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Analysis of the comprehensive brand role

Summary/Abstract: A strong brand is each and every organization's success rate. Thus, brand management affects the organization's success, and hence profits. The article summarizes the concept of branding and theoretical aspects of brand role; and explores the best and most succeful global brands. The brand enriches and enhances the user's connection with goods and services, through association of goods and servines to their distinctive features. The brand not only identifies the origin of the goods but also it establishes the relationship with the customer based on trust and guarantee of quality, at the risk of the company's reputation. The best in the world rated brands are characterised by the availability of relevant financial data: the brand earns one-third of the income outside its country, the brand added economic value is positive, the brand is known not only for business but also to the general public. Virgin brand's characteristics are phenomenal. Virgin brand's success lies in the vision of business leaders. The article also analyses steps in brand management: brand vision creation, brand image perception, and brand strategy development. The conducted survey results show that the majority of respondents confirmed the model well-established in literature that brand management involves the following stages: building brand vision, brand image perception, brand strategy development, and investment in brand viability. The brand also enhances the value of the company‘s assets, provide legal protection and lengthen the product life cycle. According to th respondents the brand help to find the distributors, facilitate monitoring, attract and retain the best employees. The majority of respondents stated that the development of the brand is important, the brand should be an inherent distinction, easily remembered and pronounced, it should fit the company image and products. According to the respondents the most famous and valuable global brands are important, high quality, relatively expensive and ensure that their reputation does not drop. These companies are sufficiently advertised.

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