Final answer:
Brand management activities include conducting brand audits, designing brand tracking studies, and establishing a brand equity management system, all essential to maintaining and growing a brand's value over time.
Step-by-step explanation:
Brand management involves a range of activities focused on the creation, development, and overall stewardship of a brand to ensure that it resonates with its target audience and maintains its value over time. Conducting brand audits is an essential part of this process. This is where you assess the health of the brand, its position in the marketplace, and the strength of its equity. This helps in identifying areas of improvement and opportunities for growth.
Designing brand tracking studies is another key activity. These studies monitor the brand's performance over time, tracking changes in consumer perceptions, awareness, and preferences. Insights gained from tracking studies can inform strategic decisions and marketing initiatives.
Finally, establishing a brand equity management system is crucial for organizing how brand equity is measured and maintained within the firm. It includes the processes and guidelines that ensure the brand stays true to its identity and delivers on its promises to consumers.