Problem:
A Brand encompasses the various elements of product identity and meaning. Brand equity reflects the value of a brand name based on its strength and appeal in the marketplace and its power as a communication vehicle. There is also the aspect of brand loyalty.
Review the section titled Product Identities in chapter 14 of the textbook. With your fellow classmates discuss and answer the following:
- Can a brand with a bad reputation be rescued or would a company be wiser to just drop a "bad brand" and start fresh with something new?
- Is staying with the same product only a case of brand "loyalty" or could other factors be in play that lead consumers or organizations not to switch brands?
- How many visible brand marks are you currently wearing? Are these common brands? What do you think these brands might say about you to people who don't know you?