Brand management is the new craze in the corporate world. The products and services are increasingly getting differentiated in order to meet consumer needs. This article aims at understanding the basics of brands and brand management.

A story that started in the US cattle ranches more than a century ago, of identifying cattle by branding them with a hot iron, has become an influencing factor towards a company's success story today. As branding is the indispensable marketing mantra. India Inc. has also starting flexing its brand muscle. Brand management starts with understanding what `brand' really means.

Product is manufactured in a factory; brand is bought by the customer. Brand, at its most basic level, is a unique identity. When well-conceived and developed, a brand is a vibrant picture impressed upon the consumers' mind. A powerful brand, therefore, creates a quasi-monopoly for itself. Hence, it is fit to be the central element of marketing strategy. A brand is not just a logo, or an advertising slogan, a product, a service, great leadership or profitability. A brand is a balanced mix of all these.

Any damn fool can strike a deal, but it requires genius, hard work and perseverance to create a Brand.

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