Strategies for Brand Revival

INTRODUCTION

The world, it appears, is disappearing beneath a deluge of logos. Before decade, corporations seeking to navigate an ever more competitive current market have embraced the gospel of branding with newfound fervour. The brand value of companies like Coca-Cola and IBM is regularly computed at tens of vast amounts of us dollars, and brands attended to be observed as the ultimate long-term advantage - economic engines with the capacity of withstanding turbulence and making profits for many years. So companies spend billions on brand promotions and make an effort to indelibly tag everything around the corner, from the ING NEW YORK Marathon to the Gem Nuts cup holders at SBC Area. Marketers may consider the explosion of new brands to be evidence of branding's importance, but in fact the contrary is true. It might be a throw away of money to establish a clever company logo into an environment of durable brands and devoted customers. But because consumers are more promiscuous and fickle than ever before, established brands are vulnerable, and new ones have a genuine chance of succeeding - for at least a time. The obsession with brands, paradoxically, demonstrates their weakness. Therefore, sometimes running a business, a good brand dies. Everyone understands and respects the brand, but there are a difference between people's knowledge and their desire to really buy the product. When the business can't close that difference, the brand slowly but surely sees its way to the dustbin of background (Mannie Jackson, 2001). Therefore, the biggest question that a company can face is the decision whether to revive the brand or let it die. If revive, how? But before we go further on to answer this question, its critical to understand why brands fail or pass away?

Is it lack of consumer interest? Or introduction of new brands? Or is it something as easy as ignorance to the changing market dynamics? Let's check out articles from Business line which gives us a view point on the same

Why must brands perish at all? And why do they pass away?1 The answer is a simple one! Brands never pass away. There is just no organic fatality in the life span pattern of brands. In fact, there is just no life cycle whatsoever! Let's bury this brand-ism once and for all! Brands are meant to live on permanently. Brands don't die. Instead, these are murdered by Brand Professionals. The over-zealous and the sluggish ones alike! More often than not done to fatality by stubborn brand-folks who just don't start to see the future unraveling! One common thread that is seen in brands that actually die on the cushy laps of the emotional brand owners is their lack of ability to accept change. Having less flexibility to conform and modify to a changing market scenario that is really as unpredictable as ever! Brands traverse the trajectory of slow-moving death as soon as rigidity in their management styles part of. And there are many styles equally guilty of forcing their brands onto the an eye on loss of life. . . near or distant! Brand Management is as dynamic a topic as any. It is as energetic in its changes, as is contemporary society itself. Brands need to improve and adapt to their customers and consumers. They need to maintain sync with the psyche of their target section. Rigid brand managers are the biggest liability to the brand. The answer: Keep changing them every 1. 5 years to begin with! The next brand sin is perpetuated by the jumpy brand manager who would like to prove a spot. The guy has learned for sure he's a short-tenure tool on the brand. He is young and raring to go. He has read enough of the brand's mystique. He now wishes to leave his indelible symbol on the brand he's slated to take care of.

The wise brand manager of the future is the dude who sits between these two items of action and inaction. He's one who is aware his strengths and his spaces alike. He is which means sutradhaar who knits the purpose of the brand and its longevity along by providing to the brand get together every source of information that he deems necessary. Generate that sociologist who will offer you a quick perspective of how contemporary society is morphing, generate that doing psychologist who will psycho-analyze your consumer of today and hopefully tomorrow! Generate the all natural market researcher who'll look beyond the tools that are quantitative, qualitative and finally a cusp of both! Bring in the dental professional and the tailor if necessary! Brands die scheduled to neglect. Because of too little accepting change. Due to tenacious, age-old thoughts, Controlling brands can be an art, a research. . . and a beliefs as well! Practice each one of these with efficiency and humility! As we can see the article clearly talks about how brands die scheduled to people's choice between in-action and action. But what happens whenever a company intentionally eliminates its flagship brand? Let's take a look at articles that talks about how precisely Ford beheaded it's once flagship brand - The Ford Taurus. There are some important guidelines to be learned out of this article. How to Eliminate your Brand 2 The Ford Taurus was a brand success of the 1990s. Its jellybean condition helped pioneer aerodynamic and dramatic styling when it was presented in 1985, a time when most Japanese and American vehicles were bit more than square boxes with round tires. It had a powerful but fuel-efficient V6 engine unit. The moderately listed car made middle-class buyers feel like these were located out without protruding. The Taurus revived a Ford that was on the financial ropes. Ford sold 263, 000 units the first season. In 1986, Motor Trend magazine known as the Taurus "Car of the entire year. " A year later it was Ford's best-selling car. By 1992, it possessed surpassed the Honda Accord as the best-selling traveler car in the US. It placed that subject for five straight years, outselling both the Accord and the Toyota Camry. Eventually, Ford sold about 7 million Tauruses and 2 million Mercury Sables (essentially the same car). But at the end of 2006, the last Ford Taurus rolled from the line at an assemblage plant within an Atlanta suburb. Says Peter DeLorenzo, publisher of auto-extremist. com, an motor vehicle website: "Ford is the one auto manufacturer in history to take a number-one-selling car and systematically destroy the franchise via a fatal combination of ineptness, incompetence and flat-out disregard. " 8

The fatality of the Taurus is a contributing reason why Ford reported a $5. 8 billion reduction last October, the most severe in 14 years, declared the shutting of 14 crops (like the place that produced the Taurus), and now wants to acquire $18 billion to help revive the business. How performed this king of automotive brands get beheaded? Ford provides a textbook case in how to eliminate a brandname. Key lessons include
  • Ignore your focus on customer section: The Taurus was most popular among 50+ consumers, the group with disposable income. But Ford was entranced by the 18-35 group, and redesigned the car twice to charm to this segment. The redesigns turned off the Taurus' customer bottom part while failing woefully to turn on youthful buyers. Listen to the clients who actually buy your product, not people you want to buy your product.
  • Stop advertising: Unbelievably, Ford quit advertising one of its best-selling vehicles for just two years. That's one reason Taurus sales fallen from a high of 410, 000 in 1992 to 145, 000 in 2006. Understand that advertising and advertising is not just for new products. It is also for proven products.
  • Undercut the worthiness: When sales started out declining, Ford got the quick and easy route of increasing sales to rental companies as well as taxi cab and corporate fleets. It also substantially boosted seller and other discount rates. While these hold the temporary effect of juicing sales, they also harm earnings for companies and resale value for customers. Never do anything that hurts your brand among existing customers.
  • Focus on new, rather than loyal, customers: Bear in mind the Contour, Windstar, Escort, Galaxy and a great many other Ford brands? Automotive companies are infamous for spending large numbers to build up and promote brands, then inexplicably orphaning them years later to devote resources to newer models. Forego a product only when it is actually by the end of its life-cycle, not because something sexier comes out of product development.
  • Cannibalize your product unnecessarily: Resolved costs are high in the automotive industry, meaning profitability is determined by amount. Ford cannibalized sales of Taurus by introducing the just a bit bigger 500, and the somewhat smaller Fusion. The Fusion, which came out in later 2004, is a hit, but sales of the Five Hundred have not met anticipations. Would Ford have been better off devoting the resources dedicated to Fusion and Five Hundred to the revitalization of Taurus? Who understands? However, although it is important to be receptive to new segments, increases must be measured against the loss to established products.

The articles also states examples of other iconic brands like Question Breads and Twinkies which have been immortalized by Andy Warhol. Yet the manufacturer of those brands, the $3. 5 billion Interstate Bakeries, registered for bankruptcy last September. Mistakes made by Interstate include concentrating on low-profit, mass-produced products like Wonder Bread at the same time when customers were turning to tastier alternatives like fresh-baked supermarket offerings. They rested on the Twinkies' laurels at a time when mothers just about everywhere were concerned about childhood obesity. You can find other brands that are on the road to inability. Two strong applicants are Gap and Time mag. Quick excerpt on Space (details in next article) - At onetime, Gap set the fashion benchmark for both boomers and yuppies. Who hasn't had a set of Difference khakis? In UK, Gap's share of the clothing market has slipped by 25% within the last three years. Its recent advertising boasting Audry Hepburn did little but make 'most severe advertisement'- lists. What took place? Gap committed the best branding sins - too little focus and knowledge of what its customers respected. Robert Buchanan, a retail analyst at the stockbroker AG Edwards, says: "Within their heyday, they were excellent at caring for the baby boomer. . . . They halted targeting them and began aiming for the kids of the boomers - however, not having done much research, they blew it. They required a democratic procedure and tried to be all things to all men. If there's a very important factor that doesn't work in retailing, it's a lack of focus. "

The articles view on Time Journal - When there is a better example of trying to be everything to all or any people; it's Time's recent choice for 'Person of the Year. '- For more than 70 years, Time has chosen somebody who has had the most impact - once and for all or bad - on world situations. Agree or disagree, Time's choice always made you think. But this year, they put a cheesy reflective Mylar remove on the cover and said, 'The Person of the entire year is. . . You!'- If you believe that a brandname must drive its stake in to the ground and say proudly, 'this is exactly what we are a symbol of, and these are the clients we want'- then Time's 'we-love-everybody'- pandering is grounds to cringe. This 10

follows other missteps, like adding radical Ann Coulter, who advocates terrorism against American establishments and believes that all Muslims ought to be forcibly converted to Christianity, on the cover, and recently adding Bill Kristol, who forcefully advocated the invasion of Iraq to bring serenity and democracy to the center East, as you of its star columnists. (Full disclosure: I used to work for Time-Life. ) Discuss alienating middle class customers, the bread-and-butter of your mass-circulation magazine. A whole lot has been written about how to create a brand. But valuable lessons can be learned from useless and dying brands. Definitely, the most important lesson is never to let a disconnect grow between you and customer. When was the previous time you talked to customers in what they valued, and exactly how well you were doing to deliver that value? Now let us look at articles that goes into the facts of the story of the Difference drop: American retailing: Fashion victim 3 Space, a fashion retailer that was once one of corporate America's shining success stories used to get everything right. Its affordable, trendy clothes epitomized everyday cool. But not anymore. The business's creation cycles are too slow-moving to keep tempo with rivals, prices have increased and the brand has lost its glow. In 29 of days gone by 31 months Distance reported chiseled or declining same-store sales. Older executives are quitting in droves. Income, at 6. 5%, are about half the industry's average. In December, customarily the busiest month for shopping, same-store sales were 8% less than in December 2005. Gap is now thought to have chosen Goldman Sachs, an investment bank or investment company, to evaluate its options. This isn't the first problems at Gap. Experts think an alteration at the top is the most likely final result of the review.

Another likelihood would be for Gap's ageing founders, who still own 37% of the group, to market out. Dana Cohen, an analyst at Bank or investment company of America, feels private-equity firms is the most likely potential buyers, as few companies in the trade could swallow Space. Alternatively, one of the group's three major brands could be sold. The difficulty is that both Difference and Old Navy would sell at a 11

discount because of their troubles, and the Fishers (the founders) are unlikely to want to divest Banana Republic, their only healthy brand. Brands can also expire due to lack of company emphasis or effort. As the article expresses they can perish of natural triggers - it is unavoidable credited to various activities taken by the company or the people. Autopsy on Olds: Loss of life by neglect, stagnation4 Oldsmobile once was among the best car brands, anchored by such vehicles as the Cutlass, infused with the heritage of "Rocket" motors and benefiting from a competent dealer network. The 107-year-old brand was officially buried this spring and coil. Was the death inescapable? Might better marketing communications about the brand have helped effect a cure? Many myths enter into play when once-great brands such as Oldsmobile expire. Among the most durable

Strong brands die of natural causes Actually, brands perish of disregard and abuse. It takes effort and many bad decisions to wipe out a solid brand. Oldsmobile perished because Standard Motors designed vehicles in the 1980s and early 1990s that didn't surpass the brand's legacy: They were unattractive, uneasy and of poor, and they dealt with poorly. At the same time, the supplier network atrophied and consolidated with other brands, sacrificing its concentrate on Oldsmobile. Customers who were dissatisfied with Olds vehicles, sales and service lost their mental link with the brand. By the time GM finally arrived with a slightly decent vehicle for Oldsmobile - the Alero in the overdue 1990s - it was too overdue.

Changing consumer likes destroy brands.

What really eliminates a brandname is its inability to respond to changing likes.

Let us look at an example of what sort of brands taken care of immediately changing likes from the same article now is the image of how brands can advance and become part of people's lives and personality - Harley Davidson and Cadillac (a glance)

LITERATURE

"Sometimes running a business, a good brand dies" Everyone understands and respects the brand, but which difference between people's knowledge and their desire to actually buy the product. When the business can't close that space, the brand slowly but surely finds its way to the dustbin of history (Mannie Jackson, 2001).

The question is: To leave it there or bring it back again to life? A straight bigger question is, how to re-create the magic?

PROBLEM DEFINITION

The reason for this study is to investigate different strategies adopted by concentrate on companies through the procedure for brand revival. The study will involve analyzing circumstance studies of an example of companies who have been involved in brand revival.

This study will also serve to address strategies that may be followed by companies who are in the need to revitalize their brands and the reasons for their fatality.

For example companies have used several ways of successfully revive their brands. These actions are dominant as is evident regarding Harlem Globetrotters who survived by reinventing their product. (Mannie Jackson, 2001).

RESEARCH METHODOLOGY

To get a deeper knowledge of the chosen subject, various case-studies will be examined so as to investigate the many strategies used by organizations and use the studies to establish a set of tactics and success factors. These case-studies will mostly be sourced from secondary data like the 4 various literature on brands, newspapers, historical data of companies, publications, business publications, internet etc.

JUSTIFICATION FOR RESEARCH PROPOSAL

In today's active environment, companies frequently have to face circumstances where their brands are in danger of falling out in clumps of customer's buying radars. In the current highly competitive environment, it is not only products that need to be upgraded but brands also desire a new lease of life. No longer is it overlooked that improved products could keep a brand performing, but brands itself need to be revived to be in melody to customers' wants. This research explores the strategies followed for a successful brand revival.

SCOPE Since this review handles an analysis of case-studies, its opportunity is extensive and the analysis paradigm is not limited to one country or industry. This is an empirical analysis that has a wide opportunity and applicability across market sectors and geographies.

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