Rebranding and repositioning with a focus on consumer markets

Abstract

One of the biggest challenges faced by corporations is the task of clearly communicating what they can deliver to the consumer. Branding is a critical part of this process. It acts as the key in product identification and differentiation of the product from its competitors. Under certain circumstances, companies resort to rebranding or repositioning to change the way people perceive their product/service. Rebranding represents a differentiated position in the mindset of stakeholders and a distinctive identity from competitors. This can be done in one or more of the following ways: changing the name, logo or advertising campaign or by changing the values and attributes that they stand for. Positioning refers to “target customer’s” reasons to buy a particular brand in preference to others. It is ensures that all brand activity has a common aim; is guided, directed and delivered by the brand’s benefits/reasons to buy; and it focuses at all points of contact with the consumer. Repositioning, therefore, is the modification of consumer perception of a product or service relative to competitive products or services. Such rebranding/repositioning strategies are being increasingly employed by companies.