Brand management of a modern organization as a factor of competitiveness

Abstract

Authors have revealed and analyzed the importance of the role of branding for the company’s successful functioning and its influence on the company’s competitiveness. The purpose of the paper is to formulate the theoretical foundations of branding and brand management, as well as to determine the role of investment in the brand of the organization. In the paper prerequisites for the development of the concept of brand management are investigated and this topic’s relevance of the study is proved. Modern business actively uses the benefits of branding worldwide and in Ukraine. The content of the term "brand" is revealed as well as the essence and management levels of the company’s brand. The study proves that the management of brand assets is one of the most important processes. Brand management consist of administrating the relationships between the company’s clients and its brand, management of the extent of consumer attraction to a particular brand, management of the brand’s popularity, and, consequently, the brand’s financial value. This study proves the connection of branding with all business processes and its impact on all hierarchical levels and organizational units at the organization. Brand management tool such as a “brandbook” is explored and its components are analyzed in details. The study provides opportunities of effective brand management in the modern conditions. Also, it is described, how a brand book affects the organization using the brand’s ideology, target audience, logbook, guideline, business documentation, company’s presentations, polygraph, souvenir and image production, outdoor advertising and soon. The presence of brandbook proves that it keeps managers from making poorly qualified decisions, reduces the cost, time to develop and manufacture advertising tools, which makes their relevance much higher. Branding in modern conditions is a necessary decision for the company’s development in the conditions of goods and services markets’ oversaturation. Its creation is not only a task of the marketing department, but is an important element of managing the modern organization for gaining the loyalty of the company’s clients, suppliers and employees. The study proves that brand management in the long run should stimulate brand development, which in the future will provide reliable and stable added value of the product and will increase the company’s market value.