Quick Exercise – Do you know your brand ? Olympics Organization
WHAT IS A BRAND? Identity of a product, service or business SYMBOL NAME COMBINATION COLOR SLOGAN
Product & Brand Life Cycle Brand What if the BRAND is declining ? Product
Product evolutionary cycle (PEC) BRAND can evolve and is not pre-destined to die!
Managerial actions Lull management into complacency Compromises for cost- cutting reasons Do not live up with customers’ expectation Raise price without corresponding increase in benefit Cut prices to increase sales = use cheaper material Neglect to invest in cash cow phase Less attention to strong brand Reach out to new segment-alienate core customers
Long term plans are necessary to avoid brand switch activities.
Revitalizing brands brand decline- brand death- brand demise- brand revival- brand equity 1 FACTS * Neither the lifespan of a brand, nor its ultimate destiny, is Predetermined! * Brand decline is a reversible process *More attractive strategy than launching a new brand! Brand Revival Keys