Brand management is a tricky business which requires in-depth knowledge of the product, the marketplace and the target audience. An analysis of these three areas should help to inform you on your product’s place within the market and what you can do to improve the product’s impact on your targeted audience.
People have, for thousands of years now, has been used as a marketing tool to engender trust in a product. We can see this in the trademarks which were used, and one could even say that currency is in effect a brand. Simply by placing a brand on a product, you give everybody seeing it an idea of its value; even if that value is not readily apparent otherwise. This point alludes to the overall definition of brands and branding; it is a tool used in marketing to create trust for a product, as well as customer loyalty amongst the target audience. It uses various methods to accomplish this, but a good starting point for a branding exercise is seeking to understand more about the customer and the market. When you have information about these two areas you can begin to refine your product and brand based upon that information; trying to carve out a section of the market for your product.