As a marketing major, I enjoyed reading about the importance of brand strategy. The article began by describing how companies have had to create extensions and multiple brands due to niche and global marketing. With this extension, many times the brand and it importance is lost in translation. To keep the brand and its strategy held on high regard consider these steps:
- Make the Case: by understanding the brand weakness, strength, etc so that profitable brands are recognized and promoted (found profitable).
- Audit the brand: use the auditing information as a springboard for the future.
- Prune the Portfolio: Use different tactic, to asses the portfolio of brands and promote what is most profitable or develop in gapping areas.
- Liquidating the brands: by possible mergers or sell-offs
- Growing the Core brand: By creative in implementing new ways to grow and seek opportunities.