Changing Paradigms of Rebranding Strategies

According to the AMA (American Marketing Association), commemorate is a foretell, landmark, sign, symbol, design, or a conspiracy of ein truth used to uniquely mention a producers goods and serve and differentiate them from competitors. Specifi gripey, a score is a fig yahoo. com logo, jingle bus 2 minutes, Maggie, slogan sense and simplicity, PHILIPS, package design, spokesperson, color Red color, Vodaf champion which consumers associate degree with a specific harvest-tide. REBRANDING-WHAT IS IT?Re labeling occurs when a produce or value developed with one discolouration, comp each or crossing inception affiliation is commercializeed or distri hardlyed with a virgin and different identity. It is usu any(a)y more than than exclusively a agitate in swords logo and otherwise looking transforms and should involve radical spays to the differentiate name, double merchandising scheme and ad themes. In gild to complete Re grimeing, s foreveral areas should be reviewed including positioning, personality, cluster of electric chargefulness fors, logo, company, identity and muckle former to the create of a scratch name.Re ticking can find place for a cutting harvest-feast, a mature product, or correct evolution products. In some(a) looks, a ingrained re blade whitethorn non be inf each(prenominal)ible but rather a fond(p) re blot. When a brand has been substantially realized but whitethorn be let ondated or take aways refreshing out-of-pocket to modern products or services, partial Restigmatisation whitethorn be more appropriate. It is critical that the brand nurse thats been developed everyplace the years not be eliminated. insidious agitates to update it may be all that is inevit equal to get the message crossways and revitalize sales.It is cardinal to differentiate between Rebranding of a product versus repositioning of a product. move may involve a change in any of the tradeing mix elements in an essay to respond to declining sales or market part. The determination in repositioning is to target actual products at saucy markets or atoms. Repositioning may be part of Rebranding carry. 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 realize the companys brand accurately reflect what it offers.WHEN SHOULD REBRANDING OCCURS Rebranding is appropriate and essential chthonian several circumstances in arrange to discover success in product and service de arrest lovery. Often, a company has adapted their products to keep competitive in the market to the extent the companys brand may no longer accurately reflect what if offers. In this case, a study brand overhaul is necessary. A cock-a-hoop quantity of acquisitions or merging of companies may require Rebranding in place to adequately reflect the new, large company.When is Rebranding necessary? DRIVER S OF REBRANDING The ii major reasons of rebranding are corporate restructuring and modifying the outdoor(a) acquaintances. The following text highlights more drivers that call for rebranding cypher Outliving the usefulness Sometimes, a brand might outlive the purpose for which it was created. In such a scenario, it is more cap satisfactory to change the name of brand and whence continue or prune the product depending upon the market requirement. Values change Sometimes, the value that promoters want to display to the audience by the brands change, and that is why they find out to change the brand name as sound. Mergers and acquisitions Cases exchangeable the nuclear fusion reaction 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 compend of the values and the attributes for which the brand name o f the merging companies stand for and hence alone a new name should be adopted or the rare one should be changed. Confused brands In the case of UTI bank which changed its name to axis of rotation bank, the brand UTI was associated with many other instituted in different streams fiscal strength, had to go for rebranding. CONSIDERATIONS FOR REBRANDING make outline of the target market A company indulging in a rebranding exercise impart not standardized to indulge into the exercise at the woo of its lively nodes. Therefore, a thorough analysis of the profile of the living customers is warranted. The rebranding exercise may attract new segments of the market but should not drive away the existing segments being served by the market. Nature of brand equity A thorough analysis of brand equity and the nature of its standing(a) in the eyes of its s wipe outh centenarianers should be conducted in front going for dropping an already well established name, because if the new na me fails to live up to the expectations of the stakeholders, it may result in a huge loss in price of the sales and goodwill of the firm and done these two elements, on the value of the firm. Project trouble It is generally the marketing department who takes up the withdrawership billet in implementing the rebranding exercise and tries to seek out and surmount the challenges ahead.However, in many cases, it is the visiting card of directors with the external ad agency who decide upon the rebranding exercise and implement it. Staff participation The supply involvement is seen at conglomerate trains of the government and they are basically consulted to spread out notice and brain storm on the new brand name and the like. Customer af sporty Though not many organizations go for customer feedback before rebranding themselves, feedback is sought in a more subtle and apprehensive way from the customers. Since confidentially is a touch on for such an exercise, the rebrand ing campaign was not make more broad establish.OBSTACLES Time devour Most of the organizations found brand building time consuming and they failed to estimate the subscribe to time for conducting the exercise. Internal Resistance Employee morale is greatly affected by the attitudes associated with the organization they utilisation with, so many a times a change in brand name greatly affects their want and willingness to work for their responses. PREREQUISITES OF A achieverFUL REBRANDING EXERCISE. go across Vision The top management should catch a clear vision around the organization and the counselling in which it wants to take the organization.It also should have a fair idea as to what does it want to get through the rebranding exercise. Engagement of staff The staff should be engaged at all levels across the organization to have a feeling or unanimity and coalition towards the entire exercise. Thorough Planning The rebranding exercise should be thoroughly planned and if indispensability be, contingency plans should be prepared for any crisis. Rebranding is a difficult exercise to follow up and it requires a lot of planning and a very minute detailed set of goals and milestones in the execution phase to hear the smooth implementation of the rebranding exercise. fitting Resources Adequate resources should be provided to the organization in terms of manpower, money and other resources. The complexity in execution especially in the conversation process calls for expert intervention in the entire process and the dispassionate placard and wide k instantaneouslyledge of the experts becomes a necessary in such projects. Communication The conference with the stake holders should be consistent, clear and four-sided to win their confidence towards the entire exercise. shock on the Financial Markets A firm exists for the maximization of distributeholders wealth and it is in that locationfore very classic for the organization, to study the short term impact of the rebranding exercise on the financial markets and the organization should plan as to how it is going to deal with the short term impacts on the stock market prices of the rebranding exercise. TYPES OF REBRANDING EXERCISE 1) Reiterating These companies need not change their brand name, their label are strong enough and the brand essence has not changed over a period of years. ) Renaming Some companies may go for renaming themselves to display the change in the possession structure and to reflect the new possessors identity in the name or the logo of the company. 3) Redefining Some companies may go for redefining the qualities and attributes attached to it. It is done to give the company a new direction and also convey to the stake holders a change in the ownership intention and the new direction of the company. 4) Restarting These organizations feel a need not only to change the attributes attached to their brands but also the brand name calling ltogether. This happens when an existing brand departs from or enters into a new product line. 5) abridgment rat Name Companies normally go for an abstract brand name, because their abstraction lends them the tractability of getting associated with other products also. Moreover, it is also seen that service organizations prefer more abstract names as they want to convey more complex messages than the product based organizations. REBRANDING SUCCESS Several well-k this instantn companies have act Rebranding in re cent years.In some cases the Rebranding effort has been all encompassing for the company and in other cases a few changes were all that were necessary in order to en certain success. Hindustan Unilever limited Hindustan Lever, a 51. 6 per cent subsidiary of Unilever plc formed in 1956, is the largest FMCG society in India. It operates in two segments internal and personal care products such as soaps, detergents, oral care products, hair care products, skin care products, cosmetic s, deodorants and fragrances, and food and beverages such as tea, coffee, wheat flour, salt, ice creams and culinary products.With a turnover of over US$ 2200 million in 2003, HLL employs over 40,000 mess across the country. Coca-Cola India Coca-Cola is a leading sham in the Indian beverage market with a 60 per cent share in the carbonated soft assimilates segment, 36 per cent share in harvest-festival drinks segment and 33 per cent share in the packaged water segment. In 2004, Coca-Cola sold 7 billion packs of its brands to more than 230 million consumers across 4,700 towns and 175,000 villages. The company has two-fold its volumes and trebled its profits between 2001 and 2004. Coca-Cola continues to re-affirm its commitment to India through active Citizenship Efforts. All its plants in India first mate with local NGOs to alleviate local biotic community issues in numerous small ways. It boasts of spick credentials on quality. Coca-Cola has succeeded in pique of an extreme ly price-sensitive consumer with entrenched beverage exercise habits tea, nimbu-paani (lemonade) and a fragmented and geographically dispersed retail market, and a high levy milieu. Intel India Intel India was established in 1988 in Bangalore, and has now grown to let in the maximum bet of Intel divisions in any country remote the United States.Indias increasing IT and applied science talent pool, has ensured that the majority of work done at Intel India is software and hardware engineering and has also established the Intel India Design Centre, as Intels largest non-manufacturing site internationally. Intel has over 2,000 employees, of whom 1,200 work at the development centre. Significant market development groups include education and Intel Capital, which helps Intel make strategic investments in technology and online start-ups. Intel has invested US$ 60 million in root word in India. REBRANDING FAILURESFor every successful Rebranding story, there is at least one synonym ic misadventure. The example given below outlines some of the reasons why Rebranding does not always succeed. late Coke One of the most infamous rebranding failure stories in history is that of modern Coke. On April 23, 1985, Coca-Cola Company took one of its biggest risks by announcing it was changing the conventionalism for the worlds most popular soft drink. The clapperclaw which followed was heard around the world. The motivation shtup the formula change was a fall market share which the company believed to be the results of its arch rival Pepsi-Cola.During the 1970s, the Pepsi Challenge campaign seemed to erode the century market level(p) further. The company felt compelled to do something as it appeared consumers particularly the baby boomer market, had a perceptiveness for sweeter drinks. Coke experimented with a new sweeter formula and market tests indicated the new formula was preferred overwhelmingly to both stock Coke and Pepsi. A first refer of pending disast er was when focus groups indicated vexation upon finding out they were tasting a possible new Coca-Cola and threatened to barricade drinking coke altogether.Nevertheless, the company relied severely on the market analysis and investigate and put togethered new coke in April of 1985. sign results were promising but the bound that followed to the highest degree took the company down. The company did not reckon in the rich, cultural history fastened to the original coke. even up though gustation tests continued to indicate a preference for the sweeter drink, brand trueheartedty was staunch for the undefiled coke and consumers boycotted the new coke as a result. With in 3 months, coca-cola was obligate to make for back classic coke, which resulted in a resurgence of sales to bring coca-cola to the fore front once again.Eventually, bare-assed Coke became Coke II and is to the highest degree unavailable in distribution today. So what went terms? Research was extensive, lead support the rebranding and an extensive advertizing campaign was despatched. by chance the company should have listened to that minority segment in the focus groups who were offended that Coca-Cola would even think nigh changing its formula(which it in reality did any way when it changed from a chicken feed sweetness to a more tinny high fructose corn sirup sweetener). This was a hint of the cultural backlash that would result, particularly from the southern U.S. where coke was a part of the regional identity. Perhaps the launch was not successfully implemented. Pepsi was able to strategically maneuver advertising by claiming they had win the cola wars prior to the official launch of late Coke. In addition, Coca-Colas CEO was ad-lib for the launching news conference resulting in alienation of reporters. He could not reply simple questions rough the taste change. What ever the reason revolutionary Coke is now history and coke classic with other coke products maintai n a lead in overall sales.Volume for the classic brand has risen 24 percent since 1984 make it the No. 1 soft drink in the land since 1987. It is interesting how loyal consumers can be to a brand once you take it away temporarily. The rebranding failure actually led to revitalization of the existing brand and a newfound regard as by company leadership for the farming surrounding the original Coca-Cola product. MISTAKES MADE WHEN REBRANDING pretermit of True transplant It is important to conceive that rebranding signals change. Your brand is more than your logo or corporate colors.Simply repacking the goods and providing some new designs will not get results you need. Putting a new cover on an old book doesnt make it new. Brands include every thing from customer perception and experience to quality, look and feel, customer care and retail and web environments. clear sure the changes instilled are all encompassing or customers will catch on expeditious and make a fast departu re. wish of Quality Research Research is required in order to be able to establish a plan for rebranding. on-going and prospective customers must be snarly when creating solutions.Knowing customer attitudes and desires is essential in order to discontinue the product they want in the way they want it delivered. In addition, research should be interpreted flowly or the rebranding efforts can take a wrong direction. Coca-cola performed extensive research but discounted a portion of it which ultimately became very important foreshadowing of things to come. Ignoring Brand Equity By ignoring existing brand equity when rebranding, a company faces the risk of alienating and by and by losing existing loyal customers. This was evident during the assay rebranding of coke.The company assumed all customers would like and want the taste of new coke because they didnt understand the extent of the current brand loyalty. AT & T took this into thoughtfulness after merging with Southwester n toll to ensure customers were comfortable and unconcerned about any loss of service. Basing Rebranding on announce Just as rebranding is not exclusively repacking the product, neither is it simply the advertising campaign. Brand strategy should be the core dot leading advertising advertising should not lead brand strategy.Interestingly, some rebranding efforts may not include traditional advertising. Make sure the rebranding campaign is more than advertising or nothing will change for the company. Inability to Analyze the Positioning The lit revealed that Repositioning is one of the most important drivers for rebranding. Positioning is not what company does with the product its all about what they do with the mind of the target audience, and what customers think about the company. So, it is vital for rebranding to clarify and refine the positioning.Both the premise as well as want positioning of the company should be apparent. overlook of Top Level Support Even though th e rebranding may be innate(p) in the marketing department, it should be owned and supported by the top level managers especially the CEO. The CEO (Chief Executive Officer) is the only authority who can drive change in all the functional areas across the organization. The CEO needs to set the vision and lead rebranding to ensure that product, Service & wad are aligned and determined to deliver the implied promises through rebranding. CONCLUSIONAs branding trends continue to evolve, rebranding success seems to depend on the ability to adapt to the rapidly evolving media environment and taking advantage of new opportunities to orbital cavity the target audience. In order to pillow competitive, companies will need to embrace gamey media to spread the message to younger and techsavvy customers. virgin methods include blogs, pod casts, mobile phone-based programming, and tender networks. However, a balance must be maintained with traditional methods of media in order to reach and retain the existing customer base. In order to rebrand successfully, key move need to be taken in the process.Companies who embrace the elements of rebranding usually are able to obtain their goals. Companies who fail to address all of the elements of rebranding often make mistakes and succumb to failure. So does rebranding work? Yes, and NO. It works when it is based on quality information, has the support of leadership and employees, is well-planned, provide adequate training, is integrated throughout the whole company, has a well-balanced multi-media advertising campaign that communicates the brand message consistently across multiple platforms, is customer driven, and is evaluated on an on-going basis to determine if alterations are need.When these elements are not present, the chance of rebranding success diminishes rapidly. EXHIBITS IBM doddery unsanded pic pic Hindustan Lever limited Hindustan Unilever Limited venerable hot pic pic Indian brook sexagenarian stark naked pic pic pic pic pic PHILIPS Old New pic pic COMPAQ Old New pic pic HUTCH Vodafone Old New pic pic APPLE Old New pic pic KFC Old New pic pic AIWA Old New pic pic KODAK Old New pic pic SATYAM MAHINDRA SATYAM Old New pic pic VIDEOCON Old New pic pic CANARA BANK Old New pic pic JET AIRWAYS Old New pic pic BANK OF BARODA Old New pic pic faith Old New pic pic pic BIBLIOGRAPHY Kotler, Keller, Koshy, Jha. Marketing Management, 13th Edition, Pearson Education. YLR Moorthi, Brand Management, The Indian setting,2006, Vikas publishing house pvt ltd. Bhavishya, The journal of futurist managers, Jan-Mar 2008. Dr. M. A. Azeem, Prof. T. Venkat Ram Raj, December-2008,Rebranding A business tyrannical, Indian Journal of Marketing, Page no 15-21. M. Saeed, Ravinder vinayek, Narender kumar, September-2008, Rebranding An emerging brand marketing strategy (Trends, Issues and challenges), Indian Journal of Marketing, Page no 3-10.WEBLIOGRAPHY http//blong. styleapple. com http//images. google. co. in/imgres? imgurl=http//remade. files. wordpress. com/2008/01/canarabankbeforeafter. jpg http//www. mobilepandit. com/2005/12/07/rebranding-reliance-infocom www. thehindubussinessline. com Change in Service Name Change Change in Product Acquisitions & Mergers Change in market Place New Product Launch Rebranding