A. Annotated BibliographyGraham, J., & Harvey, C. (2002). How.docx

A. Annotated Bibliography
Graham, J., & Harvey, C. (2002). How do CFOs make capital
budgeting and capital structure decisions?. Journal of applied
corporate finance, 15(1), 8-23.
The chosen article highlights the ways by which Chief Financial
Officers utilize the concept of capital budgeting to make major
business-related decisions. The paper is credible as the authors
are associate professors of finance from Duke University, Faqua
School of Business. Anonymous scholars reviewed the article.
The main theme presented here is the corporate practice and
progress made in the areas of capital budgeting. The authors
have conducted a survey consisting of 392 CFOs. The findings
suggest that CFOs use the concept of discounted cash flow
methods for evaluating a project (Graham & Harvey, 2002).
This concept is also taught in business schools. The findings
also suggest that capital budgeting provides financial
flexibility. The need of corporate houses is to accept such
useful concepts of financial theory. It is important to consider
the author’s opinions because they have emphasized utilizing
the various components of the financial theory.
Harris, M., & Raviv, A. (1996). The capital budgeting process:
Incentives and information. The Journal of Finance, 51(4),
1139-1174.
The authors in this article studied the process of capital
allocation in business firms. Emphasize has been given upon the
process of capital budgeting in fund allocation. The paper is
authentic because it is published on Online Wiley Library and
the authors are professors of Finance and Business Economics
from Graduate School of Business, University of Chicago. The
purpose of the study is to identify problems associated with
incentives as well as information within businesses (Harris &
Raviv, 1996). The implications of imperfections are severe. It
can affect capital productivity. The findings also suggest that

the budgeting process varies among firms. The budgeting
process usually varies because the managers have to consider
various division characteristics. These are upcoming investment
opportunities and technological advancements required for
transferring information at this age. It is necessary to consider
the author’s suggestions because information and incentives are
vital parts of an organization. Growth depends upon these
features.
Sheikhi, A., Ranjbar, A. M., & Oraee, H. (2012). Financial
analysis and optimal size and operation for a multicarrier
energy system. Energy and buildings, 48, 71-78.
The authors have conducted a study on the operations of the
multicarrier energy system and emphasized the need for
financial analysis. The paper is original and credible because it
is published in the reputed site, ScienceDirect and the authors
are faculties of Electrical Engineering from Islamic Azad
University, Iran. The main highlights of the paper are the
presentation of a comprehensive model for the concerned energy
system. The authors have chosen their case study and found the
best sizes and operation, models. They have also prepared a
financial model for understanding the case study. The paper is
written for engineering as well as business and accounting
students. It holds relevant data for scholars in both the fields.
The study shows that the authors have used functional financial
parameters and applied the COMFAR III software for achieving
better results (Sheikhi, Ranjbar & Oraee, 2012). The approach
of CBA or Cost-Benefit Analysis is useful for maximizing
profits.
Obiri, B. D., Bright, G. A., McDonald, M. A., Anglaaere, L. C.,
& Cobbina, J. (2007). Financial analysis of shaded cocoa in
Ghana. Agroforestry systems, 71(2), 139-149.
The authors conducted a study on Ghana’s shaded cocoa and the
focus was upon financial analysis of these types of businesses.
The published material is authentic because research scholars
reviewed the paper. It is a research output from the UK

Department for International Development. Two referees have
commented on the paper. The author has utilized concepts such
as IRR or internal rate of return, LEV or land expectation value
and NPV or net present value. These are essential components
of all kinds of financial analysis (Obiri et al., 2007). The
authors have conducted primary research on cocoa agro forests
and data has been collected from farmers. The authors used “ex
ante financial analysis” to assessing the economic viability of
the produced cocoa. They have focused on seasonal data as
well. The study throws light on the significance of using the
discounted cash flow analysis. The traditional systems are no
longer valid for financial analysis.
B. Lessons from the articles
After reviewing the articles, the significance of the evaluation
process using various tools of financial accounting has been
understood. The first and second articles highlights the ways by
which CFOs can make decisions and the importance of capital
budgeting. The third and fourth ones focused on financial
analysis tools such as IRR, NPV, and LEV.
C. The usefulness of the concepts for managers
Managers can use both the concepts of financial analysis and
capital budgeting for making corporate decisions. Long-term
risks can be assessed and managers can devise strategies to
meet the financial goals of an organization (Myers, 1974). All
kinds of uncertainty can be managed. They can devise
economically better projects. They can also manage the
financial outcomes.
References
Graham, J., & Harvey, C. (2002). How do CFOs make capital
budgeting and capital structure decisions?. Journal of applied
corporate finance, 15(1), 8-23.

Harris, M., & Raviv, A. (1996). The capital budgeting process:
Incentives and information. The Journal of Finance, 51(4),
1139-1174.
Myers, S. C. (1974). Interactions of corporate financing and
investment decisions—implications for capital budgeting. The
Journal of finance, 29(1), 1-25.
Obiri, B. D., Bright, G. A., McDonald, M. A., Anglaaere, L. C.,
& Cobbina, J. (2007). Financial analysis of shaded cocoa in
Ghana. Agroforestry systems, 71(2), 139-149.
Sheikhi, A., Ranjbar, A. M., & Oraee, H. (2012). Financial
analysis and optimal size and operation for a multicarrier
energy system. Energy and buildings, 48, 71-78.
Fall 2019
M R K T 6 2 0
B R A N D
E X T E N S I O N
P R O J E C T
( B . E . P . )
Brand audit and
extension plan

Instructor:
Elisa Chan
B R A N D
I N V E N T O R Y
A current, comprehensive profile
of how all products and services
are marketed, branded and sold
by a company.
Finish reading on p. 3
B R A N D
E X P L O R A T O R Y
An investigation of customer
brand knowledge, awareness,
associations, etc.
B R A N D
E X T E N S I O N

A strategy for entering into new
segments by extending brands
into similar or new product
categories through leveraging
existing brand perceptions and
image.
CHAN ©2019 2
B.E.P.
Description & Assessment
Students will form teams (5-6 members) to work on this project.
Please take the
time to put together a team that will work well together in terms
of schedules,
skillsets, goals, etc. All groups must be formed and potential
brands identified
by the end of the second class.

Your assignment is to select a real brand (new or well-
established) and suggest
a brand extension plan for that brand. Every team must study a
different brand,
so a pre-approval with me (the instructor) is necessary. Feel
free to pick a service
company (e.g., non-profit or for-profit) or goods company (e.g.,
consumer,
technology, etc.)
Your team will conduct a brand audit which assesses the sources
of brand
equity and suggest ways to improve and leverage that brand
equity. Thus,
brand audits are made up of brand inventories (comprehensive
summaries of
the existing marketing and branding program) and brand
exploratories (the
result of empirical research), followed by recommendations for
brand
extension.
Brand Extension Project Total 40%

Breakdown
Verbal Progress Report
10%
Final Written Report 15%
Final Class Presentation 15%
*Participation Assessment - Each member of the group will be
asked to assess each other in terms
of the individual’s overall contribution to the brand extension
project. I will collect these
assessments and take them into consideration for the final group
assignment grade for each student.
CHAN ©2019 3
P.E.B.
Specification

Part 1: Brand Audit
Brand Inventory Brand Exploratory
a. Identify all brand elements (logos, symbols, characters,
packaging, slogans, trademarks, etc.).
b. Identify the inherent attributes of the
product/idea/service (pricing, communications,
distribution policies, other relevant marketing
activities).
c. Profile direct and indirect competitive brands for
points of parity and points of differentiation. Identify
the most critical point of parity and differentiation.
Using all of this, gain an understanding of the brand’s
identity:
❖ What customer perceptions might the company be
trying to create?
❖ Is there consistency and continuity of marketing
programs?

❖ What customer perceptions might be conveyed by
the range of product offerings and important
collaborations (e.g., long time collaborators, cross-
overs, etc.)?
❖ What are the brand strengths and weaknesses?
Research activity is focused on understanding what customers
think and feel about the brand and its corresponding product
category, in order to identify sources of brand equity and
opportunities for the future.
a. Analysis of prior research studies (internal, external)
b. Analysis of media interpretation of the brand and
product category
c. Qualitative research
d. Quantitative research (optional)
Using all of this, develop a detailed and accurate “mental map”

of the brand’s image:
❖ What is the brand territory (perceived competence,
typical products or services, specific know-how)?
❖ What is its level of quality (low, middle, premium,
luxury)?
❖ What are its qualities? What is its perceived brand
positioning?
❖ Who are its critical competitors (existing or emerging)?
CHAN ©2019 4
Part 2:
Brand Extension
Based upon insights generated from the brand audit, make
recommendations for brand extension for your brand. Your
brand
extension recommendations must be for a different product
category than your brand’s existing one(s). For example, Zara’s
core

product categories include apparel and homeware. If you were
to
work on Zara as your brand, then your brand extension cannot
be
another apparel or homeware concept but any other product
categories (e.g., hotel, restaurant, etc.).
In this recommendation discussion, you will have to explain
why
this brand extension is the best option for your brand. You may
also
include discussion about which existing brand meanings should
be
strengthened or eliminated? Which new meanings should be
developed? Why and how? What is the optimal positioning for
the
new product? Etc.
Deliverables:
Verbal Progress Report
This progress report is a ‘client meeting’. The professor will
act as the Management team of the brand you’ve chosen

and will listen to your team’s initial brand audit insights.
You may prepare a few slides or use any other visual aids.
Final Written Report
The final report is due the morning of our presentation
class. In it, you should convey your vision of what your
brand represents, how its essence will be retained, or how
new elements will be added, via the brand extension
recommendation.
You will have conducted qualitative research using tools
discussed in class as well as assigned readings. Your
qualitative research will include either 10 one-on-one
interviews or two 5-person focus group. Quantitative
research is optional. But if you do choose to do it, it will
include a survey among a larger number of customers.
Your goal is to explain the brand associations, brand
relationships, sources of equity, etc. possessed by your

chosen brand. You will also use the insights from your
research to formulate a positioning statement and
perceptual map to convey the brand’s ideal positioning
with respect to its competitors. The final report will use all
of this information to identify the sources of brand equity
and missed opportunities, thereby providing the basis for
your recommendations regarding brand extension.
Page limitations: 1-page executive summary; 8 pages
maximum of content including text and images (1.5 spaced,
1-inch margins all around; 12-point font); up to 5 pages of
appendices/exhibits.
Final Presentation
Each team will present the essence of their final written
report. In other words, you will give us the highlight of
your brand audit and brand extension recommendation.
For this final presentation, you are required to use some
visual aids to showcase your idea. There is no restriction on

the format of this presentation as long as it is
PROFESSIONAL and RESPECTFUL.
Cornell University School of Hotel Administration
The Scholarly Commons
Articles and Chapters School of Hotel Administration
Collection
11-2014
Brand Revitalization
Chekitan S. Dev
Cornell University School of Hotel Administration,
[email protected]
Kevin Lane Keller
Dartmouth College
Follow this and additional works at:
https://scholarship.sha.cornell.edu/articles
Part of the Hospitality Administration and Management
Commons, and the Marketing
Commons
This Article or Chapter is brought to you for free and open
access by the School of Hotel Administration Collection at The
Scholarly Commons. It has
been accepted for inclusion in Articles and Chapters by an

authorized administrator of The Scholarly Commons. For more
information, please contact
[email protected]
Recommended Citation
Dev, C. S., & Keller, K. L. (2001). Brand revitalization. Cornell
Hospitality Quarterly, 55(4). 333-341. doi:10.1177/
1938965514525681
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Abstract
In this essay, we discuss brand revitalization in the context of a

revitalization process undertaken by of one of
India’s iconic hotel brands: The Park Hotels. The leadership
team of The Park Hotels, in collaboration with
well-known brand-consulting firm Landor, undertook a two-year
process to revitalize an already well-
established brand in the face of severe competitive threat and
changing customer tastes. This article presents a
seven-step process for The Park’s brand revitalization effort,
which begins with strategy and ends with
implementation. The seven steps are (1) conduct a
comprehensive brand audit, (2) determine the brand
position, (3) develop the brand platform, (4) establish the brand
beliefs, (5) evoke the brand experience, (6)
develop the brand voice, and (7) launch the new brand. This
essay, the first ever to lift the veil on a proprietary
hospitality branding project, depicts how The Park addressed its
particular strategic approach of tying together
a set of distinctive boutique hotels with a unifying and inspiring
brand position.
Keywords
hospitality branding, marketing, advertising, service innovation,
service experience training
Disciplines
Hospitality Administration and Management | Marketing
Comments
Required Publisher Statement
© Cornell University. Reprinted with permission. All rights
reserved.
This article or chapter is available at The Scholarly Commons:
https://scholarship.sha.cornell.edu/articles/777
http://www.cornell.edu

https://scholarship.sha.cornell.edu/articles/777?utm_source=sch
Cornell Hospitality Quarterly
2014, Vol. 55(4) 333 –341
© The Author(s) 2014
Reprints and permissions:
sagepub.com/journalsPermissions.nav
DOI: 10.1177/1938965514525681
cqx.sagepub.com
Invited Article
Every brand risks the possibility that it will lose its vitality,
no matter how powerful and successful a brand may be.
Because of this, the world’s longest lasting successful
brands all need to revitalize their concept and message from
time to time to adapt to changing trends, meet the needs and
desires of contemporary consumers, and deal with new
competitive threats. Brands that fail to do this often fade
quietly from the marketplace and are soon forgotten.
One key to brand revitalization is to stay ahead of the
curve—that is, to begin the renewal process long before the
brand actually begins to fade. That is the situation in this
study, which demonstrates how The Park Hotels, one of
India’s leading hotel companies, revitalized its brand in rec-
ognition of current and future strategic and competitive
challenges. Our analysis of this effort rests on a seven-step
brand revitalization process, which has been developed
over time.
Many researchers and consultants have proposed and
applied various brand revitalization processes. Light and

Kiddon (2009), for example, applied a six-step analysis of a
brand revitalization by McDonald’s. Those steps were (1)
refocus the organization, (2) restore brand relevance, (3)
reinvent the brand experience, (4) reinforce a results cul-
ture, (5) rebuild brand trust, and (6) realize the global align-
ment. Murane (2012) proposed a seven-step process: (1)
agree on the problem, (2) negotiate the time horizon to fix
the problem, (3) acquire resources, (4) align to trends, (5)
bet on winning technology, (6) reframe the brand strategy,
(7) develop effective marketing communications. We see
the value of the thirteen steps mentioned in these two
frameworks, and our seven-step process includes many
similar actions. But the steps in the above frameworks seem
uneven in terms of sequence and work to be done. For
instance, Murane’s step six, reframing the brand strategy, is
by itself a driving force in brand revitalization that includes
many steps. However, several smaller steps in these frame-
works can be combined, as we explain below. Valuable as
these multistep processes might be, we demonstrate that
brand strategy must be the starting point for the brand revi-
talization process.
Brand Revitalization: The 7 Steps
As we said, the brand revitalization process adopted by The
Park Hotels comprised seven steps, designed to build upon
determination of a new brand strategy and then continue by
developing tactics to make that strategy operational. The
seven steps to brand revitalization as they were applied by
the brand team at The Park Hotels are as follows: (1) con-
duct a brand audit, (2) determine the brand position, (3)
develop the brand platform, (4) establish the brand beliefs,
(5) evoke the brand experience, (6) develop the brand voice,
and (7) launch the new brand. We see this process as logical

525681CQXXXX10.1177/1938965514525681Cornell
Hospitality QuarterlyDev and Keller
research-article2014
1Cornell University, Ithaca, NY, USA
2Dartmouth College, Hanover, NH, USA
Corresponding Author:
Chekitan S. Dev, School of Hotel Administration, Cornell
University,
244 Statler Hall, Ithaca, NY 14853, USA.
Email: [email protected]
Chekitan S. Dev1 and Kevin Lane Keller2
Abstract
In this essay, we discuss brand revitalization in the context of a
revitalization process undertaken by of one of India’s iconic
hotel brands: The Park Hotels. The leadership team of The Park
Hotels, in collaboration with well-known brand-consulting
firm Landor, undertook a two-year process to revitalize an
already well-established brand in the face of severe competitive
threat and changing customer tastes. This article presents a
seven-step process for The Park’s brand revitalization effort,
which begins with strategy and ends with implementation. The
seven steps are (1) conduct a comprehensive brand audit,
(2) determine the brand position, (3) develop the brand
platform, (4) establish the brand beliefs, (5) evoke the brand
experience, (6) develop the brand voice, and (7) launch the new
brand. This essay, the first ever to lift the veil on a
proprietary hospitality branding project, depicts how The Park
addressed its particular strategic approach of tying together
a set of distinctive boutique hotels with a unifying and inspiring
brand position.

Keywords
Hospitality branding; marketing; advertising; service
innovation; service experience training
http://cqx.sagepub.com/
334 Cornell Hospitality Quarterly 55(4)
and incremental, as each step depends in part on what is
accomplished in the preceding step, gradually modifying
and refining the revitalization until it achieves the desired
objective. We depict the seven-step approach in Exhibit 1.
Step 1: The Park’s Brand Audit
Any major rebranding effort must begin with a brand audit,
which creates a thorough understanding of where a brand
has been, where it is now, and how it got there. A brand
audit is a comprehensive examination of a brand to assess
its health, uncover its sources of equity, and suggest ways to
improve and expand on that equity (Keller 2013). The
Park’s brand audit, conducted by the branding firm Landor,
began with a thorough review of every facet of The Park’s
history and current operations, focusing on its brand com-
munications and positioning.
History. The Park Hotels was a division of Apeejay Sur-
rendra Group, a multisector corporation with a history dat-
ing to 1910. Privately held by the Paul family, Apeejay
Surrendra had interests in trading, shipping, tea, retail, real
estate, construction, and steel, in addition to its hotel busi-
ness. The Park Hotels came into being in 1967 with the
introduction of The Park Kolkata, a landmark property
which was named after one of the city’s iconic streets
(Dixit and Manikutty 2001). For years, Surrendra Paul ran

The Park, but in 1990, he was tragically killed in a terrorist
attack. As a result, his daughter, Priya Paul, found herself
in charge at the age of twenty-four. At that time, there were
two other hotel properties under The Park name (Gupta and
Ramachandran 2010).
Current operations. The Park opened its first truly boutique
hotel in Bangalore in 2000, although Paul had already
begun distinguishing her properties with innovative service
and design elements, such as an intimate guest departure
experience, a more casual, friendly approach to employee–
guest interactions, a trendy, gourmet Chinese restaurant
with a distinctive design, and a vibrant, popular nightclub
featuring live music. The next boutique property converted
the famous Gemini Film Studio’s building into a hotel and
enlivened the South Indian movie capital of Chennai by
incorporating cinematic themes throughout. New boutique
hotels in Navi Mumbai and Hyderabad followed. In the
meantime, existing properties in New Delhi and Kolkata
were renovated to embrace the boutique approach as well
(see Exhibit 2). The Park continued to expand during the
first decade of the 2000s, so that soon after passing into its
second decade, the firm’s portfolio would expand to thir-
teen properties (see Exhibit 3). The expansion was planned
to continue under a strategic approach it called “Twenty by
Twenty”(i.e., twenty properties by the year 2020).
Each of its properties exhibited, or would be designed to
exhibit, their own qualities of Indian culture and its interac-
tions with the world. For example, The Park Bangalore
incorporated the Indian silk industry into its design, while
each floor was made to represent a distinct facet of the
urban landscape. The Park Navi Mumbai embraced an East-
meets-West theme to represent the city’s history of cultural
fusion, while The Park Hyderabad stood out with striking
design elements representing the Nizam jewels and the

state’s distinctive textiles. For its part, The Park New
Delhi’s design incorporated the five elements of the Indian
space design science of Vastu Shastra (akin to Chinese Feng
Exhibit 1:
The Seven-Step Brand Revitalization Framework.
Brand
Audit
Brand
Posi�oning
Brand
Pla�orm
Brand
Beliefs
Brand
Experience
Brand
Voice
Brand
Launch
Dev and Keller 335
Shui). The renovated The Park Kolkata expanded its night-
life and restaurant offerings.

Brand communication. The Park’s thread-theme logos
attempted to capture in one image—or set of images—what
made each of the properties distinctive and what they had in
common (see Exhibit 4). Soon after taking over manage-
ment of The Park Hotels, though, Paul understood that the
properties needed better coordination. So, the company
issued common service manuals to employees at all proper-
ties, held frequent meetings with representatives from all
property management teams, and introduced a common res-
ervation system (Dixit and Manikutty 2001). The boutique
model was taking shape and providing The Park with the
differentiation it sought.
As the first decade of the 2000s played out, The Park
grew its portfolio to thirteen properties. By comparison
with other brands in its several markets, The Park held its
own and in some categories, such as occupancy and
revenue per available room (RevPAR), led the competitive
set for the March 2012–March 2013 period. Exhibit 5 shows
The Park leading in seven categories across three markets.
The Park’s performance over a longer period when
measured across its markets shows similarly strong
performance.
Brand positioning. While The Park was a major force in the
Indian hospitality market, it was facing a new competitive
landscape that would soon be flooded with a massive influx
of brands, many of which would begin to crowd its space
(see Exhibits 6 and 7). For example, Starwood had seven
new properties slated to open in India, Hyatt was planning
to enter fifteen new Indian markets over a five-year period,
Marriott had nearly a hundred new properties slated to open
over the same time span, and InterContinental envisioned
150 new Indian hotels by 2020 (Landor Associates 2011).

Based on the brand audit, the branding team identified
two areas of concern for The Park brand: (1) the boutique
model no longer provided the differentiation it once had,
and (2) its desire to make every property distinctive created
a lack of central brand focus and inconsistency in the cus-
tomer experience across the properties.
Step 2: The Park’s New Brand Positioning
Even though the brand was strong, the audit demonstrated
that The Park needed a fresh brand positioning. The Park’s
first-mover advantage, which had stood it in good stead,
was eroding. The broad diversity of facilities and amenities
that emphasized style and service worked against the core
brand concept in some cases. Moreover, certain enterprises
were drawing walk-in customers but not bringing in over-
night guests. Among these were the nightclub in Kolkata,
Someplace Else, which was marketed as India’s premier
live music venue, and restaurants such as Zen at The Park
Kolkata and i-Italia at The Park Bangalore, which offered
innovative cuisine that made them comparatively more
popular than the hotels themselves.
The branding team recognized that in spite of the success
of The Park’s boutique positioning, the company lacked a
unified and inspiring brand positioning that could support
its plans to expand its portfolio into new Indian markets.
Based on this realization, they chose “Anything but
Ordinary” as the new brand position (see Exhibit 8).
In the next phase of the project, a full visual audit of all
properties and their competitive sets was completed to form
a basis for developing options for refreshing the brand and
providing all properties in The Park’s portfolio with a single
brand identity that would bring its hotels’ seemingly dispa-

rate customer experiences together under one set of princi-
ples and its messages under a new brand platform.
Exhibit 2:
The Park Hotels in New Delhi and Kolkata.
Step 3: The Park’s New Brand Platform
After reviewing the competitive landscape, global hospital-
ity trends, and emerging consumer segment to identify
guests and employees that would be attracted to this brand,
the team examined options for a brand platform. A review
of competitors underscored the extent to which the boutique
aesthetic and business model were permeating the market
(Dev 2012). Brand after brand used boutique-related phras-
ing, such as Devi, “Boutique, designer”; Neemrana,
“Boutique” and “Living with History”; W Hotels,
“Confident, Trendy”; and Marriott’s Edition brand, “Luxury,
Exhibit 4:
The Park’s Logo Set, Prior to Brand Revitalization.
Exhibit 3:
The Park Hotel Properties—2013.

Dev and Keller 337
Exhibit 6:
The Park’s Competitive Set in 2010.
Exhibit 5:
The Park’s Key Performance Indicators.
Market share analysis—April 2012–March 2013
Property
Fair
share
Market
share ARR
Market
leader
ARR
Occupancy
%
Market
leader
occupancy
% RevPAR
Market
leader

RevPAR PI
Market
leader PI
Growth
over last
year (%)
The Park New
Delhi
6.45 8.62 5,762 13,642
The Imperial
78 79%
Le
Meridien
4,686 9,092
The Imperial
1.34 Leader −19
The Park
Chennai
14.01 14.14 5,098 7,664
Taj
Coromandel
61 68%
Courtyard

by
Marriott
3,112 4,577
Taj
Coromandel
1.01 1.12
Courtyard
by
Marriott
–3
The Park
Kolkata
25.21 29.54 6,076 7,368
Taj Bengal
89 Leader 5,390 Leader 1.17 Leader –1
The Park
Bangalore
4.66 5.47 5,500 11,632
Taj
Westend
65 73%
Taj
Residency

3,561 8,342
Taj Westend
1.17 1.33
Taj
Residency
–11
The Park
Visakhapatnam
11.81 17.55 4,278 4,636
Grand Bay
87 Leader 3,712 Leader 1.49 Leader –6
The Park Navi
Mumbai
25.18 24.95 4,147 4,947
Four Points
70 72%
Four
Points
2,825 3,539
Four Points
0.99 1.04
Four

Points
5
The Park
Hyderabad
32.91 26.88 4,761 5,976
Taj Krishna
40 63%
Taj Banjara
1,898 2,639
Taj Krishna
0.82 1.30
Taj Banjara
14
Note. ARR = average room rate; RevPAR = revenue per
available room; PI = Penetration Index.
Exhibit 8:
The Park’s New Brand Positioning—“Anything but Ordinary.”
Exhibit 7:
The Park’s New Competitive Set.

Dev and Keller 339
Boutique.” Clearly, The Park needed to find its way to a
new differentiator that would transcend the boutique image
and touch all of its properties.
In developing a platform for the brand revitalization ini-
tiative, the team examined The Park’s points of parity,
advantage, and difference vis-à-vis the competition. The
point of parity centered on elements that make a property
“boutique.” The point of advantage was the incorporation
of Indian elements in its design features, and the points of
difference, which provided the inspiration for The Park’s
new brand platform, were: not cookie cutter, art, music,
dance, literature, fashion scene, urban, trendy, happening,
buzzing, and creative.
Step 4: The Park’s New Brand Beliefs
As a next step, The Park branding team adopted “Four
Brand Beliefs” to bring the platform to life. According to
the Brand Beliefs, everything The Park would offer its
guests would be “Creatively inspiring,” “Spontaneously
joyous,” or “Daringly different,” and all services and prod-
ucts would embody the spirit of “Making things fun” (see
Exhibit 9).
Once the branding platform and beliefs were adopted,
The Park’s team began to examine how the new brand strat-
egy would produce the new customer experience, which in
turn would improve brand perception and customer behav-
ior, ultimately driving improved business performance.

Employees were advised that in the path from strategy to
performance, the key was an “on brand” customer experi-
ence, as we discuss next.
Step 5: The Park’s New Brand Experience
To craft the new brand experiences, the team needed to fully
understand its target customers. For this they developed,
profiles of the guests that the new brand positioning would
target, both domestic and international. The target domestic
traveler was an upscale executive capable of becoming a
loyal guest on a long-term basis, someone who enjoys lux-
ury, entertainment, and fine food and drink. The target for-
eign traveler was perhaps a bit younger, equally upscale,
and upwardly mobile. These travelers seek out social
encounters and local color, and they would be likely to rec-
ommend The Park to others.
As part of the brand experience, the next step in the pro-
cess was to pair the “Anything but Ordinary” concept with
the right logo and communications approach. The logo and
communications would convey the conceptual space cre-
ated by the Four Brand Beliefs and the desire to marry con-
temporary Indian culture with upscale sensory stimuli that
would make it fun to stay at The Park. For consistency, the
team determined that it was important to embrace the brand
name, “The Park,” in a conspicuous way to differentiate it
from the scores of other Park-named hotel brands.
The Park’s team decided that they wanted to emphasize
the special qualities of The Park, perhaps to remind custom-
ers of Paul’s pioneering boutique approach to the Indian
hospitality market, but especially to emphasize that The
Park brand had a deep history of providing Anything but
Ordinary hotel experiences for its guests. They therefore

selected the emblem that Landor described as “unexpect-
edly simple,” a stark block letter logo that emphasized the
word “the,” as the differentiator of The Park, as shown in
Exhibit 10.
Among the unique amenities and experiences The Park’s
team envisioned were the “Work Bed,” which offered the
opportunity to conduct business comfortably from the guest
room, and “The Park Pad,” a tablet computer to be pre-
sented to the guest on arrival that would serve as a “virtual
concierge” for the duration of the stay. Some properties
would feature curated movie libraries (inspired by The Park
Exhibit 9:
The Park’s New Brand Beliefs.
Chennai), while special seasonally and locally flavored
popsicles would be offered to guests in the lobby upon
arrival to enjoy during the streamlined check-in process.
Step 6: The Park’s New Brand Voice
Once the brand experiences were defined, the next step was
to create a language for the employees to enable them to
live the brand. Developing a brand voice helps train employ-
ees to talk about The Park in a manner that is consistent
with the new brand identity in all customer-facing commu-
nications. A set of voice guidelines were developed that
employees should follow whenever they interacted with
customers and that would guide all forms of communica-

tion (see Exhibit 11).
Step 7: The Park’s New Brand Launch
An important decision that the branding team had to make
was when and how to reveal the new brand to the world. In
this, the brand team decided to “go big” by launching the
new brand at the preeminent global travel event, the Berlin
International Tourism Bourse (ITB). The revitalized brand
was first unveiled to rave reviews at the March 2013 ITB
Berlin. The CEO of Design Hotels, an association of
designer inspired hotels, praised Priya Paul for a truly out-
standing brand presentation.
Lessons from The Park Hotels’ Brand
Revitalization Journey
Brand revitalization is often a combination of the old and
the new, retaining key existing brand elements and adding
important new components. The Park Hotels had achieved
much success, but in the face of a new competitive chal-
lenge the company needed a comprehensive brand audit to
determine what to stop doing, what to start doing, and what
to continue doing and do it better. The resulting revitaliza-
tion of the Park Hotel brand provides a number of useful
lessons about how an iconic brand should be strengthened
and managed in tough times. Here are four of them.
Strike the right balance. One of the most important
objectives in managing a brand is striking the right
balance between features that pull the brand too much
in one direction or another. The sweet spot in brand-
ing is often devising and implementing “win-win
solutions” that overcome seemingly irreconcilable
objectives. Critical to The Park Hotel’s success was

striking the balance between uniformity and individu-
ality, between consistency and surprise. Different
hotel properties had to share enough common ele-
ments to support the brand concept, yet also have dis-
tinctive characteristics that uniquely reflected their
locale and local clientele.
Create compelling “best of both worlds” positions. In a
related sense, some of the most powerful brand posi-
tions cleverly combine two things that do not always
Exhibit 11:
The Park’s New Brand Voice Guidelines.
Exhibit 10:
The Park’s New Brand Emblem.
Dev and Keller 341
seem to go together. In that regard, The Park Hotels
developed a powerful value proposition by blending
Indian heritage and a respectful state of mind, on one
hand, with a youthful outlook that positively reflected
modern Indian life, on the other hand. A classic but
contemporary image can create a “timeless” brand
with strong appeal to both young and old, Indian and
foreign.
Offer a set of related, but distinct points of difference.
Strong brands design and implement a cohesive brand
positioning with multiple points of difference. Points

of difference are strong, favorable, and distinct attri-
bute or benefit associations for a brand that are (1)
desirable from a customer point of view, (2) deliver-
able from a company point of view, and (3) differen-
tiating from a competitive point of view. Multiple
points of difference that are related—but also dis-
tinct—paint a rich picture of the brand in the minds of
consumers. The Park Hotels adopted a powerful
branding platform coupled with seven strong differ-
entiators related to their people, the nature of activi-
ties at and design theme of their properties, and the
portfolio strategy across their properties. Collectively,
these seven differentiators provide compelling and
unique motivation to prospective or returning guests.
Inform and enforce the brand with brand filters or
guardrails. Finally, establishing an effective brand
position and fulfilling the brand promise requires
more than conducting the right strategic analysis. A
thorough implementation plan is also critical. In par-
ticular, well-conceived and communicated brand fil-
ters must guide employees and staff in the organization
and help them make better decisions which promote
the long-term health of the brand. The Four Brand
Beliefs serve that function and are the guardrails to
keep the brand moving forward in the right
direction.
Acknowledgment
Professor Chekitan S. Dev is grateful to The Park Hotels and
Landor for permission to share the details of the brand
revitaliza-
tion process and thanks Bill Barnett for his assistance.
Declaration of Conflicting Interests

The author(s) declared no potential conflicts of interest with
respect to the research, authorship, or publication of this article.
Funding
The author(s) disclosed receipt of the following financial
support
for the research, authorship, or publication of this article.
Professor
Chekitan S. Dev acknowledges financial support for this project
from the Cornell Center for Hospitality Research.
References
Dev, Chekitan S. 2012. Hospitality Branding. Ithaca: Cornell
University Press.
Dixit, M. R., and S. Manikutty. 2001. The Park, Calcutta.
Ahmedabad: Indian Institute of Management.
Gupta, Seema, and J. Ramachandran. 2010. The Park Hotels:
Designing communications. Bangalore: Indian Institute of
Management.
Keller, Kevin Lane. 2013. Strategic Brand Management:
Building,
measuring, and managing brand equity. 4th ed. Upper Saddle
River: Prentice-Hall.
Landor Associates. 2011. Insights presentation: The hospitality
game in India is changing. Issue: July 26, p. 2.
Light, Larry, and Joan Kiddon. 2009. Six rules for brand
revital-
ization: Learn how companies like McDonald’s can re-ener-

gize their brands. Upper Saddle River: Pearson-Prentice Hall.
Murane, Peter. 2012. 7 steps to revitalize your brand.
brandjuice.
com/wp-content/uploads/downloads/2012/06/BrandJuice_
whitepaper_revitalize_v2.pdf (accessed January 31, 2014).
Author Biographies
Chekitan S. Dev, Ph.D., is an associate professor of marketing
and branding at Cornell University’s School of Hotel
Administration. Winner of several teaching and research
awards,
he has published over 100 papers in leading journals including
the
Harvard Business Review, Journal of Marketing, and the
Cornell
Hospitality Quarterly, and is the author of Hospitality Branding
(Cornell University Press, 2012). He has served corporate, gov-
ernment, education, advisory, and private equity clients in over
forty countries on six continents as consultant, seminar leader,
and
expert witness. In 2010, he was selected as one of the “Top 25
Most Extraordinary Minds in Hospitality, Travel and Tourism
Sales and Marketing” by HSMAI ([email protected]).
Kevin Lane Keller, Ph.D., is the E. B. Osborn Professor of
Marketing at the Tuck School of Business at Dartmouth College
and is the author of Strategic Brand Management, a widely used
text on brand management. He has published his research in the
Journal of Marketing, Journal of Marketing Research, and
Journal
of Consumer Research. In addition, Philip Kotler selected him
to
be his co-author on the most recent edition of Kotler’s market-
leading text Marketing Management. In the private sector,

Professor Keller often acts as a consultant on branding and
speaks
at industry conferences ([email protected]).
http://cqx.sagepub.com/Cornell University School of Hotel
AdministrationThe Scholarly Commons11-2014Brand
RevitalizationChekitan S. DevKevin Lane KellerRecommended
CitationBrand
RevitalizationAbstractKeywordsDisciplinesCommentstmp.1449
243018.pdf.Qzkb6
Group Assignment - MRKT 620
Andrego Oliveira
Vamshee J. Dangeti
Saiteja Emani
Niharika Komath
Samskruthi Dosapati
Yanzhou Liu
Brand Inventory
Logo - Bowtie Emblem

Slogan
Find new roads;
The Heartbeat of America;
May the Best Car Win;
Chevy Runs Deep;
Excellence for Everyone;
Chevrolet, is the Car
Typography
What's the font used for Chevrolet logo?
● Chevrolet uses a customized version of Klavika.
● The condensed fonts were designed by Process Type
Foundry LLC with Aaron Carámbula for General Motors
marketer FutureBrand as part of re-design of Chevrolet in
2006.
● After the expiry of the exclusivity period, the commercial
version of the font (Klavika Condensed) was released to the
public in the fall of 2008
Photography
Chevrolet tends to use grey, cool-toned photos, which are
consistent with their main-tone: Chevy grey.

Color
Blue
Chevy Grey
Pricing of Chevrolet
Chevrolet is one of the brands, which since its start is known
for the high and efficient
quality of products with the pocket suiting prices. The prices
are subjective to the types
of the products. The prices of Chevrolet products are fixed
keeping in mind the worth
of product. The distinct characteristic of Chevrolet price policy
is the mid – stature
pricing with reliable services. Keeping in mind the needs of
customers Chevrolet
promises the guaranteed low maintenance cost post purchase for
3 years from the date
of invoice.
Suiting to every budget Chevrolet has car ranging from 3.5
Lakh to 18 Lakh. So, one
company adapts to the needs of all the types of customers.

Distribution strategy in the Marketing strategy of Chevrolet
Chevrolet uses multi-level distribution strategies to make its
offerings available to the
end customers. Channels such as company-owned showrooms,
dealerships, DSA
(direct selling agents), authorized service centres, resellers, and
the e-commerce sites
are helping the company in making the products available to the
end customers.
Main competitors of Chevrolet
● Ford, a company founded by Henry ford and based in America
● Honda, Japanese based Conglomerate
● Skoda, a Czech automobile manufacturer unit, founded by
Laurin and Klement
● Toyota, a Japanese automobile unit headquartered at Toyota
● Fiat is a subsidiary company of FCA headquartered in Italy
Target market
● Chevy is the oldest highest sold vehicle in America which
targets most of the
middle class customers.
● It depicts itself as a family-oriented vehicle yet it claims
portray freewheeling

spirit in America.
● Calling itself all American brand, it targets people from
different parts of the
country.
● It has featured many aspects in its vehicle ranging from small
muscular trucks to
fuel-efficient SUVs.
Brand personality
● Chevy’s brand personality is unique because of its power and
long-time working.
Its engine has that power which makes it durable.
● It is authentic because of credible heritage in the country. It
is part of American
history as well as industrial revolution.
● It is talkable being American icon. In 1910’s, it was known to
have a powerful
engine and now its talkability has shifted in classic
revolutionary way.
Strength of Chevrolet
1. Chevrolet has strong research and development in the
automobile segment
2. Efficient human resource management as it has over 300,000
employees globally

3. Chevrolet is present in 6 continents and has a prominent
presence in countries like
USA, Canada, China, India, Japan, Middle East, Europe,
Australia etc
4. Has a huge variety of models ranging from hatchbacks to
SUV’s
5. Chevrolet is actively present in international racing
competitions like NASCAR
6. Chevrolet caters to more than 140 countries and sells over 4
million vehicles
Weakness of Chevrolet
1.Chevrolet brand was severely affected by bankruptcy of
General Motors.
2.Intense competition from international brands like Honda &
Toyota who excel in
product quality, price, branding and even servicing.
3.One of the most important departments that GM group of
companies is struggling
with now days is advertising resulting into low visibility across
the various mediums as
compared to competitors.

Brand Exploratory
Brand Positioning
Segment
Complete automobile segment including hatchbacks, sedans &
SUV’s
Target Group
Young executives from the upper-middle income bracket
Products
Automobiles, commercial vehicles, trucks
Services
Vehicle financing, vehicle insurance, vehicle repairs, vehicle
sales, vehicle maintenance
Financial Info
Chevrolet’s Top 5 Best-Selling Vehicles of 2018
1. Silverado 585,581
2. Equinox 332,618
3. Traverse 146,534
4. Malibu 144,542

5. Cruze 142,617
Chevrolet ranked 63rd in the Forbes World's Most Valuable
Brands 2019, with a brand value of $ 10.3
billion and sales of $ 80.6 billion. Chevy represents half of
GM's total global volume. The U.S. is the
leading market with more than two million vehicles sold
annually.
Perceptual Map 1
Perceptual Map 2
Score-Card Survey Results
According to the quantitative survey, we obtained diversified
results.
● Memorability and Meaningfulness scored highest among all,
as Chevy is a popular
brand.
● Adaptability and Likability are reasonable as they captivate
middle class from
different age groups.
● Transferability is soaring and protectability is sunken due to
cut-throat
competition.

Brand Extension Survey
• 34 people have participated in the survey between age group
of 18-40 years. out of which 64% are Males,
32.4% are female and 2.1% of people preferred not to reveal
gender.
● which brand do you own now or in future? ● Do you or have
you owned a Chevrolet car?
Survey Results
Survey Results
● The first image that pop up on your mind
when you think about Chevrolet cars?
● What Type of vehicle do you prefer?

Survey Results
● Your opinion about Chevrolet in one word? ● How likely
would you buy or lease a new
Chevrolet?
Survey Results
● Do you think closest a middle-income
person can get a Chevrolet car?
● How likely would you recommend Chevrolet
cars?
Brand Extension
Fintech - Retail Banking - Financial Services
Chevy Bank
Chevy Bank is a fintech, operating in a direct banking business
model without traditional branches, offering its financial
services
online on a exclusive app.
● No-fee checking and savings account
● No-fee credit cards

● Car loans
● Insurance (car, life, property)
● Investment funds and certificates
Car Sharing - Car Rental
Chevy Car Sharing
Chevy car sharing is a fintech providing car sharing and car
rental
services to individual customers. Services are provided online
on
the app.
● Car sharing
● Car rental
Design the Chevy bank in brand personality.
Best option: Just like the Volkswagen example, a new need
appears when our customers are using our original products.
Our customers may need financial services when they purchase
our cars.
Strengthen: Durable, middle class
Eliminate: America?
New meaning: Reliable? Economic?
Optimal positioning: middle class

Brand associations? Brand relationships? Sources of equity?
Positioning statement and perceptual map in the BANK market.
Competitors?
Identify the sources of brand equity and missed opportunities.
Accounting Principles (RID). More importantly, government
and social laws and regulations will strive to make certain
investments without any tangible income. In the short term, the
cost of these investments is increasing. Clear examples of these
investments are measures taken to protect the lives, safety and
health of employees and the public. Today, we are investing in
environmental protection through anti-pollution measures, such
as increasingly important corporate social responsibility
programs. While these investments do not generate revenue
directly, they feel ineffective in order to make business interests
narrower. The reason for the investment is that in order to
increase revenue, investors can invest both in physical value or
resources, or both. Bond investments stocks, preferred shares,
bonds, Treasury bills, bond certificates, etc. refer to financial
assets as capital, and a technique to assess the feasibility of
such investments is called management(Blocher, E. Chen, K &
Lin, T. (2012)). However, investments in significant assets land
and buildings, machinery, plant and equipment, etc. are referred
to as actual investments, for example, the use of budgeted funds
to assess and measure the return on that investment. Capital
recovery policy, book return, NPV, IRR and return. Due to the
long-term nature of the investment in physical assets, the
financial participation and decision-making of such investment
will be the highest level of management of investment decision-
making. Decision-making authority should fully analyze the
financial impact of the project, which is the responsibility of
accounting. Reverse forecasting, data, condemnation of some
functional professionals increase their experience in economic
and financial matters, and then use assessments and decision
makers to correctly analyze the results of the data to present the

analysis to it self-directed against investment decisions or to
provide all the basic information itself. It played a decisive role
in condemning and analysing the data generated could benefit
from good capital and budgetary decisions and years of
poverty(Bierman, Harold and Seymour Smiedt (2011)).
Accordingly, "Financial analysis is more likely to be a study of
the relationship between the various business factors revealed
through advertising, and the trends in these factors, , "the
analysis and interpretation of financial statements reveal such
as financial insolvency, the importance of leverage and
concerns about operational effectiveness." In the analysis of the
financial statements, the methodology used to assess and
interpret the results of the above results and the current
economic situation will continue to specify the specific benefits
of investment decisions. It is important to evaluate past
performance and instructions and plan for future performance
(Ekanem, O. T. & Iyoha, M. A. (2012)). The objective of
financial analysis is the primary goal of the financial statements
to provide information about how the company uses them in
decision-making. The use of financial statement information is
the board of directors that evaluates the company's operations
and economic benefits as a COFF or underwater unit. Investors
invest and make decisions, creditors and lenders determine the
location and location of insolvent loans, and we must make
reasonable decisions and consulting on employees, unions and
payments to determine the company's financial
position(Belkaoni, A. (2010)).
References
Bierman, Harold and Seymour Smiedt (2011) The Capital
Budgeting Decision, New York: Macmillan Publishing
Company.
Blocher, E. Chen, K & Lin, T. (2012). Cost management:
Strategic emphasis (2nd Ed). 45-51, New York: McGraw-Hill,

Inc.
Belkaoni, A. (2010). Conceptual foundations of management
accounting. Addison Wesley. CIMA (2011). Management
accounting; Official Terminology.
Ekanem, O. T. & Iyoha, M. A. (2012). Managerial economics:
Benin City: March Publishers.
Ceka, E. (2019). Public capital budgeting and management
process in Moldova. In Capital management and budgeting in
the public sector (pp. 134-156). IGI Global.
According to Ceka (2019), Capital budgeting is mainly defined
as the process that a business form mainly uses for the
determination of which proposed fixed asset mainly purchases it
should mainly accept and which mainly should get declined.
This is a type of process is used to make the creation of the
view that is quantitative in nature and shows the proposed
investment that is having fixed assets. Hence, this mainly gives
a rational basis for making a judgment. There are many methods
that are commonly used for the evaluation of the assets that are
fixed under the capital budgeting system that is formal in
nature. The important ones are mainly as follows. The first one
that can be put forward is the NPV analysis. This is mainly the
identification of the net change that occurs in the flow of the
cash and this is mainly associated with the purchase that of
fixed assets.
Nikias, A. D. (2018). An Experimental Examination of the
Effects of Information Control on Budget Reporting with
Relative Project Evaluation. Journal of Management Accounting
Research.
According to Nikiad (2018), The is also a discount provided to
then for the value that is present in nature. After this, there is a
comparison of the projects that are proposed and with the net
present value that is positive in nature. The one that is accepted
is having the maximum net current values until there is running
out of funds. The next one is an analysis that is a constraint in

nature. There is the identification of the bottleneck machine or
work center in an environment that is having production and
also there should be a proper investment of the fixed assets that
mainly maximization of the utilization of the operation of the
bottleneck. In this approach, it is seen that the individual is
mainly to invest in the downstream areas form the operation of
the bottleneck. In this case, the individual is more likely to
make an investment in an upstream manner from the bottleneck.
The next one that can be taken in contrast is the period of
payback. This phase mainly makes a determination of the period
that is mainly required for the generation of the adequate cash
flow form the development to pay for the initial investment in
it. This is essentially a measurement of risk of not being
returned to the firm. The next one that can be taken in contrast
is the analysis of the avoidance.
There is a proper determination of whether there is an
increment in the maintenance that can be mainly used for the
prolong the life of the assets that are existing in nature rather
than investing in the assets that is replacement in nature. This
type of analysis can substantially make the reduction of the
firm's total investment in the assets that are fixed. The amount
of cash that is involved in the asset that is fixed might be so
large that is could mainly lead to the impoverishment of the
company if there is a failure of the investment.
Garrison, R. H., Noreen, E., Brewer, P. C., & Hill, M. G.
Managerial Accounting, 2010.
According to Garrison, Noreen, Brewer (2010), Capital
budgeting is hence termed as the activity which is mandatory in
nature for the larger asset proposals that are fixed in nature. this
is minimal of the issue for the investments that are small in
nature and in the latter cases it is very much appropriate for the
process of capital budgeting substantially so that it mainly
focuses on getting more of the investment that is made in an
expeditious manner. With the help of this, the profit operations
are mainly not hindered by the examination of the proposals of
the fixed asset.

van Niekerk, B. (2018). Analysis of cyber-attacks against the
transportation sector. In Cyber Security and Threats: Concepts,
Methodologies, Tools, and Applications (pp. 1384-1402). IGI
Global.
According to van Niekerk (2018), financial analysis is mainly
termed as the process of the evaluation of the projects,
businesses, budgets and the transactions that related to the
financial transaction for the determination of the suitability and
performance. The analysis that is financially based is mainly
made use for analyzing whether the firm is stable, liquid,
solvent or profitable for giving a warrant to the investment that
is monetary in nature. Financial analysis is mainly used for the
evaluation of the economic trends, setting financial strategy,
building the plans that are of the long term for the activity of
business and the identification of the projects or for the
investment of the companies.
Amagir, A., Groot, W., Maassen van den Brink, H., &
Wilschut, A. (2018). A review of financial-literacy education
programs for children and adolescents. Citizenship, Social and
Economics Education, 17(1), 56-80.
According to Amagir, Groot, Maassen van den Brink &
Wilschut (2019), This is normally done for the synthesis of the
financial data and the numbers. The financial executive will
totally examine the statement of the firm's financial statement.
Hence, financial statemen is termed as a vital part of the
organization. the manager would use this concept in an effective
way for the managerial decision so that the decision gets
accurate.

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