Brand management

Abstract

Brand management or Brand equity has become a key marketing buzz word in today's competitive world. In India the word Brand Equity is popularly associated with consumer goods (especially FMCG), pharmaceutical and Automobile industry whereas in advanced countries Branding is an integral part of marketing in almost all the industries like consumer goods, petrochemicals, pharmaceuticals, services, agrochemicals, automobiles, fertilizers and even defence. Almost every product marketed undergoes Brand Management in advanced world. Branding and Brand management is a common marketing tool adopted in the Agrochemical industry. The one single molecule is sold under two to four different Brand names in different crop segments in the West. The Brand management principles followed in consumer product industry are more or less applicable to Agrochemical industry. The consumer industry adopts Advertisement as a major tool, whereas Field force (word of mouth) plays an important role in Agrochemical industry for successful Brand promotion: Indian agrochemical industry does follow Brand management consciously or subconsciously. In this article an attempt is made to look into the practices adopted by various companies and its impact in relation to scientific Brand management. The thoughts expressed in this article are the author's views based on external analysis and may not necessarily match with internal perception.