According to the AMA (American Marketing Association), Brand is a name, term, sign, symbol, design, or a combination of all used to uniquely identify a producer’s goods and services and differentiate them from competitors.
Specifically, a brand is a name “yahoo.com” logo, jingle ‘bus 2 minutes’, “Maggie”, slogan ‘sense and simplicity’, “PHILIPS”, package design, spokesperson, color Red color,” Vodafone” which consumers associate with a specific product.
REBRANDING-WHAT IS IT?
Rebranding occurs when a product or service developed with one brand, company or product line affiliation is marketed or distributed with a new and different identity. It is usually more than simply a change in brand’s logo and other superficial changes and should involve radical changes to the brand name, image marketing strategy and advertising themes. In order to complete Rebranding, several areas should be reviewed including positioning, personality, cluster of values, logo, company, identity and vision prior to the building of a brand. Rebranding can take place for a new product, a mature product, or even developing products.
In some cases, a total rebrand may not be necessary but rather a partial rebrand. When a brand has been firmly established but may be outdated or needs refreshing due to new products or services, partial Rebranding may be more appropriate. It is critical that the brand value that’s been developed over the years not be eliminated. Subtle changes to update it may be all that is necessary to get the message across and revitalize sales.
It is important to differentiate between Rebranding of a product versus repositioning of a product. Repositioning may involve a change in any of the marketing mix elements in an effort to respond to declining sales or market share. The goal in repositioning is to target existing products at new markets or segments. Repositioning may be part of Rebranding campaign. In contrast, Rebranding should involve a total change to fundamental company elements such as mission statements, values and widely recognized logos in an effort to have the company’s brand accurately reflect what it offers.
WHEN SHOULD REBRANDING OCCURS:
Rebranding is appropriate and essential under several circumstances in order to ensure success in product and service delivery. Often, a company has adapted their products to keep competitive in the marketplace to the extent the company’s brand may no longer accurately reflect what if offers. In this case, a major brand overhaul is necessary.
A large quantity of acquisitions or merging of companies may require Rebranding in order to adequately reflect the new, large company.
When is Rebranding necessary?
DRIVERS OF REBRANDING:
The two major reasons of rebranding are: corporate restructuring and modifying the external perceptions. The following text highlights more drivers that call for rebranding exercise: • Outliving the usefulness: Sometimes, a brand might outlive the purpose for which it was created. In such a scenario, it is more suitable to change the name of brand and then continue or prune the product depending upon the market requirement. • Values change: Sometimes, the value that promoters want to display to the audience through the brands change, and that is why they decide to change the brand name as well. • Mergers and acquisitions: Cases like the merger and acquisitions force the corporates to dawn a new identity for themselves, as it was seen in the case of Air Deccan and Kingfisher. However, while conducting the rebranding exercise, the companies should conduct a thorough analysis of the values and the attributes for which the brand name of the merging companies stand for and then only a new name should be adopted or the old one should be changed. • Confused brands: In the case of UTI bank which changed its name to Axis bank, the brand UTI was associated with many other instituted in different...
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