It varies depending on the company. At a company structured around a product/engineering hierarchy, it will involve running marketing programs to build/support the “brand”, which is often a product line, or just developing brand equity – which makes the job more advertising and promotion based.
At more brand-driven companies – P&G, Nike, Coke, etc. – a brand manager is responsible for overall profit and loss of a brand of products – such as “Nestle Chocolate products” or “Nike Apparel”. Basically, it wraps together what a brand manager and a product manager would do at the first type of firm.
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