So, here's an example of how this actually worked in the United States and Europe. Now you are a little too young to remember this brand. But many years ago, a car company became really popular because of these very small cars, these vehicles were cute and really sporty. In fact, lots of people drove them. After a number of years, however car style changed and cars became larger. Eventually, the company stopped making the small cars.
Well about ten years ago, the company decided to produce this type of car again. The company thought that the sporty look and itssmall size would be attractive to lots of people today, especially people living in cities. See this car drives through crowded city streets, easily and can be parked in pretty tight spaces. But the little cars from the past also used a lot of gasoline. Nowadays most consumers prefer cars with engines that are fuel efficient, right? So the company recognized this trend and redesigned the cars to have more efficient engines. The cars have the same cute sporty look, but this version uses less fuel. And in fact, they’ve become really popular with today’s model selling quite well.
Explain brand revival and how the example from the professor’s lectureillustrates it.
Brand revival is a strategy that companies use by redesigning products to meet the standards of new customers and increase sales. In the lecture, the professor mentions that there was once a car company selling very small cute cars which were quite popular in those days. But then the size of the cars became larger, so the company stopped producing this kind of small cars. Until ten years ago, the company decided to produce those cars again because they thought that the small size of the cars would attract new consumers since it would be much easier to drive and park a small car in the city. All the company needed to change was to redesign the engine to a more efficient one so that people would prefer more because they would spend less on fuel. As a matter of fact, the new cars do sell well.
