Would you like to learn the basic definitions of brand auditing and brand management? This post contains commonly used term.
Brand management is a marketing function that uses techniques to increase the perceived value of a product line or brand over time.
Effective brand management helps a company build a loyal customer base and helps fuel a company's profits.
A brand manager ensures the innovation of a product or brand, creating brand awareness using price, packaging, logo, associated colors, and lettering format.
Brand equity refers to the value a company gains from its name recognition, enabling it to be the popular choice among consumers even when compared to a generic brand with a lower price point.
Customer perception is how customers feel about your product and brand. It’s an opinion that they’ve formed through every interaction they’ve had with your company, both direct and indirect.
It’s more than just whether customers “like” you; customer perception includes the feelings your business inspires in them, along with any descriptive words they would use when talking about your business.
Understanding how your customers perceive your company can help you improve your marketing, spot opportunities to improve your service delivery and grow your business.
A brand audit is a comprehensive examination of a brand, involving activities to assess the health of a brand, uncover its sources of equity, and suggest ways to improve and leverage that equity.
Market research is the process of determining the viability of a new service or product through research conducted directly with potential customers. Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service.
Companies use market research to test the viability of a new product or service by communicating directly with a potential customer.
With market research, companies can figure out their target market and get opinions and feedback from consumers in real time.
This type of research can be conducted in-house, by the company itself, or by an outside company that specializes in market research. The research includes surveys, product testing, and focus groups.
A target market refers to a group of potential customers to whom a company wants to sell its products and services. This group also includes specific customers to whom a company directs its marketing efforts. A target market is one part of the total market for a good or service.
Brand identity is the collection of all elements that a company creates to portray the right image to its consumer. Brand identity is different from “brand image” and “branding,” even though these terms are sometimes treated as interchangeable.
The term branding refers to the marketing practice of actively shaping a distinctive brand. Brand is the perception of the company in the eyes of the world.
Market analysis framework
Market Analysis Framework is a tool which is used by the companies and entrepreneurs to study the market for its products or services. By using market analysis frameworks in detail, companies get to understand the competitive dynamics of the market in terms of demand and supply of the products and services, external factors of the industry, state of competition and degree of competition within the industry, the future aspects of the industry and difference between their organization and the competitors.
Public opinion is a term that describes the opinion of the general public. This could mean a population of a specific area or country, it could mean a specific target demographic for a business, or it might mean the entire population of a country.
The term public opinion is relevant to businesses, in as far as it pertains to the opinion that the public holds of that brand. Marketing is not just a matter of brand visibility – of getting people to recognize a business logo and to associate that brand with a particular product. Public opinion is rather also all about the brand’s reputation and the opinion that the public holds about that business.
Customers, not companies, own brand perception. Brand perception is what customers believe a product or service represents, not what the company owning the brand says it does. Brand perception comes from customer use, experience, functionality, reputation and word of mouth recommendation - on social media channels as well as face to face.
Market efficiency refers to how well current prices reflect all available, relevant information about the actual value of the underlying assets. A truly efficient market eliminates the possibility of beating the market, because any information available to any trader is already incorporated into the marketprice.
Therefore a Potential Customer is someone who is capable of becoming a purchaser of product and/or services from an organisation. By understanding your Potential Customers, those most likely to buy from your organisation, you can target your Communicaton Material accordingly.
The key group of Potential Customers, is known as your Target Audience, the group of people or organisations who are most likely to buy from your company.
Brand optimization is the process by which businesses interact with the dynamics of the world wide web, to build and optimize their brand assets. It is a mechanism to make your brand relevant to its users, while proactively engaging with them on the right platforms, encashing the right opportunities.
Marketing communications (MC, marcom(s), marcomm(s) or simply communication(s)) refers to the use of different marketing channels and tools in combination. Marketing communication channels focus on any way a business communicates a message to its desired market, or the market in general. A marketing communication tool can be anything from: advertising, personal selling, direct marketing, sponsorship, communication, social media and promotion to public relations.