IMPROVING BUSINESS PERFORMANCE THROUGH BRAND MANAGEMENT PRACTICE
The aims of this study are to determine which variables are common as brand management practices, how these variables affect a company's business performance, and whether there are statistically significant differences between companies in the sample in terms of individual elements of the Brand Management Practice (BMP) model. The research took place in Serbia, and comprised 118 managers and specialists involved in marketing and brand management. After validating the proposed BMP model, we found a link between certain variables of the model and companies' business performance. There are statistically significant differences between companies in terms of individual elements of brand management practice, and we identify three clusters: brand guided companies, emerging brand companies, and brand agnostic companies. They differ from each other in terms of: brand oriented approach, innovativeness, brand support activities, unique marketing offers, marketing channel relationships, brand performance measurement, brand barriers, company size, and specific business area of a key brand. They also differ according to estimated and actual business and financial performance. The results are valuable for explaining the main drivers of good brand management practice and their effects on business performance in different industry sectors. The implications for managers of domestic companies are also discussed.