logo

Brand Revitalization Strategy Assignment

5 Pages1652 Words228 Views
   

Added on  2020-10-19

Brand Revitalization Strategy Assignment

   Added on 2020-10-19

ShareRelated Documents
Brand revitalization is a marketing strategy undertaken to develop the currentproduct or brand to satisfy shifting customer expectations and needs in the emergingmarket. It is an effort to get the product back to the market and to secure equitysources. Brandrevitalizationis a corrective step introduced while a product 's nameis at the point of its life cycle 's maturity or decline and is about to become redundant.(Jargons, 2016) Mature brand that needs to be revitalized are some that were on the market butdidn't gain income because they missed their consumer base due to marketingbecause company managers incompetence. Some of the world's biggest brandssuch as Coca-Cola also need rejuvenation.The reason of brand revitalization isbecause improvement is required to remain in the market and continued sustainable.(Jargons, 2016)Brand revitalized occur when there is an increased in competition. Rebranding couldbe needed in a fast-moving world of strong rivalry to adapt the product to theconsumer. In order to face the competitor's products and technologies, theorganization needs to develop the brand to maintain it in the market accordingly.[ CITATION KPS16 \l 1033 ]Next, Brand relevance plays a significant role in capturing the market. Products needto stay relevant to their target audience and keep up with the period sand keeps upwith evolving consumer demands such as changed in accordance withimprovements in buyer's tastes and desires and satisfy the demand for targetmarket. [ CITATION KPS16 \l 1033 ]Moreover, Lack of brand awareness. Customer are conscious of the brand, howeverbecause of narrow brand awareness, market recognition has been limited. There’sno correlation of message from company to customer. [ CITATION Kri11 \l 1033 ]Mergers and acquisitions also require the revitalization of the product. When two ormore firms merge, they choose to develop the product from scratch in such amanner that it relates to each and supports both at the same time. (Jargons, 2016)
Brand Revitalization Strategy Assignment_1
Based on the underlying causes of its deterioration, as a brand manager, when Inoticed coca cola life began to show signs of ageing. It challenges me not only touncover and address the emerging sign of ageing but also to recognize the positivefeatures that can be developed and strengthened. Revitalizing brand strategy is thestrategy that will refresh old brand equity sources or create new ones for achievingthe intended positioning. Coca-Cola life need to change its brand image from 35% ofnatural sugar and low calories drink to isotonic drink that can boost up energy.Firstly, in order to build brand equity by refreshing old sources, it need to increasethe depth and breadth of brand awareness to make sure customers don't forget thebrand and think about purchasing or using it in certain circumstances where thecompany will meet the desires and wishes of customers. Coca-Cola life need tocreate brand awareness among consumer to bring back its brand in the market .In general, increasing level of consumption can be done to change the amount ofproduct usage. Coca-Cola life need to create awareness among its consumer bypromoting its brand as a brand that can boost energy. By repositioning Coca-Colalife from natural sugar and low calories to isotonic drink, it can hold a camping topromote the benefit of drinking isotonic drink. Hence, it can create awareness amongconsumer to consume isotonic drink after engaged in physical activity. Whenconsumer is aware about the new formula in the drink, it will increase the level ofconsumption of Coca-Cola Life among the market. Next is increase the frequency of usage involves either identifying additional or newopportunities to use the brand on the same basis or identifying entirely new ways ofusing the brand.In order to identifying additional opportunities to use brand in same basic way, itmust recognize existing or potential prospects for customers. As a brand manager, Iwill articulate the suitability and advantages of utilizing Coca-Cola Life. In this case,the marketing program should advertise and create new ad camping promoting theadvantage of Coca-Cola life which the drink consists of energy booster and it playsan important role in quick rehydration for those engaged in physical activity. Also, atthe same time, it can remind consumer about the possible time they may consumeCoca-Cola Life for example during sport activity to keep them rehydrated andenergetic.
Brand Revitalization Strategy Assignment_2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Integrated Marketing Communication - Assignment
|12
|1742
|76

Coca-Cola's Marketing Strategy Assignment
|20
|1560
|119

Integrated Marketing Communication for Coca-Cola
|15
|1014
|115

SWOT Analysis and Vision/Mission Statements of Coca-Cola Company
|5
|739
|230

Brand Development for Coca-Cola: Launching ENCOKE in the Indian Market
|29
|7763
|348

MKTG3003 Marketing Strategy
|22
|3076
|83