The aims of this study are to determine which variables are common as brand management practices, how these variables affect a company's business performance, and whether there are statistically significant differences between companies in the sample in terms of individual elements of the Brand Management Practice (BMP) model. The research took place in Serbia, and comprised 118 managers and specialists involved in marketing and brand management. After validating the proposed BMP model, we found a link between certain variables of the model and companies' business performance. There are statistically significant differences between companies in terms of individual elements of brand management practice, and we identify three clusters: brand-guided companies, emerging brand companies, and brand-agnostic companies. They differ from each other in terms of: brand-oriented approach, innovativeness, brand support activities, unique marketing offers, marketing channel relationships, brand performance measurement, brand barriers, company size, and specific business area of a key-brand. They also differ according to estimated and actual business and financial performance. The results are valuable for explaining the main drivers of good brand management practice and their effects on business performance in different industry sectors. The implications for managers of domestic companies are also discussed.

A brand can be defined as a set of tangible and intangible attributes designed to create awareness and identity, and to build the reputation of a product, service, person, place, or organization. The objective of branding strategy is to create brands that are differentiated from the competition, thereby reducing the number of perceived substitutes in the marketplace, increasing price elasticity, and improving profits. Branding strategies are built on the interdependent frameworks of competitive brand positioning, value chains development, and brand equity management. Competitive brand positioning requires the identification of a distinct market space and a cognitive location as perceived by consumers. Value chain development is based primarily on product development and market development. Product development includes strategic initiatives on product design, product innovation, and the ability to introduce new product lines and category extensions. Market development revolves around pricing strategy, distribution strategy, and marketing communications. Brand equity is the set of assets and liabilities associated with a brand. The trend in branding is moving beyond the customer's perception of a brand, to the measureable metrics of customer satisfaction throughout the value chain.

The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. Your marketing and branding clearly influence that perception but your brand exists whether you actively market your business or not. If you’re out there and people are interacting with your business, you have a brand. Brand is a known identity of a company in terms of what products and services they offer but also the essence of what the company stands for in terms of service and other emotional, non tangible consumer concerns. To brand something is when a company or person makes descriptive and evocative communications, subtle and overt statements that describe what the company stands for. Relationship that brands have with people basically changed the process of digitization of the media. Influence marketers use the mobile phone in the marketing communication process. In this regard, implementing a successful marketing campaign is critical acceptance of th...

The modern market is characterized by ups and downs associated with both external negative influences and expectations, and with the structural restructuring of the market. The result of these transformations was the transformation of the methodological and practical foundations of the formation, functioning and development of marketing and advertising activities, the leading role among which is the development and management of the company's brand.The development and management of a brand, or the branding process in an enterprise should be strategic and holistic. The authors studied the theoretical basis for the development and promotion of a brand to the market and proposed directions for its improvement: an algorithm for creating a brand strategy and a comprehensive scheme for forming a strategy for the development and management of an enterprise brand. To assess the effectiveness of the brand management strategy, the authors proposed a system of indicators characterizing the...