MANAGING BRANDS OVER TIME Prof Chaitali MEANING Marketers

MANAGING BRANDS OVER TIME Prof. Chaitali

MEANING Marketer’s ability to select a brand meaning in the form of image and maintaining that image over time. One of the challenges in managing brands is the many changes that have occurred in the marketing environment in recent years. Shifts in consumer behavior, competitive strategies, government regulations, or other aspects of the marketing environment can pro foundly affect the fortunes of a brand.

KEY ASPECTS OF MANAGING BRANDS Reinforcing Brand Revitalizing Brand Consistency Plans Rebranding Entering New Markets

I. REINFORCING BRAND The advantage of creating a brand with a high level of awareness and a positive brand image is that many benefits may accrue to the firm in terms of cost savings and revenue opportunities. The more that there is an attempt to realize or capitalize on brand equity benefits. Important factors for Reinforcing is based on: 1) Product-related performance 2) Non-product-related imagery associations

CONT. . D 1) Product Related Performance For example, after Timex watched brands such as Casio and Swatch gain significant market share by emphasizing digital technology and fashion. 2) Non Product Related Imagery Usage: Example: Soft Drink Ads depicting the adventure.

II. REVITALISING BRANDS Changes in consumer tastes and pref erences, the emergence of new competitors or new technology, or any new development in the marketing environment can potentially affect the fortunes of a brand. Example: Amul, Bata have seen the Revolutionary success in past years. Most revitalizable brands suffer from one of three problems: Low awareness, shifting consumer needs, or heavy competition.

CONT…D Encouraging Consumers To Choose A Brand 1. Strengthening Purchase Attitudes 2. Product and Package Modifications 3. Brand Uniqueness & Equity 4. Increase Purchase Salience (Point of Purchase Awareness & top of the mind) Adjustments To The Brand Portfolio Migration Strategies Brand Extension and Sub-branding Retiring Brands

III. CONSISTENCY PLANS A host of successful brands have had remarkable history of a consistent identity/execution. Brand consistency is critical to maintaining the strength and favorability of brand associations. Benefits of Consistency 1. Ownership of a Position 2. Ownership of Identity Symbol 3. Cost Efficiencies

CONT…D Difficulties faced in Maintaining Consistency over Time. 1. Mindset of Managers § Problem Solver/Action Orientation § High Aspirations § Owned by Predecessor Identity/Execution. 2. Strategic Misconceptions § § A New Paradigm Requires a New Identity/Execution The New Identity/Execution is Ineffective A Superior Identity/Execution Can Be Found Customers Are Bored with a Tired or Stodgy Identity/Execution

IV. REBRANDING Rebranding is the process by which a product, service is developed with one brand, company or product line affiliation is marketed or distributed with different identity. For example Shopper’s Stop Logo changed from rounded to Flat

V. ENTERING NEW MARKETS A Brand can enter new markets in two ways: 1. They may enter the existing market with a new brand. Example: Tata with NANO. 2. They may enter a new market. For example: Mc-Donalds entering Indian market with products matching Indian taste.

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