Having quality products is now just the price of entry. So, as technological superiority becomes more fleeting, differentiation becomes fundamental. This means that there is more emphasis on understanding consumers' needs, desires, and even dreams. I continue to believe that product superiority is still the best weapon, but it's increasingly difficult to achieve, particularly in the high-tech industries, where joint ventures are more and more becoming the norm to develop very expensive new technologies. It's very simple.
Brand management adds emotional value to that.
Things like brand heritage, brand personality, brand symbols, brand properties, perceived quality and value. Take the Philips shield. I talk about the 'brand ladder'. The first half of this ladder is product management, the second half is when you start to add value and support, through brand management. A brand leader has to deal with consumers' dreams.