Path towards economic prosperity.

Byline: MS UROOJ AIJAZ

Brand management has emerged as a key concept in this century that is being discussed not just in the marketing area but also in economic and other social disciplines. Although branding has always been a useful tool for business owners and dealers.

In general, academics focused on the function and significance of brands from the perspectives of businesses and consumers, as well as the vital significance of effective brand management to survive in the brutal and cutthroat world of today. A number of significant observations may be made about this new economy, including the fact that markets are dynamic, the field of competition is worldwide, organizations operate as networks, and most significantly the meaning of value has altered. In the traditional economy, 'value' is defined in terms of scarcity, however in the modern economy, 'value' is linked to the number of users. The way that products are distributed and introduced to the general public in today's society has altered and elevated the significance of branding.

Advantages

Economic, political, and military powers are regarded as essential differentiators of competitive advantage for survival in a complicated and highly capitalist commercial environment. A progressive approach including new elements, such as the importance of intangible assets for the growth of economies, has recently been implicated in the change in the growth and stability of national economies so, there is a strong need to understand the economic importance of brands as the past few years brought dramatic changes in the world of brands and branding.

Although the way that brands affect our lives hasn't changed, their breadth and impact have expanded tremendously. Nonetheless, there is still apprehension and misperception, which has intensified, and there are still some fallacies that influence people's opinions of the economic significance of brands. Critics claim that brands generate irrational demand and exorbitant prices so, we might live happily without them while some individuals consider that brands are important to consumers and that they benefit businesses and the market as a whole which adds value to economic development as brand and reputation protect the consumers because strong evocative brands today not only raise a particular level of expectation but often elicit a higher emotional, purpose-driven connection as companies seek to strengthen relationships not just with consumers but...