In depth research needs to be undertaken before a name change occurs. In relation to IMC it is understood that consumers gain an emotional attachment towards a brand, especially the name. Even though pepsi will still be called Pepsi and it is just the parent name PepsiCo that will change, the research needs to prove that majority of consumers will be satisfied with the name change. To me personally it makes sense considering Pepsi brings in less than 25%, it is no longer the big earner. But then again the name has been around for a long time, so is the change worth it?
Lance Armstrong's career as a public figure, it would seem, is over. After all, he did not one but several of the lowest things you can do in sports (and life, really): He cheated, he lied about cheating, he allegedly harassed and persecuted those who told the truth about his cheating—and worst of all, he became an international hero in the process. Now that the U.S. Anti-Doping Agency has found Armstrong on the wrong end of "conclusive and undeniable proof" of a decade's worth of performance-enhancing drugs, and he's been banned from cycling for life and stripped of his seven cherished Tour de France titles, the public's regard for Armstrong has tumbled from Superman status down to the depths of disappointment and scorn.
But if disgraced heroes like Barry Bonds, Mark McGwire, Martha Stewart, and Tiger Woods taught us anything, it's that there's always a way to crawl back into the public's good graces—with the help of some powerful image-rehab magic conjured up by a trained professional, that is.
What, if anything, can be done to help rebuild Armstrong's image? Lance Armstrong, after all, isn't just a man. He's a marketable brand, too. Since it launched in 1997, his foundation Livestrong (formerly known as the Lance Armstrong Foundation) has raised more than $470 million for cancer awareness and research. So I asked four professionals in brand management, public relations, and consulting what advice they would give to Armstrong to help salvage what's left of Brand Lance...
Brand management is important for any product and when that brand loyalty is ruined it will be hard get that loyalty back. I personally don't believe that Lance Armstrong should be rebranded as such, as he simply cheated and lied, his brand was based on what we thought was a remarkable story of overcoming cancer and then winning 7 Tour de Frances. He has lost the trust and loyalty he once had by many worldwide and to gain this back will be long and difficult. Going to Oprah to do an interview, I believe was a smart move, Oprah is seen as a trustworthy and very credible celebrity, therefore poeple would view her as getting the truth and maybe viewing Lance Armstrong in a different light.
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