Question

You are the manager of the company ‘Home-fitness’ that specialises in selling fitness equipment for exercising at home. Review of the company’s recent financial performance suggests that there is a steady decline in demand for home fitness equipment as more people choose to go to the gym. Based on these results, the company has decided to reposition it’s brand image

. a) Describe the product life cycle concept and outline the steps that Home-Fitness should take as sales start to decline

b) Develop a brand identity prism for the repositioned ‘Home-fitness’ brand

Answer 1

( i am explaining the main issue of the question after that you will you have to devide it in parts)

CHANGING YOUR BRAND IDENTITY

Corporate identity changes are often driven by the CEO as a response to forming theouter market's perceptions of the value to their enterprises, particularly after a merger or acquisition. Brand identity changes are usually driven by circumstances in the outer media and sales channels.

As a manager if i think that when should i change my firm's brand identity

A healthy quality identity helps attract customers. In time your corporate identity accumulates a clear awareness in the marketplace. It also maintains a highly proprietary value and continuously builds trust and equity in the process. The primary purpose of corporate identity is to create an image and identity among customers. Corporate identity can influence stakeholder and influencer perception.

if we see there are various type of identities for an organization

The Various Types of Identities for Organizations

• Corporate identity is concerned with the visual aspects of a company’s presence.
• Brand identity is the total proposition that a company makes to customers – the promise it makes.
• Brand image represents the totality of market perceptions about the brand which may not coincide with the brand identity.

according to the question if the specialies in selling fitness equipment is declined due to recent financial performance then we have to change its brand identity because students i already explained how important the brand identity is. if we are selling fitness equipment for exercise at home means we have equipment for exercise and according to the current performance people are going gyms rather then doing exercise at home, we can sell our products directly to the gym and for that we have to change our brand identity from HOME-FITNESS to something different like EXERCISE-EQUIPMENTS. according to this name we can sell our products in gym as well as in homes.

there are some theortical steps of changing brand identity

How to Launch a New Brand Identity in 6 Steps

1. BEGIN WITH AN INTERNAL LAUNCH.

2. CREATE CONSISTENCY ACROSS ALL BRANDING MATERIALS.

3. TIE YOUR NEW BRAND TO A NARRATIVE.

4. IDENTIFY YOUR AUDIENCES AND TAILOR YOUR MESSAGE.

5. PLAN AND SCHEDULE YOUR LAUNCH ACROSS ALL PLATFORMS.

6. MAINTAIN A REGULAR BRAND PRESENCE PAST THE INITIAL LAUNCH.