How did Accenture transfer the brand equity from its original name, Andersen Consulting, to the new company name? To find a name that represents their company in a new face, the company put it as its top priority. Through marketing campaign, internet search, consulting outside firms, and employees’ participation worldwide, the company finally found its name, which is Accenture. During the process, the company was worry of how to transfer the brand equity from its original name, Andersen Consulting to the new name that customers still accept their products and services.
Brand equity is defined by the book is the positive differential effect that knowing the brand name has on customer response to the product or service (Kotler & Armstrong 2008, page 231). Hence, the marketing teams came up with an idea that they put “Renamed. Redefined. Reborn. 01-01-01. ” at the bottom right corner of the advertising newspaper to tell customers that the company is innovating to a different level of values and services to serve their customers. As soon as they decided on the new name, it was announced to the public. As a result, they initially received positive feedback from customers.
By communicating well with the company existing customers throughout the process, the company has transferred much of its brand equity to its new name. Thus, Accenture tied its new name to the old company while distinguished the firm from its former parent company, Arthur Andersen. 2. Evaluate the Accenture brand name using the six criteria detailed in the chapter? It was a difficult process in finding the new name for the company. However, with their best effort and commitment, the company finally found a new name that would represent their company to their customers.
Its new name was Accenture, which had a combination of accent and future, intended to emphasize on the future, and what the company want to provide to its customers. The name Accenture did meet all the criteria mentioned in the book. First, it suggests something about the product’s benefits and qualities (Kotler & Armstrong 2008, page 232). The company is looking toward the future with its new values and services. Second, the name Accenture is very easy to pronounce, recognize, and remember (Kotler & Armstrong 2008, page 232). Third, the name is distinctive (Kotler & Armstrong 2008, page 232).
Accenture is a unique name that tells about the company’s future commitment to their customers. Forth, the name is extendable (Kotler & Armstrong 2008, page 232). Fifth, the name easily translates into foreign languages (Kotler & Armstrong 2008, page 232). And sixth, it is capable of registration and legal protection because it is not existed and does not match with any existing brand names (Kotler & Armstrong 2008, page 232). 3. How did Accenture use the requirement to rename the company as an opportunity to reposition itself? With the competitive market, the company wanted to build a new position in the market.
The company wanted to extend its areas of expertise beyond the boundary from the formal parent consulting firm. They wanted to make a new mark by bringing innovations to improve the way the world works and lives. They wanted to change the way the business community and customers perceived about them. The company wanted to continue to build a network of businesses to meet all of its customers’ needs. They also wanted to have a new look toward their services and their operation. Thus, to have a chance to change their company’s name is an opportunity in a lifetime that they have to make all these happen.
Hence, the name in lower case Accenture with a greater sign above the letter “t” has marked the company’s grand opening, and repositioned itself to the world with better and quality services in the future. Therefore, to reintroduce the company to its current and future customers, Accenture has redefined the company’s strengths and clarified the company new position in the market. Today, Accenture is wide-expanded and becomes global management consulting, technology services and outsourcing company that has 257,000 people serving clients in more than 120 countries (Accenture 2012, paragraph 4).