Innovation and New Product Planning

11

Brand Management

Brand management is increasingly recognized as a critical element when developing and launching a new product or service. There are three primary reasons for brand management’s special status. First, brands help customers interpret and process information about products. Second, a brand can help people feel more confident in their decision to buy a product. Third, people often experience more satisfaction after purchasing a branded product. Brands thus offer much value to companies by way of improving the efficiency and effectiveness of marketing campaigns. As products transition through their life cycle stages, brands can provide a definite competitive advantage, provide a basis for an improved profit margin, solidify ...