BRAND MANAGEMENT OF RETAIL TRADE ENTERPRISES

Abstract

The article explores the key aspects of brand management and analyses the concept of brand management as a strategic process of creating and developing a brand in the market. The article identifies key factors influencing the evolution of brand management processes, in particular, digitalisation of business processes, changes in consumer preferences and integration of marketing technologies, which leads to the need to adapt traditional approaches to brand management. The analysis of traditional and new models of brand management reveals significant changes in approaches to brand development in the modern market. The article pays special attention to the comparison of such brand management models as the structural model, the ‘brand leadership’ model by D. Aaker and E. Jochimstyler, as well as the system and process models. The advantages and disadvantages of each of these models are considered, which allows determining their feasibility and effectiveness depending on the specifics of the business environment in which they are used. The author also analyses the factors that contribute to the successful implementation of each model, as well as the risks that may arise in the process of their implementation. Based on the analysis, the author proposes his own comprehensive model of brand management for retailers, which integrates the best practices and approaches from different models. The key elements of the model are allocated, including strategic planning, brand identity development, customer loyalty management, and monitoring the effectiveness of marketing campaigns. The advantages of this model for improving the efficiency of brand management processes, including better adaptation to the changing market environment and customer needs, are substantiated. The article offers a number of recommendations for the effective transformation of brand management, taking into account the latest trends and practices, including the introduction of digital technologies, integration of big data analytics to understand consumer behaviour and development of personalised brand strategies.