Product Design and Development Management [Brand creation and Essay

Product Design and Development Management [Brand creation and development] - Essay Example Karl Speak even argues that marketplace position and intimate relationships are today valued above profitability. The present â€Å"information age† has turned consumer culture development and brand relationships as the new â€Å"best practice† in business (49). What makes branding an important marketing tool, is that â€Å"the brand image is enduring in the minds of the customer† (Montague 17). Branding is a powerful instrument to counteract market negative pressures, because branding makes companies, products and services visible and distinct; it prolongs products life cycles, and allows companies to sustain costs and prices to levels that are less dependent on competition. Developing a strong brand identity that is consistent with corporate strategy is therefore the recipe for long-term success. Brand identity refers to the degree a product has achieved a distinct image in the eyes of consumers and the general public (Schmitt et al 83). â€Å"It’s corporate strategy made visible.† (Peters 11). Brand identity is closely related to customer impressions, meaning the image a product or a company actually has, as opposed to product or corporate expressions, meaning the image that is desired (Schmitt et al 84). Often companies produce positioning statements that describe how the brands should be positioned in the minds of customers. These statements are the backbone for branding strategies that attempt to minimize the gap between desired brand image and actual identity. Brands make promises for unique product experience. Delivery of those promises is therefore crucial for creating lasting impressions and loyal customers. The brand management profession commands a range of tools for successful brand development. These are graphic standards, conformity to corporate identity, marketing communications sending consistent brand