*NEW* Unit 28 Branding: M3 Analyse the reasons why an existing brand for a product may need to change.
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Course
Unit 28 - Branding 60
Institution
PEARSON (PEARSON)
*Certified Distinction Grade Work*
Unit 28 Branding: M3 Analyse the reasons why an existing brand for a product may need to change.
• Changing the perceptions of a brand: o re-branding o brand refreshing o brand relaunching. • Reasons for changing a brand: o change in business focus o chan...
consumer's desired needs and wants, in turn helping me understand that our product is highly
effective in meeting consumer demand, as 74% say that it has met their needs and wants.
Another question I have asked is ‘Do you think Tesla is a successful business as a whole?’ This
question helps us at Tesla understand how our consumers view us as a business in terms of
being successful or unsuccessful. Consumers have 4 choices when it comes to whether they
strongly agree, agree, disagree or strongly disagree that Tesla is a successful business. Through
the collection data gathered from this question, where I have gained consumer responses. I can
see that 67% believe that Tesla is a successful company where 38% strongly agree and 29%
agree, this may be because we supply high quality, premium electric cars to consumers which
are also very high tech and our interaction with consumers is excellent, we communicate to
consumers through social media which enables us to gain understanding of their behaviour,
follow trends thus we advertise in ways consumers feel engaged, excited and enticed which
also concludes to our success. Furthermore we were the first electric car to influence changes
in the car industry, to shift into the EV market, has consumers perception were changing. We at
Tesla fulfilled consumer needs and wants when consumer demand for electric car was at its
peak thus Tesla came on top as it was the most compelling brand which also met consumer
needs and wants However 33% believe that Tesla is an unsuccessful business as a whole where
22% disagree and 11% strongly disagree. In conclusion, through gathering information on the
question at hand, it has aided me in gaining knowledge on whether our brand is successful or
unsuccessful from the consumer's perspective, where the majority say we are successful and
the minority say we are unsuccessful. However we at Tesla believe that we are successful
through our high sales revenue and the largest market capitalization gained in the world and
also the leading market leader for the EV market.
Changing the brand perception of a brand
Re-branding
Re-branding is the process of transforming the image of a company or product. The goal is to
make the new image more appealing to customers, to create a fresh new perspective, and,
ultimately, to develop a new brand identity in the eyes and mind-set of consumers.
Furthermore, it is a marketing technique in which the logo, name, symbols, or a mix of all of
them are changed to create a new brand identity. A business may consider rebranding as a last
resort because they previously had a negative brand image, identity, and bad reputation
through the logo or name of their brand and product, and also because they're not reaching the
right audience, so they eventually give up on the brand and start re-branding. Furthermore,
brands may consider rebranding in order to reposition themselves in order to grow and
enhance their customer base ,market share, as well as their ability to reach out potential
, customers to ultimately attract them into the firm and also to strengthen their long-term
relationship with consumers and to meet demand yet again
Brand refreshing
In terms of your voice and visual branding, brand refreshing is like a new reset/revamp for the
business, it's an updated identity of the business. It might be as simple as upgrading and
sharpening your logo or colour palette, trying out a new typeface, cleaning up your marketing
materials, or changing your tangible elements. Businesses may consider refreshing their brand
as it allows them to highlight their unique position in the marketplace to be more compelling,
reinforce its value, gain a new perspective for what lies ahead and ultimately attempt to create
a more current, updated image of your company. Tesla may consider refreshing their brand in
order to create a more unique and appealing image of their brand through the logo or name of
the brand. Furthermore, Tesla will be able to keep current with market trends and analyse
feasibility in order to be compelling in their marketplace, as Tesla has done. Tesla is recognised
as the most unique and distinguishing business in the EV market for a variety of reasons,
including the fact that Tesla was the first electric car to influence both consumers to change
perception on electric cars, establishing a positive image on the EV market and thus influencing
the car industry to shift into the EV industry, which led Tesla to be compelling. In addition, Tesla
was the first car manufacturer to widely establish a network of fast chargers for highway
driving, over 30,000 and increasing supercharging stations globally.
Brand relaunching
Brand relaunching is like re-introducing your brand's identity, it is to reposition your brand in
the market. It frequently starts with an assessment of an organisation's goals, brand essence,
and market positioning in their marketplace. A brand relaunch is essentially changing a brand
with a new position through a revised brand strategy. The brand is more focused in the market
and serves a more specific target group through positioning the brand. The goal of relaunching
a brand is to boost the company's performance and establish a long-term position. A business
may consider relaunching the brand in order to attract new customers, give them competitive
advantage and ultimately to increase sales and market share within their market. Tesla may
consider relaunching their brand in order to extend their life cycle of their brand, increase
brand attractiveness and ultimately to grow and increase market share enabling them to gain
competitive advantage. Tesla may only resort to relaunching their brand if they fail to correctly
inform themselves to consumers through their brand values, mission and vision...
Reasons for changing a brand
Changes in business focus
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