management. The brand focus will represent a report card to assist the brand managers & executives not only to comprehend but also to rate their brands’ performance on key brand dimensions.


Strategic Brand Management Guidelines:
Strategic Brand Management:
Strategic brand management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long term objective to the proportion of consumers who know of their brand.
Brand awareness: Brand awareness is a marketing concept that measures consumer’s knowledge of a brand existence. Example: when we see logo of a star we able to understand that here flexi load can done.
Brand Image: An Image that is evoked by exposure to a named brand is called brand image. Like brand personality, brand image is not something you have or you don't! A brand is unlikely to have one brand image, but several, though one or two may predominate. The key in brand image research is to identify or develop the most powerful images and reinforce them through subsequent brand communications. The term "brand image" gained popularity as evidence began to grow that the feelings and images associated with a brand were powerful purchase influencers, though brand recognition, recall and brand identity. It is based on the proposition that consumers buy not only a product (commodity), but also the image associations of the product, such as power, wealth, sophistication, and most importantly identification and association with other users of the brand.

Summary of Customer –Based Brand Equity (CBBE) Framework:
Sources of Brand Equity:
1. Strength: The more deeply a person thinks about brand information and relates it to exploiting brand knowledge, the stronger the resulting brand associations.
2. Loyalty: It is the belief and faith shows by the consumer towards a particular brand, expressed through their repeat purchase irrespective of preserve of competitive brands.
Example: Life Boy soap.
3. Favorability: It refers to the consumer’s desirability to the products of the marketer which is successfully convoyed by the supporting marketing program.

4. Uniqueness:
5. Perceived quality: A customer' opinion of a product' value to him or her. It may have little or nothing to do with the product's market price and depends on the product's ability to satisfy his or her needs or requirements.
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