DEVELOPMENT OF A BRAND PROMOTION STRATEGY AS AN EFFECTIVE TOOL OF BRAND MANAGEMENT

Abstract

Competition in the modern business environment is becoming increasingly fierce due to technological advancements, the proliferation of enterprises, rising consumer demands, resource constraints, globalization, and more. It presents additional challenges, compounded by the stagnation of business conditions in Ukraine, linked to the widespread military aggression by russia. Anticipated post-war prospects for economic improvement and the business environment compel companies/brands to seek ways of differentiation among competitors and attracting consumer attention. An effective tool for individualization, recognition, brand/product promotion, and their management is brand management. It is precisely this function that aids in constructing a unique identifier that sets the company/brand apart from other market players and plays a pivotal role in shaping and sustaining their success. Brand management provides a company with numerous advantages. It builds consumer trust, creates a positive image, enhances competitiveness, and contributes to the support of customer loyalty. However, successful brand management demands a deep understanding of market realities, an analysis of the competitive environment, as well as an awareness of the influence of external and internal factors on both the company and its brand. Only by taking into account all these components can a brand truly become a genuine catalyst for success in the face of tough competition and economic changes. Building consumer trust is crucial because trust is one of the fundamental assets of any brand. Consumers who have trust in a brand are inclined to choose its products or services even in competitive conditions. A well-known brand provides consumers with confidence in quality and reliability. Additionally, in the competitive landscape where many companies offer similar products or services, brand management helps in standing out in the market and increasing competitiveness. Understanding market realities, analyzing the competitive environment, and considering the impact of factors on the brand are key elements of successful brand management.