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Background of the Study

Describe about The Impact of Rebranding on LG Performance?

Branding is the most important marketing tool usually used by a marketer for getting an intense effect on the market place by attracting the customers. Aperia and Georgson (2011) are of this view that brand equity occurs to be stated as the most significant strategy which increases awareness among the customers. It appeases them psychologically to be attracted towards the product to be purchased. The major brand approach stands to be helpful in order to maintain the uniqueness. Brand, as critically mentioned by Barlow and Stewart (2008); Chernatony and McDonald (2012) put an organization forward to attain market acquisition and making a strong hold in the market place.

This research work is going to discuss and shed light on the branding approach. The researcher generally is going to focus on marketing focus of branding and its impact on an organization in a global perspective. The researcher for this approach has chosen rebranding approach of LG Electronics Corporation for centralizing focus on.

Aperia and Georgson (2011) can be quoted by saying that branding is a tool which helps in developing the organizational ethos and helps in attaining more cohesion in the marketing process. Golden Star, a company of genuine ideology seems to have accounted a lot by letting the rebranding technique to be accepted and by getting called as LG Corporation. Branding not only let an organization to be well-accomplished in its business, increases its popularity among the customers as well (Davis, 2010; Fennis and Pruyn, 2007; Grace and O'Cass, 2005).

Gold Star started its business journey in 1958 which later seemed to have merger with another Korean company Lucky Group. Before 1995 when Gold Star was renamed as LG Electronics Group, the household products used to sell under the brand name of Lucky and Golden Star. In the year of 1995, LG had acquired Zenith Electronics Group of USA and formed the well known tagline for branding “Life’s good” (Temporal, 2011; Scholz, 2012). The company conducts its business with the domestic and industrial electronics products over almost all the continents across the globe. The company in 2012 seemed to have acquired $143 billion by marketing of its different electronics, telecommunication, engineering and other electronics products (Giehl and Lepla, 2012; Kapferer, 2012; Keller et al. 2008). More than 220,500 employees are serving the organization and 110 subsidiaries across the globe.

Although the concept of branding, as critically pointed out by Knox and Bickerton (2007); Macdonald and Sharp (2007), is a profound approach which helps in organizational development, its impact is always not so much intrinsic and effectively positive which seems to have rejuvenated the organizational ethos of the company in the international market place. The concept of branding in most of the cases is limited to some taglines, names, logos and other subjects which create problems while marketing of a product, even diminishes the financial structure of the business (Mennen, 2011; Neal and Strauss, 2008; Richardson and Jain, 2009). On the other hand, if the brand policies are not stand to be specific, it is liable of crating problems in the market acquisition. Branding barely leads to identify the expectation of the market. Therefore, it puts stroke on marketing process. What is more, if a special group of product stands faulty, it casts its poignant impact on the brand and reversely the other group of products under that umbrella brand gets hampered (Smith and Park, 2007; Sunde and Brodie, 2008). At the same time, availability of the sub brands having no specific target and clear difference from the other available products of the market, however, it confuses the customers which, with the time, cut the faith of the customers short. Often the promises assured by a brand seem to be flouted and violated by the concerned organization while marketing of the product. This damages the faith of the market and the customers (Vesa, 2009; Yasin et al. 2007; Winer, 2008).

Problem Statement

In this current researcher work the researcher is going to shed light on the impact of rebranding on the performance of an organization. The research study is concentrated on the performance of LG Electronics Corporation after being rebranded from Golden Star.

The researcher is going to frame some of the objectives based on which the research work is going to get pace up. The researcher will try to fulfill these research objectives while conducting this current research work. The research objectives targets:

To critically analyze the impact of rebranding from the organizational perspective on the market penetration.
To evaluate how rebranding process helps LG Electronics Corporation to perform affluently in the global market
To determine the influence of rebranding approach over the global customers.

The researcher in order to fulfill the research work mentions some of the significant questions which are needed to be answered in the context of the research work. The researcher, therefore, is going to analyze these questions stated below.

How far branding is effective on attaining the market advantages for an organization?
What are the major impacts of branding cast upon on the organizational development of LG Electronics Group?
Why branding is effective process to generate organizational equity by letting the customers fascinated?

As stated in the problem statement banding is having intrinsic problems while making the organizational growth and managing organizational ethics. The concept of branding is not clear which is needed to be revamped. The tool of branding is not only limited to the mere taglines or logos or some music. It manages in development of the faith of the customers. Therefore, a provident match between the assurance preached by the brand and the final product or service delivered to market is to be maintained. With the specific branding the marketing ethics are attached, therefore, a proper brand orientation is significantly needed to be refreshed time to time. The brand ethics are not often clear which need to be proficient and significant. The apple of the brand is not clear and attractive always which sinks the customers into confusion whether to buy the product. Often, brands fail to extrapolate its specific idea and fail to show the difference from the other similar products of the market. This diminishes the organization while attaining the competitive advantages of the market place.  Therefore, a profound research on the branding and the market apprehension is needed to be identified before letting a brand to be marketed (Verma, 2009). This current study focuses on all these basic problems of branding and its strategical development in the market place. At the same time this study also sheds light on the remedies to be adapted and applied for organizational development by branding policies.

For conducting this particular research work, like the other research study, the researcher aims at following the same dissertation structure. In Figure 1, the researcher states the design of the research work.

Structure of the Research Work

Figure 1: Structure of the Research Work

(Source: Designed by the Researcher)

Throughout this research chapter the researcher has developed what this research is going to focus on and what are the genuine factors the researcher is going to shed light on. Focusing on the objectives is also necessary for these research chapters. The objectives specified in this chapter are going to be fulfilled in the context of the following chapters. This chapter is indeed a background created for this whole research work.

Research Aim

One of the major marketing strategies that an organization adopts to reach its global customers as well as creates impact on the perceptions on the customers is branding. Czinkota et al. (2014) commented on the fact that each and every organization has a unique brand that is a name, symbol or logo that differentiates one organization from another. This also conveys a strong message to the customers that adds a premium value to the organization and its products or services. Go (2011) had a view that branded products have their own personality among the customers that differentiated it from the other valuable products in the market. Branding and rebranding also helps in creating a consistency in the marketplace that considers both the brand identity as well as customer loyalty.

This section of the research work deals with the concepts of branding, rebranding, the strategies of rebranding, importance of branding and rebranding. In addition this, the research work also discusses about the influence or impact of rebranding on the purchasing behavior of customers along with the advantages of both branding and rebranding. Moreover, the disadvantages of branding and rebranding will also be discussed further in this section.

According to Herstein et al. (2014) with the development of the customer taste and preferences, several numbers of products and services serving the same purposes ate available in the market. These products are either locally made and are the counterfeit products of the original brands. Zenker and Martin (2011) had an opinion that though services and products are same but the branded products have their own quality, reliability, assurance and efficiency. A good brand always carries the emotion and trust that are conveyed to the customers in order to attract them. Moreover, from the view point of Oliveira (2014) this branding creates a relationship between the customers and the organization that later turns into creation of loyal relationship. A good branding of the organization helps in creation of a good image that helps in reaching out the customers to a maximum extent.

On the other hand, Szondi (2010) had commented that rebranding is the redesign of an existing brand with a new added message, design and a new promise to the customers. Rebranding involves a change in logo, color, packaging as well as labeling. From the opinion of Chasser and Wolfe (2010) a brand already has created recognition in the minds of the customers that need to be reinstalled in the minds of the customers. Rebranding is done in order to promise the customers again with the services and products along with a new twist and added benefits and features. Cleave and Arku (2014) also had commented that rebranding helps in creating a new image in the minds of the customers that also helps in attraction of the customers. This influences the buying behavior of the customers that ultimately help in a better communication and creation of healthy relationship with the stakeholders of the organization. According to Herstein et al. (2014) rebranding also helps in receiving better response from the customers that also helps in regaining back the old customers as well as new customers. The customers also get refreshment from the old brand and hence they are also pleased to get back their old company in a new form (O'Guinn et al. 2011; Kumar, 2009).

Research Objectives

Hatch and Schultz (2008) commented on the essential fact that an organization has potential reasons for which they undergo rebranding and adopt the strategies of re-branding. Since the companies acknowledge that branding is essential in today’s competitive market, so, companies emphasizes on the rebranding strategy in order to keep a pace with the changing environment. In addition to this, Peter and Dadson (2014) also had a view that when an organization has some problem s in the market, then either it get dissolved or emerge with a new brand value. A brand with negative connotations leads to loss of profit along with loyal customers. So, rebranding is then done in order to retain the customers as well as retain the previous good image in the market and sustain in the market in a long run. So, from the opinion of Gregory (2004) in order to eliminate the negative image that a company has got previously, rebranding is essential.

Apart from this, in order to make an organization unique and to differentiate the company’s values, emotions and message from that of other companies, rebranding is done. According to Houliez (2010) this helps the organizations to stay unique in the market of counterfeit products where different organizations manufacture and sell the same products claiming the same services to the customers. Moreover, Hayden and Sevin (2012) claimed that in order to gain the lost market share organization undergoes rebranding to increase their market share. In addition to this, for holding a strong position in the market as well as among their loyal customers, rebranding is done by organizations (Keller et al. 2011; Kapferer, 2008). Moreover, in order to hold back their uniqueness, organizations undergo branding which is a powerful tool of marketing. Through branding, strong messages are conveyed to the customers that also help in acquiring a good market position.

Messely et al. (2014) commented that in order to rebrand the organization, initially the organization has to do a good market research before the prelaunch. The organization need to build a new brand identity that communicates the brand along with its purpose to the customers. The name, colors, tagline as well as logo and design all need to changed and re-launch as per the customer need and requirement. Moreover, Peter and Dadson (2014) also had a view that with the changing trend, the organization also builds their own website for giving their online presence to the customers. This is done since now days, with the modern usage of technology, the customers are leaned towards the companies having their presence online either through apps or their websites. This makes the organization‘s rebranding strategies strong enough to win back the customer’s loyalty and belief as well as make its presence strong in the long run.

In addition to this, rebranding strategy should also include a sequence of steps that need to be methodical and also need to have brand equity. It is essential since a better brand equity will be improve both the revenues as well as lowers the cost of marketing. Moreover, Go (2011) also commented that awareness of the brand also is an important part of rebranding. This is because; the customers need to know about the brand name of the organization that has gone rebranding for meeting up the needs and wants of the customers.

Research Questions

Czinkota et al. (2014) commented on an essential fact that re-branding is essential in today’s; competitive market in order to re-launch the organization in a new mould. This is done for attracting the customers as well as for holding a competitive position in this ever competitive market. Re-branding includes an overall change in the organization’s name, logo, color, message, slogan etc. that conveys the purpose of the brand in the market. Houliez (2010) had an opinion regarding this is that it is to be remembered that a brand depicts an everyday interaction with the customers through its image and value. A brand finds its position in the market through emotional bond with the customers. Moreover, from the view of Herstein et al. (2014) re-branding is done to define and refresh the customers with a new promise and message that the company wants to convey the customers. It is also believed that a better re-branding and its rebranding strategies, the better will be the position of the organization among customers.

In addition to this, Hayden and Sevin (2012) also had a view that rebranding strategies also need to be strong and the re-branding strategies also need to have a strong purpose. This is because, the better and strong the motive of re-branding will be, the better organization will be having a strong foothold in the market and among the hearts of the customers. According to the opinion of Gregory (2004) organization re-branding strategies need to be such that organizations acquire prospective customers. Moreover, a good re-branding strategy will also help in generation of more and more revenues that will also help in occupying a prestigious position in the market and among competitors (Hem et al. 2009; Gillett et al. 2011).

Since, re-branding is an overall change in the brand and branding strategies, this also helps the organization in reaching out to new demographic areas. Hatch and Schultz (2008) commented that this increases the customer database to a huge extent along with increase in profit, revenues as well as new opportunities. This also creates a new belief among the hearts and minds of the customers that also helps in gaining back the loyalty and belief of the previously loyal customers. In addition to this, Cull (2012) had a view that better re-branding and re-branding strategies will also increase the degree of attachment of the customers to the brand. This re-branding also serves as a barrier to its competitors and also has a secured competitive advantage over others.

From the view point of Messely et al. (2014) rebranding influence the buying decisions of the customers to a huge extent. This is because, the customers initially has been the customers of the company and also had belief and loyalty on that organization. Re-branding also helps in modification of the consumption of the customers that change with the change in market scenario and changing demand. According to Houliez (2010) it is seen that the customers are in favor of choosing those products and brands that have its image close to the customers and conveys a strong message to the customers. Moreover, depending on the intention of the customers and through the past experience and word of mouth, buying decision of the customers are much influenced (Fombrun et al. 2008; Elliott and Percy, 2007).

Rationale of the Study

In addition to this, Hatch and Schultz (2008) also commented that depending on the social class and in order to display the products, money and wealth in the society, customers generally are inclined towards branded products. So, good branded products create a snob appeal to the customers that are brought from their unique choices and preferences. Moreover, Gregory (2004) had an opinion that customers are also inclined towards branded products since this provides an assurance, quality, measured quantity as well as efficiency of the products and services along with it. Customers now have become very conscious regarding the counterfeit products, so in order to get a superior service or product at the price they are paying for, customers get inclined towards branded products. Zenker and Martin (2011) commented that this is also an added advantage to the companies thinking of rebranding itself. This is because, customers already know about the products and services so, the cost of advertisements and celebrity endorsements also decrease to a considerable extent.

Apart from this, the brand awareness among the customers regarding a specific brand also helps in increasing the awareness among the customers. According to Szondi (2010) the more the customers will be aware of the brand; the better will be the brand loyalty. Moreover, rebranding also helps in increasing the emotional attachment with the customers since the customers receives the same brand in a new mould. Herstein et al. (2014) commented on the fact that the previous loyalty, relationship and persistence are once again charged up on rebranding. The customers also have that loyalty and faith in the old brand, so based on that faith rebranding is done. This proves that rebranding can be created from a strong brand that is associated with the memory of the customers. Go (2011) also had an opinion that the customers that are based on the brands have a greater response towards re-branding. This is because; they believe that the companies having rebranding serve a better purpose to the customers. As a result, companies get profit by collecting higher revenues from the trustworthy customers (Dahlén et al. 2010; Chen, 2009).

Houliez (2010) commented on the fact that both branding and rebranding have their own advantages and benefits that help the organization in reaching a prestigious height in this competitive market. A brand is well recognized among the customers through their name, value, logo, color and the promises that it gives to the customers. In addition to this, Gregory (2004) had an opinion that branding helps in distinguishing one company from that of the other company though both the companies are selling same products. Branding overall helps the organization in conveying the message that it promises to deliver its customers. Moreover, from the view point of Messely et al. (2014) the attractive labeling, packaging, logo and designing also need to be unique in order to create a visual impact on the minds of the customers. This creates a better sale, collection of revenues and effective as well as consistent market position.

Structure of the Research

On the other hand, Hatch and Schultz (2008) had a view that rebranding is also a strong marketeering strategy that helps in creation of market opportunity and also allows the company on reaching new demographic areas. Rebranding also helps in creating brand personality that also helps in conveying the message to the customers for which the company has undergone rebranding strategy. According to the words of Hatch and Schultz (2008) rebranding help the companies in taking a new breathe of a new life by bringing a new twist to its products and services. Moreover, in order to stay current with the changing trends and also to differentiate the company with that of other companies, rebranding is essential (Buckingham, 2011; Azoulay and Kapferer, 2008; Kumar, 2009).

In addition to this, based on the opinion of Cull (2012) rebranding also helps in shift of the focus that also helps in receiving new opportunities and helps in growth of the company. Rebranding also helps in shifting values, preferences and attitudes that totally affects the customer buying behavior. Cleave and Arku (2014) also commented that rebranding helps in gaining a competitive advantage to the companies as because, this reflects the company’s current market scenario as well as it also helps in accelerating performance. Apart from this, rebranding also helps in stimulation of the growth that also helps in efficiently catering services to the customers. Moreover, Chasser and Wolfe (2010) also commented on the fact that rebranding is done for creating a strong foothold that also helps in expansion of the market as well as completion. Rebranding also facilitates innovation that focuses to profitability of the organization.

With the increase in market position and size, the brand that is associated also get increased in order to achieve a good market position. Zenker and Martin (2011) had an opinion that with the advancement of the technology and with the new technology improvement, companies undergo rebranding. As a result it calls for a higher return and success to the organization. Rebranding also helps in making the organization unique among the customers through unique brand image and identity. According to the verdict of Szondi (2010) while rebranding, the logo of the organization also changes that also helps the organization in confident branding in order to communicate strong target audiences. Moreover, the logo needs to be truthful and well executed as well as authentic. From the viewpoint of Cull (2012) this helps in creation of a well communicable business credential. Apart from this, branding and rebranding also helps in development of a good relationship with the customers that also help in better revenue collection as well as better marketing the product.

Though there are many pros and cons of branding and rebranding, the organization also faces certain disadvantages due to it. Messely et al. (2014) commented on the fact that too much of branding makes the customers feel irritated and also makes them feel that for hiding the drawbacks; the company spends money behind branding. Too much branding and celebrity endorsements and advertisements increases the cost of the company’s budget. Houliez (2010) also had a view that this is bad for the company since that money could have been used for the better quality of the product. Moreover, sometimes too much branding also creates a negative branding among the people that tarnishes the brand image of the company among the market (Lim and O'Cass, 2009).

Summary

According to the opinion of Szondi (2010) rebranding sometimes can be negative to the organization. This is because, sometimes the organization created a total mess on rebranding. This is because; an organization going well in the competitive certainly undergoes a change that cannot be accepted by the customers. This leads to the dissatisfaction of the customers that also creates disharmony among the customers. In addition to this, Peter and Dadson (2014) had an opinion that this ultimately leads to the organizational loss as well as loss of revenues and loyal customers. So, in order to keep a pace with the changing environment and customer requirements and needs, rebranding of the organization should be done.

This section of the research work focuses on the importance of branding and rebranding. The researcher has well discussed about the necessity of rebranding that it helps in creation of the old brand into a new one through effective logo, slogan, color, looks etc. This help in giving a refreshing look to the customers as well as promises the customers in providing new services and products. This also helps the company in getting them differentiated from the other companies that also helps in getting a new market share and position that also helps the organization in a long run. The distinctive features and tagline also helps the organization in occupying a good position in the market and also helps in re-occupying the customer’s loyalty and faith. In addition to this, the researcher also discussed the disadvantages of excessive branding and rebranding. It is seen that excessive branding and rebranding affects the company negatively and also sometimes irritates the customers to a great extent. This creates disharmony among customers that negatively affects the brand image of the organization.

 Introduction:

This section of the research study has focused upon the methodology of the research. Research methodology is the systemic and scientific process that helps to conduct the whole research process with proper explanation of the method and process (Bergh and Ketchen, 2009).

As stated by Bernard (2011) research methodology chapter contains philosophy of the research, strategy and purpose of the research. This chapter delivers the accurate design of the research that helps to complete the whole research process with scientific explanation. Methodology of the research contains research onion, philosophy of the research, approach of the research and data collection process, sampling technique etc.

In order to conduct whole research process, the researcher has chosen post-positivism philosophy as well as deductive approach and descriptive design for conducting the whole research within a very systemic and scientific process. The researcher has collected primary as well as secondary data for the process of analysis. Therefore, the primary data has been analyzed for completing the research process. Quantitative analysis has been presented in Microsoft Excel by the researcher.

According to Saunders et al. (2009), research onion is a systemic process that helps the researcher in order to complete the whole research process with systemic approach. Research onion is very organized in manner and has six layers. Every layers of research onion describes every necessary steps of the research study. Therefore, first layer of research onion describes different philosophies of research. On the other hand, second layer describes approach of research. Other layers of the research onion describe approaches, strategies, data collection process, data analysis technique and time horizon of research study.

Research opinion

Figure 2: Research opinion

(Source: Saunders et al. 2009, pp- 52)

There are various philosophies of research that explain proper knowledge, idea and information of the relevant as well as related topic of a research. Research philosophy help to guide a whole research study with proper explanation of theory and concepts. Epistemology, axiology and phenomenology are the paradigm of research. Therefore, various philosophies of research derive from epistemological paradigm. Research philosophies are positivism, post positivism, interpretivism and realism (Cooper and Schindler, 2010).

As stated by Bryman and Bell (2011) positivism deals with various philosophical aspect of research. It deals with real fact and data that helps the researcher in order to understand the area of research with proper rea facts. Post positivism therefore deals with cross checking the real data. It can be stated more relevant and real. Post positivism delivers accurate, clear and redefined as well as cross checked data for completing research study.

Research philosophies

Figure 3: Research philosophies

(Source: Toloie-Eshlaghy et al. 2011, pp- 110)

For completing this particular research study, Post-positivism has been taken by the researcher. The impact of rebranding on the performance of LG can be analyzed by post-positivism philosophy of the research. It is practical knowledge based research study. Therefore, case study on LG performance after rebranding from golden star is best suited for post positivism approach.

According to Truscott et al. (2010), research approach is two types. Those are inductive and deductive approach. Deductive approach helps the researcher in order to complete the whole research process with appropriate theories and concepts. Deductive approach builds hypothesis with the existing theories and concepts and models. Inductive approach firstly plans and then executes models and theories as per the whole research topic of the research study.

For this research study, deductive approach has been selected by the researcher. Deductive approach therefore helps to conduct the whole research study of the particular topic with proper knowledge of existing theories and concepts those are very necessary and relevant for the research purpose.

 Research approach

Figure 4: Research approach

(Source: Harrison and Reilly, 2011, pp- 10)

As stated by Huxham and Vangen (2008) research approaches are various types; those are exploratory, explanatory and descriptive research purpose. Descriptive research design helps to conduct the whole research process with proper explanation of theories, concepts and models. Descriptive research design helps to conduct the whole research process with proper explanation of theories and concepts with detail manner.

Justification of the chosen purpose:

For this research study, explanatory purpose or design has been chosen by the researcher. Explanatory research design of research helps to conduct whole design with the appropriate context and in a descriptive manner. This design helps to conduct the whole research with the relevant theories, models and concepts of the related research topic. In this research topic, various theories as well as concepts and models of branding have been analyzed with the explanatory research design.

As stated by Johnson et al. (2007) research strategy helps to direct the process of collecting the data from various types of sources of information. Strategy of research therefore tells the strategy of data collection. Various types of research strategies are experiment, survey or case study analysis.

For this research study, mixed strategy has been selected by the researcher. Survey strategy has been selected by the researcher. Survey has the opportunity of giving close ended questions. This type of questions helps to do quantitative analysis by very easy way. On the other hand, telephonic interview process has been undertaken by the researcher for getting best result from the managers of the particular organization.

Sample refers to those respondents who have been involved directly or indirectly in the process of sampling for analyzing the data. 

According to Burns et al. (2008), sampling technique involves two process, those are probability and non probability sampling technique. Probability sampling technique helps the researcher in order to select the data by random process. Simple random technique has been used by the researcher in order to choose the customers of the organization. Probability method of sampling helps to choose the sample by methodically and as per the requirements of the research.

For this research study, the researcher has used probability sampling method for choosing the customers and managers of the organization. Simple random technique of probability sampling has been used by the researcher for selecting the customers of the company. Managers of the company have been chosen by the researcher by taking the help of probability sampling method.

The researcher has done the survey among 70 frequent customers. Within 70 customers, 50 customers have answered properly. On the other hand, the researcher has taken 4 senior officials (2 brand managers and 2 market analysts) of LG Electronics Group as sample. Therefore, the sample size for the customer is 54.

As stated by Bergh and Ketchen (2009), data collection process is two types; those are primary data collection and secondary data collection process. Primary data refers to the unpublished data that has to be taken from the respondents of the research study. On the other hand, secondary sources of the data refer to those data those have been collected from various relevant books, journals and websites.

The researcher has done online surveys among the customers of LG through social media site. The researcher has also taken telephonic interviews of the managers of this particular company. It is the process of quantitative data collection of the research.

The researcher has carried out telephonic interview of 4 senior officials (2 brand managers and 2 market analysts) of the company in order to collect qualitative data collection.

As stated by Saunders et al. (2009) sources of data can be of two types, those are primary and secondary sources. Survey result of the customers and telephonic interviews of managers refer to the primary data sources for this particular research.  However, various relevant published materials, like books, journals, and personal blogs are the example of secondary sources of data.

Primary data from customers and managers have analyzed in quantitative manner. The quantitative analysis have been presented in the excel sheet with proper explanation of diagram and chart. On the other hand, qualitative analysis has been presented in Microsoft word page.

Collected data can affect the image of the organization. Answers of respondents can hamper the reputation of the company. Therefore, the researcher has avoided those data those have the intention of hampering the data.

For this research study, the consent of the managers has been created trouble for the researcher.

Budget and time are the main limitations for the research.

Main activities/ stages

Week 1

Week 2

Week 3

Week 4

Week 5

Week 6

Week 7

Select the topic

§   

Data Collection (Secondary Sources)

§   

§   

Layout Creation

§   

Literature Review

§   

§   

§   

Form the Research Plan

§   

§   

Select the Appropriate Research Technique

§   

§   

Data Collection (Primary)

§   

§   

Analyse and Interpret the data

§   

§   

Data Findings

§   

Conclusion of the Research

§   

Forming Rough Draft

§   

§   

Final Work Submission

§   

§   

Table 1: Gant chart

(Source: As created by author)

This portion has discussed the research methodology of the research. Data collection process, analysis technique, sampling method has been discussed in this chapter.

Introduction

This section of the research work deals with the qualitative and the quantitative questionnaires that are asked to managers and customers respectively. The customers are asked quantitative questionnaires through social media such as Facebook and Twitter. The managers are interviewed through telephonic round since they are busy people and don’t have much time. The researcher while doing the research work questioned the people that help in better and in-depth understanding of the research work.

Q1) Have you ever heard the name of Golden Star?

Options

Total no of respondents

No. of respondents

% of respondents

Yes

50

12

24%

Maybe

50

15

30%

Sometimes

50

10

20%

Never

50

13

26%

 
Table 2: Customers knowledge regarding Golden Star

Customers knowledge regarding Golden Star

Figure 5: Customers knowledge regarding Golden Star

Findings:

From the findings, the researcher has seen that nearly 24% of the customers have heard the name of Golden Star. 30% of the respondents may or may not have heard the name of the company. 20% of the respondents have commented that they have heard the name of Golden Star sometimes in their life. The rest 26% claimed that they have never heard the name of Golden Star before.

Analysis:

The researcher has analyzed on the basis of the findings and commented that people have heard the name of Golden Star previously. This is because this is an old company and was incorporated in 1956. Many of the customers also claimed that they have not heard the name since by that time the cost of the products were comparatively high and people couldn’t possibly buy it. There are some customers who have heard the name while incorporating the company’s history or from the seniors. Since, it is an old company and the name has been changed quiet a long ago, today’s generation has never heard the name.

 

Total no of respondents

No. of respondents

% of respondents

Yes

50

30

60%

Maybe

50

7

14%

Sometimes

50

10

20%

Never

50

3

6%

 

Table 3: Customers knowledge regarding LG

Customers knowledge regarding LG

Figure 6: Customers knowledge regarding LG

Findings and Analysis:

Findings:

According to the findings, 60% of the customers have knowledge regarding LG and have heard the name of LG. 14% of the customers are grouped into Maybe that they are not sure of the name. 20% of the customers have sometimes heard the name of LG and the rest 6% have never heard the name of LG.

Analysis:

The researcher has seen that most of the customers are aware of the name of LG since LG has been a leading competitor in the competitive world and hence the customers are using the products of LG. There are certain customers who may or may not have heard the name of LG since they are not using its products. Moreover, there are customers who have sometimes heard the name of LG since they prefer other brands over LG. and there are also certain customers who have never heard the name of LG as because, they are not accustomed with the company and are not using the company products.

Options

Total no of respondents

No. of respondents

% of respondents

Television

50

10

20%

Refrigerator

50

8

16%

Air-Conditioner

50

12

24%

Washing Machine

50

8

16%

Phones

50

7

14%

Others

50

5

10%

 

Table 4: Customers Knowledge regarding the usage of LG products

Customers Knowledge regarding the usage of LG products

Figure 7: Customers Knowledge regarding the usage of LG products

Findings:

20% of the customers have used television of LG, 16% of the customers are using refrigerator, 24% of the customers are using Air-Conditioner and 16% of them are using washing machine of LG. Moreover, 14% of the customers have knowledge regarding LG phones and are using the phone. The rest 10% are using other products of LG and are quiet knowledgeable about it.

Analysis: 

Through this data analysis, researcher has seen that customers prefer the LG products a lot. Televisions and Air-conditioners are in great demand among the global customers. In addition to this, refrigerators, mobiles and washing machines are also in great demand and are more technologically advanced and are user friendly and easy to use. Other than this, there are also several products of LG that are also in great demand among the customers.

 

Total no of respondents

No. of respondents

% of respondents

Highly Satisfied

50

15

30%

Satisfied

50

12

24%

Neutral

50

8

16%

Unsatisfied

50

8

16%

Highly Unsatisfied

50

7

14%

 

Table 5: Satisfaction level of the customers with the products

 Satisfaction level of the customers with the products

Figure 8: Satisfaction level of the customers with the products

30% of the customers are highly satisfied with the LG products and 24% of the customers are also satisfied with LG products. 16% of the customers are neutral towards the products. The rest 16% and 14% of the customers are unsatisfied and highly unsatisfied respectively regarding the usage of LG products.

Through the data analysis, researcher came into the conclusion that maximum of the customers are highly satisfied with the LG products. This is because, the products are highly technologically inclined, usage of modern expertise and are also well equipped that makes the work easy for the customers.  In addition to this, it is also seen that there are some customers who are neutral towards the LG products as because they have used the appliances for their basic purposes that are resolved by the products. Maybe, they are not keen regarding ant brand and are focused on completion of the work.  Moreover, there are certain numbers of customers who are not satisfied with the services of LG products. This is because; maybe the products are faulty or defective and didn’t serve the purposes of the customers. Maybe, the customers are also not happy with the grievance handling of the organization.

Options

Total no of respondents

No. of respondents

% of respondents

High

50

15

30%

Medium

50

20

40%

Low

50

5

10%

Neutral

50

10

20%

 

Table 6: Extent of impact of rebranding on the performance of the company

 Extent of impact of rebranding on the performance of the company

Figure 9: Extent of impact of rebranding on the performance of the company

Findings:

30% of the customers highly believe that rebranding of the company has given a positive effect on the performance of the company. 40% of the customers have a medium opinion that rebranding has a medium impact on the performance of the company. 10% of the customers have commented that they have a low perception regarding rebranding of LG and its impact on the performance of the company. The rest 20% of the customers are neutral towards rebranding and nave not commented anything regarding the improvement in the performance of the company after rebranding.

Analysis:

The researcher has seen that a certain percentage of customers have expressed their views that due to rebranding the performance of company has improved to a huge extent. On rebranding, certain products are also re-launched that have given the company a competitive shot in the global competitive market. There are certain customers who have a medium opinion regarding rebranding. This is because; these customers are focused on the purpose that needs to be solved through these electronic devices rather than the company name. Moreover, there are low percentage of customers those are not happy with the rebranding strategy. This is because, they believe that when the company was named Golden Star, they performed better and their quality of products was far better. The rest amounts of customers are neutral towards rebranding concept since they are focused on the products of any company rather than name and rename of the company.

Options

Total no of respondents

No. of respondents

% of respondents

Its logo

50

8

16%

Its tone

50

7

14%

Its tagline

50

4

8%

All of the above

50

30

60%

Others

50

1

2%

 

Table 7: The brand orientation

 The brand orientation

Figure 10: The brand orientation

Findings: 16% of the respondents are of this view that its logo is finely attractive which attains the brand equity. 14% of the respondents have stated that its tone is unique. 8% of them have stated tagline is the main point of attraction for the customers. 60% of the respondents have nodded to the point that logo, tone and taglines are main section which fascinates more customers of the market place. 2% of the total respondents pointed to the other approaches that fascinate them to LG products.

Analysis: From this discussion it is clear that for branding approach logo, tone and tagline of LG Electronics Group is really sophisticated. It is needed to be stated that the approach of the organizational growth is superficially managed and determined. For the common people it is sure more than the branding’s appeal, satisfaction required by the product is needed to be necessarily managed. It seems to cast a significant effect on the business and organizational development at the same time. It seems to cast an effective business ethics that manages the situational approaches for the development of the organization.

Options

Total no of respondents

No. of respondents

% of respondents

Yes I do

50

23

46%

Yes, but its effects are limited

50

12

24%

Its effects are neutral

50

10

20%

It does not have any effect

50

3

6%

I don’t know

50

2

4%

Table 8: Whether branding is an effective part of organizational development of business

Whether branding is an effective part of organizational development of business

Figure 11: Whether branding is an effective part of organizational development of business

Findings: In order to respond to this question, 46% respondents seem to have nodded to the positive note that they are quite intrinsic to this approach that the role of branding is effective in the organizational development. 24% respondents although has been positive to their approaches but they has stated that their effects are limited. 20% respondents have voted for neutral approaches. 6% people appear to be negative by saying that there is no role of the organizational development by branding. Only 4% respondents cannot answer to this point.

Analysis: From this approach it is clear that the role of branding is the part of specific organizational development. But branding is literally a sophisticated approach of the organizational development. The Business development of the organization depends on intense structural manipulation. The organizational ethics are also sophistically maintained. Branding not only helps the organization to reach to the doors of the customers, at the same time its efficiency in the organizational development of market is also ethical. It lets people to get charmed and attracted to the products and the organization as a whole.

Options

Total no of respondents

No. of respondents

% of respondents

Yes it is

50

15

30%

It is certain

50

12

24%

It’s not so much sophisticated

50

10

20%

Its effects are limited

50

11

22%

Its effects are not so much intrinsic

50

2

4%

Table 9: Whether branding is effective for development of Business of LG

Whether branding is effective for development of Business of LG

Figure 12: Whether branding is effective for development of Business of LG

Findings: 30% of the total respondents are of this view that the effect of branding is really potential in order to develop the organizational ethics. 24% respondents mention this approach is really certain which ascertains its positivity and manages the growth of the organization. 22% of the respondents have mentioned the effects of branding are limited which often even denounces the business as well. 20% respondents mention that its effects are not so much intrinsic in this approach. 4% respondents have mentioned that its effects are not so much intrinsic.

Analysis: Branding is literally a tool of making the customers attracted. After getting changed from the ethical positioning, the approach of branding is effective in its approaches. It also needed to be stated in this approach LG Electronics Group is intrinsic in order to gain more sophistication of the market place. Being changed from Golden Star, LG was really in need of reaching to the customers with its products. This is the brand approach which let the organization to be known being in the market place. The development in the branding is effective which seems to be also helpful for the conditional approach as well.

 

Options

Total no of respondents

No. of respondents

% of respondents

Strongly agree

50

20

40%

Agree

50

9

18%

Neutral

50

13

26%

Disagree

50

6

12%

Strongly disagree

50

2

4%

Table 10: Whether the organizational equity for LG is sophistically maintained

Whether the organizational equity for LG is sophistically maintained

Figure 13: Whether the organizational equity for LG is sophistically maintained

Findings: In order to respond to this question it is seen 40% of the total respondents strongly agreed with this fact that in maintaining of the organizational equity the role of LG Group is really potential. 18% of the total respondents have nodded to the point agreed. 26% of the total respondents have preferred to be neutral in their approaches. 12% respondents have completely disagreed to this factor and 4% of them has strongly disagreed this factor.

Analysis: After making this analysis one can come to this conclusion that to gain the market advantages and attaining the organizational equity approach an organization is needed to be intrinsic in their approach. With organizational equity comes market orientation and sophistication of the market value. The organizational ethics and business can be maintained by this approach. The conditional approach of organizational equity needs to be maintained.

Options

Total no of respondents

No. of respondents

% of respondents

Strongly agree

50

21

42%

Agree

50

12

24%

Neutral

50

9

18%

Disagree

50

7

14%

Strongly disagree

50

1

2%

 

Table 11: The actual stand of LG in the market place

The actual stand of LG in the market place

Figure 14: The actual stand of LG in the market place

Findings: 42% respondents seem to have managed in saying that they strongly agreed with this fact that the market of LG Electronics in the market place has increased literally in the past few years. 24% respondents have stated to be agreed. 18% respondents preferred to remain neutral in this approach. 14% people has disagreed this factor completely. 2% of them has strongly disagreed with this approach.

Analysis: From this analysis it is clear that LG in the past few years has expanded its business ideality which has created more sophistication in this approach. It is to be stated that the demand of the products is having a literal approach. In the past few years LG has rejuvenated its market orientation which makes it more sophisticated in doing business. Although the products of electronic home appliances of different companies has come to a composition with the other companies. Therefore, with an extensive demand of the products a proper manifestation of the market can be maintained.

Q1) What are the objectives behind Rebranding?

One of the Brand Managers has commented that rebranding is done in order to give the customers a new felling of the product in a new twist. This is refreshment given to the customers who are getting bored with the name, color, logo and slogan of the old company. According to the manager, rebranding is giving a new taste to the customers wrapped in a new packaging system but with the old promise of customer satisfaction and greater market share along with occupying a competitive lead in the global market.

In addition to this, another brand manager had an opinion that in order to develop the organization and extend the organization globally. Moreover, in order to target the new audiences as well as increase the product line, rebranding is done. Along with the change in new CEO and to get rid of the old image in the market, company has undergone rebranding. Apart from this, when the company re-launches itself in a new name and brand, then come new promises. These promises are the new strategies to the customers for satisfying the needs and requirements of the customers.

One of the market analysts has commented on the fact that after rebranding of Golden Star to LG, the performance of the company soared high up in the sky. The business sales have increased to a considerable extent. In addition to this, the company also has increased their product line that also made the company successful after rebranding. The logo, color, slogan and even the strategies have undergone a massive change after rebranding. This has given a new taste to the customers that help in extending the customers as well as giving refreshment to the customers.

Another market analyst has also commented that the company has reached a considerable height and is also globally famous regarding the rebranding strategy that the company has opted for. The organization on rebranding has extended the product line and as a result, the company has occupied a good and a leading market position in this global competitive world. The diversification of the organization along with products and services also improved the performance of the company to a great extent. 

According to one of the branding manager of LG is powerful in solving grievances. The company is effective in solving the grievances by attending the customers to a great extent. This effective grievance solving has helped the company in reaching a good and prestigious position in this global world.

One of the market analysts has commented that after re-branding the company’s performance in grievance handling has become effective to a good extent. The company sales and after sales services has increased to a considerable extent. This has made the customers happy and content with the organization.

Throughout this chapter the researcher has mentioned the different approaches and steps undertaken by LG Electronics Corporation. How much these approaches of branding proves to be successful and how much these approaches are providing liabilities to the customers is significantly developed in the context of this chapter, represented through graphs, tables, charts and diagrams.

Conclusion and Rercommendatiobns:

Introduction

This section of the research work is focused on the rebranding of the organization named Golden Star to LG. it is seen although the research that, on rebranding, nit only the performance of the organization is increased but also the organization’s name and brand has flourished and has become a global leading competitor in the sale of electronic goods. This section will be dealing with the future scope of the research work along with linking the objectives.

Branding through the study is seen to be literally important which seems to have a conditional approach on market growth and seems to be more competent in developing the business ethics as well. Controlling of the market and in order to control the faith of the consumers, the role of branding is significant.

LG Group seems to have undergone significant changes in the marketing ethics after appearing in the market place being rechristened from Golden Star. This help in developing the rebranding attributes. More to be added, the ethical and dynamic approach of development of the market place for the organization is literally essential. The research has significantly revealed that how this approach has become an essential part of development in the marketing approach.

In this section of the study the researcher is going to set a link with the aforesaid objectives and tries to denote that whether these objectives were successfully implemented and practiced by the research while doing the researcher work.

In quantitative approach, Q5 states that the rebranding is literally important factor which manages in developing the ethical propositions. The impact of managing the company’s ethical aspects is essentially maintained. The performance of LG from the organizational point of view is literally important.

As LG Electronics Corporation is underpinned by the teething competition in the market such as Samsung, Hitachi and others, it has to be confident in the marketing approach. The strategical rebranding of organizational ethos is necessarily evident. In order to maintain the market penetration, rebranding approach of LG is essentially significant. In order to maintain the organizational ethos, managing the market approaches with applying effective brand value is essential. Henceforth, this objective has successfully been developed and managed in the study by the researcher.

In Q2 of the qualitative analysis when the senior officials of LG Electronics Group were asked about that whether rebranding of LG is successful or not, they seems to have mentioned different points. Most of them revels that for attaining the branding development the organizations are needed to be market oriented. Recognizing the necessity of the market place is the most essential attribute which helps the organization to be developed intrinsically

It needs to be critically stated that approaches of the strategical development of the organization pertains to have a significant development of the market place. To attain the orientation of the market place, the value of branding considers being significant to have organizational development. Therefore, it can be stated this current objective is successfully managed and researcher in this research work.

In Quantitative research approach in analyzing of Q7 and Q8 it is seen that people stated to believe that rebranding approach for an organization is the biggest issue of development in the market place. The business approach is literally effect which organizes the ethical factors of the market place. When asked about LG in Q8 again it is seen the approaches of branding is quite sophisticated to attract more customers of the market. With branding, the market selling of LG Electronics Group has also increased significantly. So finally it can be stated that thi particular objective has also meet intensive success.

While conducting this current research work the researcher has find out some of the loopholes and problems. This helps the researcher to identify what are the possible approaches. Following these approaches seem to be helpful for the researcher to develop the points of recommendations.

The market approaches for LG is needed to be more convenient and detrimental which may help the organization to be intrinsically developed. Implementing the innovation of the different products can said to be helpful for attaining market reorganization. For this approach a proper marketing strategy is needed to be implemented by the organization. Therefore, it can be easily stated that the market organizers can let the international market sector to be developed potentially.

The organization with the time needs to bring changes in the brand approach. In accordance to the culture and orientation of a country brand appeal is needed to be satisfied. The branding is the main strategical sector which has to be reorganized and properly managed. The branding helps in developing the strategical marketing approach as well.

As the brand quality is mandatory to be maintained making the common people aware of the brand, products being delivered and of the company is literally important or the organization. Before adjusting with a market it needs to be properly researched and revamped. The promotional approach is literally important to be managed as well.

The researcher while doing the research work has came to understand that rebranding now days is an important marketing strategy to increase the sales, increase revenues and customers. The more effective, the re-branding strategies will be, the better the organization will be occupying a prestigious position in the global competitive world. Rebranding enhances a change in the name, logo, color, slogan of the organization and provides refreshment to the customers who have become bored with the old name and old company profile. So rebranding has to be proper to circumvent challenges and the increasing competition.

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