Brand Management is a marketing function that employs tactics to raise the perceived value of a product line or brand over time. Effective brand management allows product prices to rise while also building loyal customers through favourable brand associations and imagery or a high brand awareness. Brand management is also responsible for creating a brand's marketing mix, which is a combination of product promotion, pricing, place (distribution), and packaging.A successful brand management strategy will result in increased sales, larger market share, and higher profits.There are five steps in the brand management process:1- Segmentation: Dividing the market into specific groups of buyers who have similar needs or wants2- Targeting: Choosing one or more segments to focus on3- Positioning: Developing a unique selling proposition (USP) for each segment4-Branding: Creating a name, logo, and other marketing materials that help convey the
positioning5-Tracking and adjusting: Measuring the results of the branding efforts and making changes as needed.
