It is no secret that the company Torstar has taking a hit this year reporting a loss of $53.3 million dollars in the first quarter of the 2016 fiscal year. Not only has the company been losing revenue and is its CEO retiring but the stock has underperformed the S&P TSX by 67.34%. The downfall of Torstar is mainly caused by brand perception, specifically the way customers view the company still as an old fashioned media print company and not a digital media company. You have asked me for recommendations on how to re-invent the brand of Torstar and I have come up with three concepts for doing so. First, you must seek out brand inspiration from successful companies who have effectively re-invented their brand. Next, you will conduct a brand makeover and
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The problem is that customers aren’t seeing this, customers still view Torstar as a media printing company and the challenge is changing this perspective. One way to change the views of Torstar’s customers is to completely renovate the image of the company. For example, a new simple mission statement that is more in line with a digital media brand. Also, new ad campaigns, a new logo, new web site design, new core values, all things that give the company a new feel and perspective that will help nudge customers in the direction and towards Torstar’s new brand. Following this point further, Torstar should star hiring out of country and province employees to work from a computer on breaking stories around the world, have people working for Torstar across the globe and not just in one office space. Doing so will result in more diversified stories and in turn a more differentiated and digitally forward company image. Implementing strategies such as these will guide customers in the direction of Torstar’s new brand image and give them the right perspective of the
The problem is that customers aren’t seeing this, customers still view Torstar as a media printing company and the challenge is changing this perspective. One way to change the views of Torstar’s customers is to completely renovate the image of the company. For example, a new simple mission statement that is more in line with a digital media brand. Also, new ad campaigns, a new logo, new web site design, new core values, all things that give the company a new feel and perspective that will help nudge customers in the direction and towards Torstar’s new brand. Following this point further, Torstar should star hiring out of country and province employees to work from a computer on breaking stories around the world, have people working for Torstar across the globe and not just in one office space. Doing so will result in more diversified stories and in turn a more differentiated and digitally forward company image. Implementing strategies such as these will guide customers in the direction of Torstar’s new brand image and give them the right perspective of the