Brand Identity and Brand Equity are important for the future of a company. To use a sports analogy –Would you rather be the New York Yankees or the Kansas City Royals?
Let’s take a look at what happened to some brands that have endured a crisis.
BRITISH PETROLEUM (BP)
British Petroleum re-branded itself as BP as it spread throughout the world. They played off the initials by saying “BP” stood for “Beyond Petroleum.” After, the debacle in the Gulf of Mexico the stock lost almost 50% of its value.
Expected Response: Best estimate is they may re-brand back to Amoco, which they bought in the US and rebranded to BP.