Brand management is a function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand. Developing a strategic plan to maintain brand equity or gain brand value requires a comprehensive understanding of the brand, its target market and the company’s overall vision.
When implementing marketing plans, the core brand values are emphasized and it is important to be consistent in the ideas portrayed by the company, whether it is through internal or external branding. Understanding how your brand compares to the competition is also important. Profitability is one way brand managers measure the effectiveness of campaigns, but it could take decades to build and manage a brand.