Old Spice - Rebranding Done right: Marketing Lessons Gained from the Case of Old Spice Institution: Roskilde University Line of Study: Business Administration Authors: Jens Gustav Aagerup Jensen, Lukas Børglum Højland & Nichlas Holme Larsen Student nr: 55436, 55440 & 55619 Supervisor: Boel Jørgensen Characters: 142.529 Roskilde University Business Administration Old Spice - Rebranding Done right: Marketing Lessons Gained from the Case of Old Spice 1 Roskilde University Business Administration Table of Content Chapter 1 - Problem Area .......................................................................................... 3 Problem Area – Old Spice ............................................................................................................................ 3 Research Question: ...................................................................................................................................... 6 Limitation ................................................................................................................................................... 6 Chapter 2 - Methodology ........................................................................................... 7 Introduction................................................................................................................................................. 7 Case Study Justification ............................................................................................................................... 7 Social Constructivism ................................................................................................................................ 10 Empirical Data .......................................................................................................................................... 12 Conclusion ................................................................................................................................................ 13 Chapter 3 - Theoretical Considerations ...................................................................13 Introduction............................................................................................................................................... 13 Vision, Culture and Image .......................................................................................................................... 13 Co-creation ............................................................................................................................................... 17 Customer-Based Brand Equity Model (CBBE) ............................................................................................. 18 Operationalisation - Conclusion .................................................................................................................. 24 Chapter 4 - Old Spice ...............................................................................................25 Old Spice - History .................................................................................................................................... 26 Timeline ................................................................................................................................................... 28 Data Proof ................................................................................................................................................. 29 Old Spice’s Narrative ................................................................................................................................. 30 Conclusion ................................................................................................................................................ 32 Chapter 5 - Analysis .................................................................................................32 Analysis of the TV commercial” The man your man could smell like.” .......................................................... 33 Humor as the weapon of choice .................................................................................................................. 36 Use of sexual information ........................................................................................................................... 39 Co-creation analysis of old spice ................................................................................................................. 41 The Use of Narratives in marketing ............................................................................................................. 43 Customers Segmentation ............................................................................................................................ 46 2 Roskilde University Business Administration Cultural meaning and celebrity endorsement ................................................................................................ 50 Conclusion ................................................................................................................................................ 54 Chapter 5 - Discussion .............................................................................................56 Vision, Culture and Image Model ................................................................................................................ 56 Customer-based brand equity ...................................................................................................................... 59 Discussion - Analysis ................................................................................................................................. 62 Chapter 6 - Conclusion ............................................................................................65 Conclusion ................................................................................................................................................ 65 Perspectivation .......................................................................................................................................... 67 Reflection ................................................................................................................................................. 68 Chapter 7 - Bibliography .........................................................................................69 Books ....................................................................................................................................................... 69 Journal Articles ......................................................................................................................................... 70 Websites ................................................................................................................................................... 73 Chapter 1 - Problem Area Problem Area – Old Spice Since advances in technology are levelling the playing field, the brand becomes a valuable asset (Arvidsson 2005). Branding is, contemporary, a cornerstone in marketing literature and practice, scholars, and marketing practitioners are all seeking to establish and understand brands. No matter the industry, product or service, being a household brand are of particular interest for all companies (Williams 2000; Arvidsson 2005; Gardner & Levy 1955). Establishing a brand is not a straightforward process, and there is no one size fits all model of generating brand equity (Arvidsson 2005). Brands are now such an important aspect that there are models of valuing 3 Roskilde University Business Administration brands; in financial statements, the brand value becomes an asset (Arvidsson 2005). Brands as a trademark, are often seen, as company's’ greatest asset (Arvidsson 2005; Williams 2000; Lury 2004). Maintaining a valuable and relevant brand is no simple task, and requires marketers to constantly reinvent the way in which they appeal to customers and generate brand awareness (Arvidsson 2005; Lury 2004). Marketing a brand is not only marketing the brand itself, but it is also to produce possible buying situations in which the brand is valuable (Keller 2001; Arvidsson 2005). With all this in mind, since brands hold such importance what happens when customers deem the brand obsolete or simply does not have an awareness of the brand's existence? When this occurs, brands have one more chance of sustaining, though, reinventing themselves, known as rebranding. Rebranding is a delicate process in which an organization chooses to offer renewed value propositions in order to develop a new brand identity (Tevi & Otubanjo 2013; Gotsi & Andriopoulos 2007; Stuart & Muzellec 2004). There are multiple reasons why brands might find it appealing to rebrand (Tevi & Otubanjo 2013; Miller et. al 2013). Rebranding can be an efficient tool in for instances cases were brands recognize a decline in sales, stigmas regarding the brand the brand seeks to get rid of or maybe to distance themselves from scandals (Tevi & Otubanjo 2013; Miller et. al 2013; Stuart & Muzellec 2004). Reasons for rebranding comes in two categories of factors i.e. external and internal (Tevi & Otubanjo 2013; Gotsi & Andriopoulos 2007). As there are several grounds for rebranding, likewise, there are numerous degrees of rebranding. Rebranding can range from a total makeover of the name, logo, color usage, product series, on the other end of the spectrum rebranding can also be a repositioning within the market (Tevi & Otubanjo 2013; Gotsi & Andriopoulos 2007; Miller et. al