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Business networking is the practice of building relationships with individuals and businesses for professional purposes. [1] It involves the strategic exchange of information and resources to create connections that can be mutually beneficial. [2] Business networking can be conducted in person, online, or through a combination of both.
Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name. The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands. [1] [2] [3] [4]
Brand managers were also being referred to as "product managers" whose sole priority shifted from simply brand building to boosting up the company's sales and profit margin. "The product manager is man of the hour in marketing organizations.... Modern marketing needs the product manager," raved one 1960s article. [6]
In marketing, brand management is the control of how a brand is perceived in the market.Tangible elements of brand management include the look, price, and packaging of the product itself; intangible elements are the experiences that the target markets share with the brand, and the relationships they have with it.
A brand can, therefore, become one of the most valuable elements in an advertising theme, as it demonstrates what the brand owner is able to offer in the marketplace. This means that building a strong brand helps to distinguish a product from similar ones and differentiate it from competitors. [65]
The concept of personal branding is often credited to Tom Peters and his 'Brand You' philosophy, introduced in his 2001 book 'The Brand You 50 (Reinventing Work): Fifty Ways to Transform Yourself from an 'Employee' into a Brand That Shouts Distinction, Commitment, and Passion', which expanded on his original 1997 article, 'The Brand Called You'.
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The Internet is a powerful branding tool for many businesses as it offers numerous ways to promote a business. [4] Interactivity as one of the natures of the Internet helps companies communicate the brand messages instantly and talk to consumers directly, generating exclusive and individual interactions with them. [5]