Question

Identify a fading brand.

What suggestions can you offer to revitalize its brand equity?

Try to apply the different approaches suggested in the chapter.

Which strategies would seem to work best

Answer 1

One fading brand in India is Rasna.

It is a energy drink which made it brand value and people thought energy drink equivalent to Rasna once.

Brand equity is nothing but a commercial value that a product or service derive from the brand name of a product or service or company. It is the image of the company for which customer buy a product and churn out money without thinking too much.

A company can increase brand equity of their product by-

1. Clarifie your position in the market. It is what you stand for, like chocolate product comes from a brand of chocolate.
2. Communicate your brand value which helps to build brand equity in the market.
3. Create awareness in the market about the brand value, like what extra you are providing how we are different in the market.
4. Legal and ethical decision making in all business movement helps to build a good brand equity. We can see TATA as brand which known for its ethical work.

I think here the best strategy is third one. Creating awareness in the market about the brand value of the product and it’s presence. It can be done by promotion, advertising etc.