METHODOLOGICAL FRAMEWORK FOR CREATING AND EVALUATING A COMPANY BRAND

Abstract

The article provides insights into the contemporary issues of company brand creation as a set of management functions to develop brand attributes based on the brand life cycle assessment. The study focuses on the importance of implementing management decisions as to brand creation and promotion subject to the specific stage of its life cycle as well as on the need to pay special emphasis to current position of a brand in a particular time period and the power of its market dominance. From this perspective, the study identifies the following four stages of a brand life cycle: "implementation", "development", "stabilization" and "decline". Making appropriate management decisions will enable a prompt and relevant response to changes in the company internal and external environment as well as contributes to implementing certain processes for effective brand management without excessive financial costs and/or waste of time. A step-by-step algorithm of brand life cycle evaluation is suggested to be carried out using expert assessments, identifying specific brand attributes, linking these indicators together, assessing the significance of selected criteria, and clustering objects to group them by current company brand position. A proposed integrated approach to brand creation and management should be implemented through the synthesis of systemic, substrate, process-based and situational approaches. This integrated approach will enable more effective management performance and will contribute to building a competitive brand at any stage of its life cycle.