The decision to rebrand the industry is always one of the hardest ones for the company, implying the scope of investment and the possibilities of recuperation in the near future. However, while most companies tend to present more options for customers as a result, the case of Hickory Farms demonstrates that the business model works both ways. According to the researchers, one of the most important aspects of rebranding is ensuring the proper level of customer trust, securing minimal losses in the future (Bamfo, Dogbee, and Osei-Wusu). Hence, the decision made in the given context is, by all means, was the right thing to do in order to save the business.
Works Cited
“Alcohol and Drugs in the Workplace.”Addiction Center, 2020. Web.
Bamfo, Bylon Abeeku, Courage Simon Kofi Dogbe, and Charles Osei-Wusu. “The effects of corporate rebranding on customer satisfaction and loyalty: Empirical evidence from the Ghanaian banking industry.” Cogent Business & Management, vol.5, no.1, 2018.
Solomon, Michael R., Martin, Kendall, and Mary Anne Poatsy. Better Business (7th edition). Pearson, 2017.