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Brand, branding and
rebranding these are the
three keywords any marketer will be familiar
with. The term brand is not only used in marketing but has become a part of
everyday parlance. From the time we get up in the morning till we go to bed
we come across many products with many nameswhich are
precisely called as `Brands'.
Thus, a brand is a symbolic embodiment of all information
related to a product, or service. And the art of creating and maintaining
these brands successfully is called branding. Branding serves to create
an identity about the company and its product in the minds of the
consumer. But what happens when the company changes its brand image of a
product and gives it a new identity?
This is called rebranding. Its a process by which a product or
service marketed in one name by one company is subsequently
marketed in a different name or identity. This process may involve
essential changes in name, logo, image, advertising, or even marketing
strategies. Rebranding efforts are mainly undertaken by a corporate to
reposition the brand or the company, or to come out of any negative
image, which the product was suffering from, or even to take the
product to a higher level in the market. Rebranding strategies can be
applied to new products, those which are in the growth stages, or even
to mature products. This, however, requires a methodical strategy,
personal involvements and even more values. This article discusses
the changing scenarios of branding and rebranding strategies adopted
by some companies. |
