TRIGGER 3

Problem

How does rebranding affect a company?

LO#1
 What is constitutes brand identity?


 The "atomic model" of the brand

1. functional capability
2. symbolic feature
3. server
4. distinctive name
5. ownership
6. shorthand notation
7. legal protection
8. risk reducer
9. strategic direction

(de Chernatiny, 1993a; 1993b)

European Journal of Marketing, 1997, Lesile de Chernatony and Francesca Dall'Olmo Riley


8 Essential Elements to a Comprehensive Brand Identity

1. Logo or wordmark
   A logo - graphic symbol
   Wordmark / logotype - words of your company or product name set in a specific, fixed way.
2. Different logo "lockups"
   Will need variations based on placement and usage.
3. Key colors
   Usually 1 or 2 colors only
   (e.g. Coca Cola - Red)
4. Additional color palette options
   Bright and bold, pastel, cool colors...etc
5. Corporate typefaces
   Fonts
6. Standard typographic treatments
   e.g. ways of handling key types of text
7. Consistent style for images
8. Have a fully library of graphic elements

Visible logic

URL: http://www.visiblelogic.com/blog/2010/04/8-essential-elements-to-a-comprehensive-brand-identity/

LO#2
What are the differences between brand identity and brand image?
- compare different models?





 
 Management Study Guide
URL: http://www.managementstudyguide.com/identity-vs-image.htm




LO#3
Why is it important to build strong brands or why branding is so important?


7 essentials for a strong company brand

1. Purpose
   How to define business purpose?
   
   • Functional: This concept focuses on the evaluations of success in terms of immediate and commercial reasons.
     e.g. purpose of the business is to make money
   • Intentional: This concept focuses on success as it relates to the ability to make money and do good in the world.
2. Consistency
   The key to consistency is to avoid talking about things that don’t relate to or enhance your brand. In an effort to give your brand a platform to stand on, you need to be sure that all of your messaging is cohesive. Ultimately, consistency contributes to brand recognition, which fuels customer loyalty.
3. Emotion
   Example of Harley Davidson
   By provided their customers with an opportunity to feel like they're part of a larger group that's more tight-knit than just a bunch of motorcycle riders, Harley Davidson is able to position themselves as an obvious choice for someone looking to purchase a bike.
4. Flexibility
   In this fast-changing world, marketers must remain flexible to stay relevant. On the plus side, this frees you to be creative with your campaigns.
5. Employee involvement
   It's equally important for your employees to be well versed in the how they should be communicating with customers and representing the brand. 
6. Loyalty
   If you already have people that love you, your company, and your brand, don’t just sit there. Reward them for that love.
7. Competitive awareness
   Take the competition as a challenge to improve your own strategy and create greater value in your overall brand. Watch what they do.

Where Marketers Go to Grow
URL: http://blog.hubspot.com/blog/tabid/6307/bid/31739/7-Components-That-Comprise-a-Comprehensive-Brand-Strategy.aspx



LO#4
Rebranding:
- Key points
- Why to rebrand
- Positive and negative aspects of rebranding
- how to rebrand


What is rebranding?

Rebranding is the creation of a new look and feel for an established product in order to differentiate the product from its competitors. Rebranding efforts may include a name change, new logo or packaging and updated marketing materials that includes the latest industry buzzwords. The goal of rebranding is to influence a customer's perception about a product or service by revitalizing the brand and making it seem more modern and relevant to the customer's needs. 




Proactive rebranding vs Reactive rebranding

Proactive

• Predicted growth
  When a company is preparing for expected growth, particularly international growth, it might rebrand products and services into a consolidated brand. This is often done for consistency and to save money over time. This type of rebranding is also done when a company simply needs to create a greater sense of brand unity across its business.
• New line of business market
  When a company enters into a new line of business or market that is not cohesive to the existing brand identity, a rebranding might be in order.
• New audience
  When a company wants to appeal to a new audience, a rebranding might be necessary. Keep in mind, the rebranding might not require an actual name or logo change.
• Relevancy
  When a company realizes its brand is losing relevancy in consumers’ minds, it might be time to rebrand.

Reactive

• Merger or Acquisition
  When companies merge or acquire other companies (and even when they break apart), rebrandings are often required.
• Legal issues
  There are a number of different legal issues that could cause a company to rebrand. Trademarks are often at the root of these rebranding examples. That’s why it’s so important to conduct an exhaustive trademark search and obtain the trademark rights to your brand name before you launch it.
• Competitive influences
  Sometimes a company’s competitors’ activities can be the catalyst to a rebranding. When a competitor renders your brand useless or dated, a rebranding could help you regain a foothold in your market and give you the facelift you need to effectively strike back.
• Negative Publicity
  Example of Anderson Consulting
  It was part of a larger company along with the accounting firm Arthur Andersen that was tied to the collapse of Enron. Andersen Consulting was granted independence from its parent company in 2000, and on New Year’s Day 2001, the consulting company was reborn as Accenture, representing a great example of effective rebranding in response to negative publicity.

 Rebranding Essentials - Why rebrand?
URL: https://aytm.com/blog/research-junction/rebranding-essentials-why-rebrand/




The 8 Must-Follow Rules for Rebranding Your Company 




Entrepreneur
URL: http://www.entrepreneur.com/article/237296