Doctor of Economics, Professor, Head of the Department of Economiсs and Entrepreneurship, State Economic Technological University of Transport (Kyiv, Ukraine)
The aim of the article. The article is based on generalization of the results of leading scientists in the brand management sphere. It is proved that using of benchmarking to assess the brand management effectiveness is the most appropriate evaluation system in current market conditions. The purpose of this article is to develop the methodology for assessing the effectiveness of brand management through benchmarking.
The results of the analysis. Brand management is the most important function in the entrepreneurship and it should provide the sustainable, competitive functioning and the development of brand. Brand management involves special studies of trademarks efficiency, development of strategies and programs of brand equity. The analysis and evaluation of brand management are associated with such scientific and practical tasks as improving the efficiency of the economic activities of the national enterprises, forming the effective organizational and economic mechanism of brand management.
Benchmarking is systematic activity which is based on finding, evaluating and training on the best examples regardless of the business sector and geographic location. The main concept of benchmarking is comparison of both the activity of enterprises competing and the leading firms in other industries. Benchmarking concept and methods can reduce costs and increase the revenue and to optimize the structure’s dynamic and the strategy choice of the company. In terms of brand management efficiency analysis on the basis of benchmarking we propose such stages: 1) definition of benchmarking object; 2) choosing of brand standard; 3) search of information; 4) analysis; 5) implementation.
Benchmarking approach leads to the significant change in branding decision-making procedure. Traditionally, the solutions for management of trademarks were adapted on the basis of market research and managers’ intuition in the relation to the effectiveness of brand promoting measures. Benchmarking usage in managing process of brand equity, it ensures that offered requirement of the environment and the customs are treated on the relevant data basis.
The knowledge of brand management methods of the firms have been received during the benchmarking are the important information, that is required for the development their own brands and ensuring their competitiveness and profitability.
Conclusions and directions of further researches. Thus, methods of evaluating of brand management effectiveness though benchmarking is elaborated in the article. The practical usage of the system performance criterion of the brand management provides for the strategic guidance on the intensive development of its own brands and achieving the high level of efficiency in the dynamics; identifying the reserves of using improvements the brands’ potential.
Keywords: benchmarking, brand management efficiency, brand evaluation, brand standard, brand identification, trademark
JEL Classification: M3, 31, O1, E2.
Cite as: Kendiukhov, O. (2014). System solution of evaluation of the brand management’s efficiency in the competitive environment: a methodology of benchmarking. Marketing and Management of Innovations, 4, 39-46. https://doi.org/10.21272/mmi.2014.4-04
This work is licensed under a Creative Commons Attribution 4.0 International License
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