Brand Management, Want to sustain brand, diversify it

On 19^th September Inleaders of July EMPR batch were privileged to attend the industry expert session given by Mr Prakash Chandra Mishra of Wizcraft International. He holds a designation of Account director, where he handles the overall image of Brand Wizcraft in the market. It was a fun Interactive session where he shared his knowledge with us on Brand Equity.

Mr. Prakash began his lecture by telling that how brand sustain its value in the market. According to him Digital marketing is the most important aspect of brand marketing and has gradually evolved a lot in recent 4 -5 years. It is the cheapest and the most effective method of hitting the target audience. During the interaction students came to know that WPP (Wire and plastic products) and PUBLICIS GROUPE are considered to be world’s top communication agencies. They both use Integrated Marketing Approach to help build a brand name in the market.

One another cheap and effective way of doing brand promotions is Public Relations. PR is simply unbiased way of communication which helps a brand in showing its credibility in the market and thereby gaining the essential trust from their target audience.

During the interaction one of the students ask that advertising is also considered as a good way of building a brand. On this Mr. Prakash said that yes it is a good way but it is always considered as a biased approach because “Company valo ne ad agency ko paise die hote hai for doing their ad”.

Then he talked about brand equity. In layman terms brand equity can be defined as Goodwill of a brand which has been created in the market. Rapport of a brand is not created in just a day or two, it takes a lot of hard work and duration as well. ITC, GE, IBM, Godrej, Uniliver and Xerox all these brands are very old and they have seen success because of the diversification that these companies had gone under as they grow old and old. So Diversification is the necessity of every Brand. By diversification he means companies needs to have different and innovative products in their kitty rather than concentrating on just one. Brand equity can only be measured based on the product in the market and how easily that can be recalled in the minds of consumer.

Kapil Thairani July EMPR