Question

Do you agree or disagree with the company’s rebranding strategy? Support your opinion based on your knowledge of the factors influencing the buyer behavior.

Answer 1

Rebranding has many benefits. They can be as follows -

1. Expanding market: Rebranding helps in capturing a new segment if the customers and audience which was not previously on the company map. The trick is to focus on newer aspects of the business and market them properly and effectively.
2. Edge over the competitors: It helps the company differentiate from the copetitors in a way that they do not function. If the management wants to do more business than the competitors, it is essential for the customers to see how the company is different from the others and what additional features do they bring to the table than the others.
3. Stay updated: Rebranding can also help the company stay alive in the face of the growing changes in technology as well as the tastes and preferences of the customers in the market.
4. Evolution: It also sets an example to the interested parties like the customers and the shareholders that the compnay is evolving and taking on new challenges, introducing new services and products and looking to grow rather than to play safe and settle for satisfysing performance.
5. Profitability: It can also significantly increase the profitability of the company as new potential customers and investors see value in the brand and begin to do business with the company.