Branding strategy factor evaluation framework for brand renewal

Abstract

Brand management and strategy development is a complex and dynamic process that plays an important role in the competitiveness of companies. Brand awareness and consumer loyalty are the factors most closely related to consumer perception of a brand. The success of a brand is directly related to brand awareness, brand association, perceived quality and consumer loyalty to the brand. The article reviews the importance of the brand and the systematics and variety of branding strategies. The article also examines branding strategy, how consumers associate the new brand image compared to the previous brand identity. In order to determine which indicators determine the brand change from the side of the consumer and the company, a quantitative consumer survey and expert evaluation were used, and an evaluation system of the most important aspects was prepared as a recommendation using the TOPSIS method.