Wikipedia says color is a very influential source of information when people are making a purchasing decision. Customers generally make an initial judgment on a product within 90 seconds of interaction with that product and about 62%-90% of that judgment is based on color. People often see the logo of a brand or company as a representation of that company. Without prior experience to a logo, we begin to associate a brand with certain characteristics based on the primary logo color.
Wikipedia says brand management is a communication function that includes analysis and planning on how that brand is positioned in the market, which target audience the brand is aimed at and maintaining a desired reputation of the brand.