Birmingham University Business School
Question: Brands need to be managed over time. This involves ‘Toscani’sToscani’s’. With reference to academic theory outline how brands have reinforced and revitalized themselves. You should illustrate your points with examples
This paper aims to discuss that organizations how to use strategic actions to enhance brand and revitalize brand equity in strong competition. In terms of innovative marketing, amounts of organizations want to be managed as brands in order to generate benefits and profits for organizations. (Kapferer, 2008) Indeed, brands are built on past marketing efforts obtained from consumers. As Kapferer (2008) documented, brands could be also seen as assets which produce benefits within long period. However, brands possibly encounter aging and decay in their lifecycle. (Keller, 1999) Furthermore, some brands may be inability to compete in the strongly competitive market, because consumers may change their motivation on this category. In addition, regulations and advanced technology possibly influence brands losing their presence in the target market. (Thomas & Kohli, 2009) Therefore, this paper will discuss two brands of cigarette, Mild Seven and Marlboro. They have suffered the difficulties at different moments, hence, both company had experience on brand reinforcement and brand revitalization. According to Thomas & Kohli (2009), brand enhancement aims to maintain the top-of-mind recall with consumers. Marketers actually could redesign marketing mix in order to fortify position. More importantly, brand equity will consist with brand extension. However, brand revitalization attempt to revive aging or decaying brands. When the brands are going to decay, the brand equity will decrease at the same time. Therefore, Wansink (2000) provided 7 steps include reposition and product innovation to rejuvenate brands. Indeed, Ind (2007) argued that storytelling is another important technique which integrates past experience and future direction of brands. Companies sometimes merely think about reposition, but describing a brand story could benefit companies building stronger relationship with consumers. Overall, companies should prepare long term strategy to sustain the brand life. Moreover, I am convinced that brands need to transfer their communication channel besides traditional mass media. It benefits them extend brand image in consumers mind. According to Kaperer (2012), Brands are assets that could generate benefits to company within long time. Therefore, companies need to ceaselessly manage their brand equity over time in order to avoid lose presence in the industry. Specifically, the standard of brands life could be defined as birth, growth, maturity, decline, and death. During the brand life cycle, companies inevitably encounter dynamics of market. Consequently, their brand equity may gradually suffer the difficulties and be diminished in the future. (Lehu, 2006) Therefore, marketers need consider brand reinforcement and brand revitalization to sustain the brand. Indeed, it is the important responsibility that determine the when the brand should assess reinforcing or revitalizing for brand managers. As Keller documented (1999), brand reinforcement concentrates on avoiding brand aging and decaying. It will benefit companies fortify the brand image and brand awareness by innovating product and service in competitive market. On the other hand, brand revitalization mainly recapturing the brand equity which has been decaying and aging over time. As for maintaining the brand equity in a long period, organizations need to conduct strategy for brand enhancement. The purpose of reinforcing brand is maintaining top-of-mind recall in the competitive industry. (Thomas & Kohli, 2009) Literaturely, there are two major considerations of brand reinforcement for marketers: staying at...