Rebranding as a marketing strategy
When a company wishes to enter a market, it needs a product distinct from the existing products of the exact nature in that market.
Therefore, it devises various marketing strategies to increase the visibility and appeal of its offering to its target audience.
As the product gains recognition and acceptability, which can take years, the product and the company become synonymous.
For example, today, Apple and iPhones are the same for people.
A company resorts to rebranding when it intends to reposition itself in the market.
Here, rebranding does not necessarily involve a company completely overhauling its image or changing the fundamental appeal of its products and services.
Instead, rebranding is subtle enough for the company not to disturb its existing customer base.
However, it is still discernible enough for the market to know that the company has shifted gears.
For example, when a company changes its logo, it signals a change in its stance in the market.
Such activities make waves in the market and can take a brand to new heights or prove catastrophic for the company.