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DiscussionOutline.docxPROMPT – TWO PARAGRAPHS
Jazzercise has long been associated with 1980s aerobics. In early 2015, the company launched a rebranding campaign. Review Chapter 2 in the text and the resources for Jazzercise, then address the importance of the following:
· Corporate mission and rebranding alignment with it
· Defining features of the product/service
· Current competitors
· How the company is differentiating itself from competition
What is your substantiated opinion of the potential rebrand effectiveness?
Article 1: http://www.cbx.com/news/cbx-helps-jazzercise-rebrand-with-focus-on-intensity-results/
CHAPTER OVERVIEW
The American Marketing Association (AMA) defines a brand as a name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.� Strong brands that are recognized worldwide include Coca-Cola, McDonald's, Apple, and Google. These companies deliver more than just a product; they have positioned themselves in a unique spot where the consumer sees them as more than just a drink, a restaurant, or a technological deliverable. A good brand will do the following:
· Deliver the message clearly
· Confirm the company's credibility
· Connect with targeted prospects emotionally
· Motivate the buyer
· Cement user loyalty (Lake, 2015)
Overall, a company's brand is its promise to the customer. As mentioned in the previous module, Coca-Cola promises to inspire moments of optimism and uplift� (Marsh, 2013, para. 6). Apple's brand also focuses on emotion and how the consumer feels, as opposed to what the consumer gets. It is about simplicity, imagination, innovation, and a sense of community with power to the people through technology (Marketing Minds, 2015). Consider what McDonald's tagline of "I'm Lovin' It" is saying. It is more than simply saying we serve inexpensive food.
The following are two strong brands that specifically state that their companies are actively seeking to tap into the emotions of customers and have an intrinsic tie with them:
The NFL: To be the premier sports and entertainment brand that brings people together, connecting them socially and emotionally like no other.
Virgin: To be genuine, fun, contemporary, and different in everything we do at a reasonable price� (Marsh, Jr., 2013, para. 6)
Notice that neither mentions a specific product or service. Instead, the focus is on the experience and specific emotional response to it.
A company's brand is driven by its mission. A mission is a sentence or short paragraph that steers the direction of the organization. It is narrow enough to provide strategic direction, yet broad enough to allow for the right opportunities to be explored. It should state what the company provides to the customer and what value it brings. For example, Google's mission is to organize the world's information and make it universally accessible and useful. Notice how the word search is not included in this statement. Think of a mission statement as a compass on a ship that is traveling on the open ocean. It provides direction in keeping the craft on course. It can help management determine if a potential business venture is the right fit for the organization's goals and resources in making strategic business decisions. For example, Warby Parker was founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price, while leading the way for socially-conscious businesses (Kolowich, 2014). Imagine a scenario in which Warby is doing business with supplier X, but supplier Y approaches management stating that it can provide the same supplies but for 20% less than supplier X. However, supplier Y uses questionable labor practices overseas that include requiring employees to work 12-hour days and production that is harmful to the environment. Under the guise of the mission statement, Warby would not switch because supplier Y is not socially conscious.
The mission statement also helps companies differentiate themselves from the competition, as its meaning and values are implemented through product or service offerings. BMW's focus is on creating the ultimate driving machines. Volvo's corporate focus is on offering extremely safe vehicles. While both companies manufacture cars, each has its own specific corporate direction for exactly what customer needs it will meet.
The mission statement also drives the corporate objectives. The activities and duties of all employees are in some way dedicated to fulfilling the mission of the organization. In a trickle-down effect, goals and objectives from upper management are created to strategically fulfill the mission. From here, successive lower levels of management create supporting goals for the management tier above in a pyramid-type effect. Goals become more operationally focused as the levels move down in the pyramid and into the actual production or service offerings.
References
Kolowich, L. (2015, August 4). 12 truly inspiring company mission statement examples. HubSpot. Retrieved from http://blog.hubspot.com/marketing/inspiring-company-mission-statements
Lake, L. (2015). What is branding and how important is it to your marketing strategy? About Money. Retrieved from http://marketing.about.com/cs/brandmktg/a/whatisbranding.htm
Marketing Minds. (2015). Apple's branding strategy. Retrieved from http://www.marketingminds.com.au/apple_branding_strategy.html
Marsh, B., Jr. (2013, May 29). A brand is a promise: 3 great examples of strong brands that make strong promises. Making You Matter. Retrieved from http://www.billmarshjr.com/a-brand-is-a-promise-3-great
examples-of-strong-brands-that-make-strong-promises/
