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Essay / Brand Strategy and Management - 1865
Brand ManagementIn recent years, large groups of people have experienced an increase in their standard of living. People have become richer and have greater purchasing power. Nowadays, most consumers are more likely to choose well-established brand products over unknown brand products. It is normal that human beings tend to modify their consumption patterns in different situations. In this case, they are better off today than before, thanks to strong economic growth. Due to the current situation, many companies have employed skilled people, better known as brand managers, to anticipate this trend and, in turn, increase their profits. Brand managers are people who formulate marketing plans for the product they manage. However, these brand managers have realized that consumers now demand products focused on particular values that strengthen their loyalty to that particular brand and its products. In other words, consumers now demand authentic products. The term “authentic” can be defined as consistent with the facts and therefore worthy of trust, reliability or belief. Brands have always been sales agents and brand managers pride themselves on their ability to meet the needs of their target market. However, these two desires conflict with the recent trend to position brands as “authentic,” emphasizing timeless values desired by consumers while downplaying apparent commercial motivations. The dual problem of business is creating images of authenticity while coping with the challenge that authenticity presents to brand management (Beverland, 2005). Consumers believe that when a product has an acclaimed reputation, it is trustworthy. There will be an increase in demand and loyalty from businesses that meet the above conditions. For example, clothing company Levi's' early support of the gay community ensures that the brand continues to have a relevant meaning for gay people. According to Beverland (2005), brands that attempted to exploit this segment when homosexuality became more generally accepted struggled to be late to the party and were seen as exploiting a community without paying the necessary dues. As mentioned above, companies have formulated many strategies. in order to make their products authentic. Companies should not assume that a genuine product they are evaluating will be successful. This is because there are different views on this issue. A product that is authentic to one individual may not be authentic to another.