The purpose of this paper is to write an analysis of an article that discusses an aspect of marketing management. During my research I was attracted to an article by Fred Geyer Titled, 'Four Best-Practices for Renovating Your Brand-Before It's Too Late'. After reading Geyer's article, I found his reasoning for identifying the need to change how a firms brand is represented early in the product life cycle (PLC) phase of maturity rather than later in the decline phase as essential to positive change results. He also pointed out that the ablity to identify the need for change can be instrumental to sustaining brand equity, brand postioining, and sucesfull differentiation.
Geyer points out that there is no doubt some firms that can recognize the need for change in his statement, "Stories of marketing heroes who transform poorly performing brands never fail to enthrall us: the transformation of Dove into an empowering brand; the shift to healthier eating for McDonald's; the rebound of Hewlett Packard in the PC market".
It is the unheralded marketing heroes who renovate their brands while they are strong and growing. They spot changing market dynamics and address them as opportunities before they have time to develop into threats. Their reward is faster profitable growth without the negative headlines (Geyer).
But on the contrary there are many companies that are not as adept at being responsive to market changes. So how can you do something before it's too late? Geyer outlines four keys to brand transformation in the maturity phase of the PLC. They are: 1. Develop a holistic understanding of the brand, 2. Look for segment swings, 3. Distinguish the underlying issues, 4. Apply the right strategies.
A holistic, customer-driven understanding of the current brand and a vision of the brand's future are crucial to proactive...