In marketing, brand management begins with an analysis of how a brand is currently perceived in the market, proceeds to plan how the brand should be perceived if it is to achieve its objectives and continues with ensuring that the brand is perceived as planned and secures its objectives. Developing a good relationship with target markets is essential for brand management. Tangible elements of brand management include the product itself; its look, price, and packaging, etc. The intangible elements are the experiences that the target markets share with the brand, and also the relationships they have with the brand. A brand manager would oversee all aspects of the consumer's brand association as well as relationships with members of the supply chain. Brand management uses an array of marketing tools and techniques in order to increase the perceived value of a product. Based on the aims of the established marketing strategy, brand management enables the price of products to grow and builds loyal customers through positive associations and images or a strong awareness of the brand. This is the process of identifying the core value of a particular brand and reflecting the core value among the targeted customers. In modern terms, a brand could be a corporate, product, service, or person. Brand management builds brand credibility and credible brands only can build brand loyalty, bounce back from circumstantial crises, and can benefit from price-sensitive customers.
A brand manager is tasked with managing the tangible and intangible properties of a brand. The tangible aspects of a company’s brand include the product's price, packaging, logo, associated colours, and lettering format. A brand manager’s role is to analyze how a brand is perceived in the market by taking the intangible elements of a brand into account. Intangible factors include the experience that the consumers have had with the brand and their emotional connection with the product or service. The intangible characteristics of a brand build brand equity. Brand equity is the price above the product’s value that consumers are willing to pay to acquire the brand. Brand equity is an internally generated intangible asset in which its value is ultimately decided by consumers’ perception of the brand. If consumers are willing to pay more for a brand than a generic brand that performs the same functions, the brand equity will increase in value. On the other hand, the value of brand equity falls when consumers would rather purchase a similar product that costs less than the brand. Brand management involves not only creating a brand but also understanding what products could fit under the brand of a company. A brand manager always has to keep its target market in mind when conceiving new products to take on the company’s brand or working with analysts to decide what companies to merge with or acquire.