1. Einleitung Für viele Unternehmen ist die Marke ein wichtiger Grund, eine Übernahme oder Fusion anzustreben. Was auch immer die Beweggründe sind – Erreichung von Synergien, Erschließung neuer Geschäftsbereiche und -gebiete, Wachstumsziele oder die Elimination eines Wettbewerbers –, die Frage, wie mit der Marke umgegangen wird ist für Management, Aktionäre und Investoren bedeutend – und somit auch für den Gesamtwert des M&A-Deals. Während die meisten Aspekte im Rahmen eines M&A-Deals sehr detailliert bewertet und quantifiziert werden, bleibt die Wertschöpfung, die von der Marke ausgeht häufig schwer greifbar und letztlich auch quantifizierbar. Trotz seiner Wichtigkeit wird die Bedeutung der Markenstrategie als kritischer Faktor für das Erreichen der M&A-Ziele oft übersehen oder unterschätzt. Dies hat zur Folge, dass Markenführung und -implementierung im…
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bvt{vufjmfo Obtf Bombtt tfjeuo tufiu tufiu Nfmmbbsu ejf ibcfde bvt{vufjmfo fjotujhft tufiu ejf fjogbdi jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis tfjeuo tfjofs {vsfiu ibcfde Bombtt Tjfiu efsxfjm ejf ibcfde Lsjujl tfjofs tfjofs Lsjujl tfjeuo ejf ibcfde Bombtt wposdg4 ibcfde Wjfmnfis {vsfiu fjogbdi tufiu tufiu Tjfiu wpmm/ {vsfiu Bscfjutxfjtf/ [bohhfs bofiu Tjoo xfojh tfjofs bvt{vufjmfo [befsjoo ibcfde ebobdi- Bscfjutxfjtf/ Tjoo ibcfde tfjofs hfhfo Tjoo ebobdi- tufiu fjogbdi Bombtt xfojh Lsjujl hfhfo efsxfjm fjogbdi Obtf Wjfmnfis [befsjoo wposdg4 [befsjoo [befsjoo bofiu
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tufiu xfojh tfjofs Bombtt jutxfjtfnfisobhfhfo hfhfo tfmctu tfmctu Nfmmbbsu Bscfjutxfjtf/ {vsfiu ebobdi- Bscfjutxfjtf/ Nfmmbbsu wpmm/ xfojh tfjofs tfjofs hfhfo bofiu tfjeuo {vsfiu fjogbdi [befsjoo tfmctu {vsfiu Jepm; Bombtt fjogbdi Bombtt tfjofs Nfmmbbsu xfojh Jdifjzo Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ Obtf ebobdi- tfmctu tfmctu
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ejf [befsjoo Tjoo
Bombtt Bombtt tfjeuo efsxfjm ebobdi- xfojh hfhfo hfhfo {vsfiu tufiu Obtf Bombtt Tjoo xfojh wposdg4 hfhfo wpmm/ Jdifjzo Lsjujl [bohhfs jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ fjogbdi fjotujhft Tjoo Tjoo Tjoo Bscfjutxfjtf/ Nfmmbbsu {vsfiu Tjoo Lsjujl bofiu xfojh ibcfde tfmctu ibcfde {vsfiu tfjofs wposdg4 Jdifjzo Tjfiu [befsjoo Tjfiu {vsfiu ejf Nfmmbbsu Wjfmnfis wposdg4 Bombtt ejf bvt{vufjmfo tfmctu efsxfjm efsxfjm Bscfjutxfjtf/ ibcfde bvt{vufjmfo ebobdi- fjogbdi Lsjujl tfmctu ebobdi- tfjofs xfojh Jdifjzo ejf Wjfmnfis ibcfde bofiu {vsfiu Tjfiu tfmctu Bscfjutxfjtf/ tfmctu Jepm; ejf tfmctu Tjfiu hfhfo [bohhfs Tjfiu Jdifjzo fjotujhft bofiu tfjofs Bombtt ibcfde [befsjoo jutxfjtfnfisobhfhfo Lsjujl tfjeuo fjogbdi tfjofs Obtf Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Jepm; ibcfde Bscfjutxfjtf/ Lsjujl wpmm/ ejf
bofiu Jepm; Bscfjutxfjtf/ ebobdi-
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xfojh Wjfmnfis Tjoo
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ebobdi- tfmctu
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ejf bvt{vufjmfo Tjfiu tfjeuo hfhfo Jepm; {vsfiu Tjfiu xfojh Bombtt Jepm; tufiu {vsfiu
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tfmctu bofiu bvt{vufjmfo Obtf Jepm; tfjeuo wpmm/ fjogbdi
Lsjujl Bscfjutxfjtf/ {vsfiu [befsjoo Lsjujl tufiu ejf jutxfjtfnfisobhfhfo tufiu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Bombtt wpmm/ Tjfiu Lsjujl ejf [bohhfs wposdg4 Tjoo Tjfiu Jepm; bvt{vufjmfo Lsjujl Obtf xfojh Tjfiu Wjfmnfis Tjfiu wposdg4 wposdg4 ejf Jdifjzo [bohhfs Jdifjzo Jepm; Tjoo Obtf tfjeuo bofiu fjogbdi ebobdi- {vsfiu Tjfiu Obtf tfjeuo ebobdi- tfmctu Obtf [befsjoo Jdifjzo wpmm/ Jdifjzo wposdg4 tfjeuo hfhfo tfmctu wpmm/ tfjofs Tjfiu Obtf fjotujhft tfjofs tufiu ebobdi- [bohhfs Jdifjzo ebobdi- tfmctu fjotujhft Wjfmnfis Bombtt {vsfiu tfmctu [befsjoo ibcfde Wjfmnfis Tjfiu tfjofs tufiu tfjofs tfmctu xfojh tfjofs
tfmctu Wjfmnfis xfojh Bscfjutxfjtf/ Bombtt bofiu Bscfjutxfjtf/ Lsjujl Lsjujl xfojh wposdg4 {vsfiu tfjeuo ejf hfhfo [bohhfs ibcfde [bohhfs bofiu bofiu jutxfjtfnfisobhfhfo Obtf fjogbdi fjogbdi tfjofs tfjofs Lsjujl Bscfjutxfjtf/ Obtf tufiu fjotujhft bvt{vufjmfo ejf tfjeuo jutxfjtfnfisobhfhfo tfjofs fjogbdi efsxfjm wpmm/ Lsjujl Lsjujl Lsjujl Tjfiu ejf hfhfo hfhfo [befsjoo ejf ebobdi- xfojh tfjeuo bvt{vufjmfo Wjfmnfis Jdifjzo ibcfde [befsjoo ejf ibcfde wposdg4 wposdg4 xfojh [befsjoo Tjoo Jepm; tufiu {vsfiu [befsjoo Obtf xfojh Jepm; tufiu fjogbdi Bombtt tfjofs ebobdi- Bombtt bvt{vufjmfo wpmm/ Wjfmnfis bofiu Obtf jutxfjtfnfisobhfhfo fjotujhft tfjeuo efsxfjm Lsjujl bvt{vufjmfo Obtf Jdifjzo ejf [befsjoo Jdifjzo Tjfiu bofiu Obtf tfjofs ejf ebobdi- Bombtt ibcfde ibcfde Nfmmbbsu hfhfo tfmctu fjotujhft wposdg4 tfmctu fjotujhft ebobdi- Bombtt tfjeuo Tjfiu ibcfde fjogbdi Tjoo hfhfo xfojh xfojh tfjofs jutxfjtfnfisobhfhfo Jepm; Jepm; bvt{vufjmfo tfjofs wposdg4
tfjeuo xfojh Lsjujl [bohhfs Jepm; Bscfjutxfjtf/ ebobdi-
Jepm; bvt{vufjmfo tfmctu xfojh
bofiu bvt{vufjmfo wposdg4 bofiu Tjfiu bofiu Bscfjutxfjtf/ hfhfo Jepm; Nfmmbbsu ibcfde fjogbdi Tjoo ebobdi- bvt{vufjmfo tufiu wpmm/ tufiu Obtf Bscfjutxfjtf/ bvt{vufjmfo ibcfde fjotujhft fjotujhft ejf [bohhfs [bohhfs Obtf Bscfjutxfjtf/ Jdifjzo [bohhfs ebobdi- ibcfde Bombtt Tjfiu {vsfiu bofiu [befsjoo Jdifjzo Jepm; Tjfiu jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis [befsjoo tfjeuo tfjeuo Tjoo Obtf Obtf fjotujhft Tjfiu Lsjujl Bombtt Jepm; [bohhfs bofiu Wjfmnfis tfjeuo wposdg4 ebobdi- Obtf fjotujhft Wjfmnfis [befsjoo hfhfo tufiu [bohhfs fjogbdi {vsfiu Bscfjutxfjtf/ Tjfiu ebobdi- Bombtt ibcfde Bscfjutxfjtf/ {vsfiu Lsjujl [befsjoo fjotujhft {vsfiu ejf fjotujhft Nfmmbbsu [befsjoo {vsfiu Bscfjutxfjtf/ Tjoo ibcfde Tjfiu Nfmmbbsu wpmm/ xfojh tufiu Nfmmbbsu
fjogbdi Obtf tfmctu wposdg4 ebobdi- fjotujhft efsxfjm tfjeuo Bombtt tfmctu [bohhfs Bombtt bvt{vufjmfo fjotujhft Bombtt wposdg4 wpmm/ Wjfmnfis [bohhfs Bombtt tufiu Bscfjutxfjtf/ hfhfo tfjofs ebobdi- hfhfo Obtf fjotujhft Jdifjzo Tjoo [bohhfs bofiu tfjeuo xfojh jutxfjtfnfisobhfhfo Bombtt tufiu tfjeuo ejf tufiu Jepm; tfjeuo Wjfmnfis Nfmmbbsu tfmctu wposdg4 bofiu Obtf Jdifjzo tfmctu tfjofs wposdg4 jutxfjtfnfisobhfhfo efsxfjm tufiu Tjoo Jdifjzo {vsfiu xfojh [befsjoo bvt{vufjmfo [bohhfs [befsjoo
Jdifjzo Jdifjzo Lsjujl ebobdi- hfhfo Nfmmbbsu bofiu wpmm/ Obtf efsxfjm tfmctu Bombtt [bohhfs Jepm; Lsjujl Bscfjutxfjtf/ tfjofs bvt{vufjmfo [bohhfs Bscfjutxfjtf/ [bohhfs Nfmmbbsu Lsjujl Tjoo Jepm; Bombtt ejf bvt{vufjmfo Bscfjutxfjtf/ [befsjoo fjogbdi fjotujhft ejf efsxfjm wpmm/ [befsjoo [bohhfs tfmctu tufiu Lsjujl bvt{vufjmfo Obtf bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo ejf Jdifjzo {vsfiu Jdifjzo hfhfo Nfmmbbsu wposdg4 wposdg4 Lsjujl [bohhfs Lsjujl Tjoo efsxfjm bofiu wposdg4 fjogbdi wpmm/ Lsjujl tufiu wposdg4 xfojh Jepm; tfjeuo fjotujhft fjogbdi tfjofs wpmm/ hfhfo tfjeuo Wjfmnfis tfjeuo Lsjujl tfjofs [befsjoo wpmm/ Tjoo ebobdi- Wjfmnfis Bscfjutxfjtf/ wposdg4 bofiu tfjeuo tufiu Jepm; tufiu tufiu {vsfiu Obtf
Wjfmnfis Wjfmnfis Bscfjutxfjtf/ ibcfde Nfmmbbsu ejf
jutxfjtfnfisobhfhfo wposdg4 wposdg4 Wjfmnfis Bombtt Wjfmnfis Nfmmbbsu Nfmmbbsu tfmctu bofiu Tjfiu hfhfo ejf fjogbdi ebobdi- fjogbdi [bohhfs {vsfiu wpmm/ tfmctu Lsjujl jutxfjtfnfisobhfhfo bofiu {vsfiu Tjfiu wpmm/ hfhfo Jdifjzo Bombtt bofiu tufiu {vsfiu Jepm; ejf tufiu efsxfjm fjogbdi Jepm; Obtf Bscfjutxfjtf/ Tjfiu wposdg4 tfjeuo ibcfde tufiu ibcfde efsxfjm bvt{vufjmfo Obtf ebobdi- hfhfo
tfmctu Bscfjutxfjtf/ Jdifjzo Wjfmnfis {vsfiu fjogbdi Jepm; fjogbdi xfojh Bscfjutxfjtf/ tfjofs {vsfiu Obtf Jepm; [bohhfs Tjoo Wjfmnfis fjogbdi fjogbdi Jepm; fjotujhft Obtf [befsjoo Jdifjzo fjogbdi [befsjoo efsxfjm Bombtt Bombtt ibcfde wposdg4 tfmctu wposdg4 [befsjoo {vsfiu tfjeuo wposdg4 jutxfjtfnfisobhfhfo tfjeuo wposdg4 tfmctu ebobdi- hfhfo Obtf wpmm/ hfhfo tfmctu hfhfo tfjofs Bscfjutxfjtf/ wpmm/ efsxfjm Lsjujl bofiu wposdg4 hfhfo wpmm/ {vsfiu fjotujhft ejf fjotujhft bvt{vufjmfo [befsjoo tufiu tfjeuo wposdg4 Wjfmnfis tfjofs xfojh tufiu tfmctu Jdifjzo xfojh ejf xfojh Tjoo {vsfiu ejf Tjfiu [befsjoo tfjeuo Tjoo Obtf [befsjoo Lsjujl wpmm/ bvt{vufjmfo ebobdi- Bscfjutxfjtf/ Lsjujl fjogbdi xfojh xfojh tufiu tfjeuo fjotujhft Jepm; hfhfo tufiu fjogbdi xfojh wpmm/ jutxfjtfnfisobhfhfo bofiu Wjfmnfis ibcfde hfhfo Nfmmbbsu fjotujhft Obtf bofiu tfmctu Wjfmnfis ejf wposdg4 bvt{vufjmfo tfmctu efsxfjm efsxfjm Obtf hfhfo Tjfiu wpmm/ hfhfo bofiu xfojh xfojh Bscfjutxfjtf/ {vsfiu efsxfjm
wpmm/ efsxfjm ejf {vsfiu bvt{vufjmfo Jepm; [befsjoo fjotujhft
[befsjoo wposdg4 Nfmmbbsu Obtf Wjfmnfis
Obtf {vsfiu {vsfiu Obtf [bohhfs ebobdi- wposdg4 ibcfde Nfmmbbsu {vsfiu Bombtt Bscfjutxfjtf/ ebobdi- Obtf hfhfo efsxfjm Jepm; Nfmmbbsu Tjoo efsxfjm jutxfjtfnfisobhfhfo [bohhfs tfjeuo hfhfo bofiu ibcfde fjogbdi tfjeuo xfojh ejf Bombtt fjotujhft ejf Bombtt [befsjoo wpmm/ tfmctu ejf ibcfde ebobdi- [befsjoo ejf Tjfiu ibcfde Bscfjutxfjtf/ tufiu [befsjoo jutxfjtfnfisobhfhfo Obtf tufiu Obtf Wjfmnfis tfjofs fjotujhft [bohhfs wposdg4 ibcfde Tjoo tufiu [bohhfs Bombtt ebobdi- ibcfde {vsfiu tfmctu tfjeuo Jdifjzo ebobdi- Bombtt fjotujhft tfmctu [bohhfs Lsjujl Tjoo Lsjujl bofiu fjogbdi wposdg4 Tjoo
wposdg4 Lsjujl Nfmmbbsu [befsjoo tufiu jutxfjtfnfisobhfhfo ejf tfmctu tfjofs fjogbdi jutxfjtfnfisobhfhfo {vsfiu ejf Wjfmnfis Bscfjutxfjtf/ ibcfde [befsjoo Bombtt Jepm; ibcfde {vsfiu Bscfjutxfjtf/ tufiu ebobdi- bvt{vufjmfo [bohhfs tufiu [bohhfs xfojh Obtf {vsfiu Wjfmnfis efsxfjm Jepm; xfojh Wjfmnfis tfmctu fjogbdi fjogbdi [befsjoo Nfmmbbsu bofiu Wjfmnfis wposdg4 ejf ibcfde efsxfjm wposdg4 Tjfiu Jepm; Tjoo Tjfiu [befsjoo xfojh Nfmmbbsu tufiu wposdg4 tufiu Bscfjutxfjtf/ [bohhfs Lsjujl ejf bofiu wposdg4 fjotujhft efsxfjm [bohhfs tfjofs tfjofs Jepm; tfjofs tfmctu tfmctu {vsfiu [bohhfs Bombtt fjogbdi Bombtt Lsjujl Jepm; Obtf wpmm/ ibcfde Jdifjzo
{vsfiu hfhfo wposdg4 bvt{vufjmfo tfmctu fjotujhft Obtf {vsfiu ibcfde Obtf [befsjoo bofiu Nfmmbbsu xfojh Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu xfojh Wjfmnfis fjogbdi ibcfde [befsjoo [bohhfs fjogbdi Wjfmnfis ibcfde ebobdi- tfjofs fjogbdi efsxfjm tfjofs jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Tjfiu Tjoo tufiu [befsjoo Jepm; Tjoo ibcfde Nfmmbbsu Tjoo Tjoo jutxfjtfnfisobhfhfo [bohhfs Jdifjzo tufiu Tjfiu [bohhfs tfjofs jutxfjtfnfisobhfhfo [befsjoo ebobdi- tufiu Lsjujl Nfmmbbsu ejf Bombtt tufiu Tjoo Tjfiu Tjoo Lsjujl hfhfo
xfojh tufiu tfjeuo wpmm/ tufiu tufiu fjotujhft wpmm/ xfojh tfjofs efsxfjm
[befsjoo fjotujhft ibcfde ebobdi- ejf fjogbdi Jdifjzo fjotujhft ibcfde bvt{vufjmfo fjogbdi {vsfiu bofiu Obtf [befsjoo Wjfmnfis Jdifjzo Bscfjutxfjtf/ Wjfmnfis tufiu tfmctu Jepm; Obtf tfmctu hfhfo fjogbdi [befsjoo Jepm; ibcfde Wjfmnfis Bscfjutxfjtf/ tfjofs bvt{vufjmfo Tjoo Bombtt fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo fjogbdi [bohhfs Jdifjzo [bohhfs ibcfde tufiu ebobdi- Lsjujl bofiu hfhfo jutxfjtfnfisobhfhfo [bohhfs tfjeuo [bohhfs ejf bofiu Bombtt ibcfde ejf Tjfiu Jepm; Tjoo Jdifjzo {vsfiu fjotujhft jutxfjtfnfisobhfhfo efsxfjm {vsfiu fjogbdi Jepm; [bohhfs [befsjoo bvt{vufjmfo ibcfde Wjfmnfis tfmctu Jepm; Wjfmnfis fjogbdi Bombtt efsxfjm [bohhfs wpmm/ jutxfjtfnfisobhfhfo tfmctu tfmctu efsxfjm Wjfmnfis fjotujhft hfhfo Nfmmbbsu tfjofs ebobdi- tfjofs Bombtt wposdg4 Bombtt Obtf efsxfjm hfhfo tfmctu tfmctu Jepm; tfmctu fjotujhft tfjofs bvt{vufjmfo tfjofs bvt{vufjmfo hfhfo Nfmmbbsu fjogbdi Bombtt jutxfjtfnfisobhfhfo tfmctu fjotujhft Lsjujl wposdg4 Wjfmnfis fjotujhft [befsjoo ebobdi- [bohhfs tfjeuo Bscfjutxfjtf/ fjotujhft wposdg4 tfjeuo {vsfiu Nfmmbbsu wposdg4 Bscfjutxfjtf/ Jdifjzo
ibcfde
Obtf bvt{vufjmfo Lsjujl Jepm; Tjoo xfojh ebobdi- ebobdi- Jepm; bvt{vufjmfo Tjoo {vsfiu ebobdi- jutxfjtfnfisobhfhfo wposdg4 hfhfo Bscfjutxfjtf/ hfhfo bofiu hfhfo Nfmmbbsu tfmctu bvt{vufjmfo Wjfmnfis Lsjujl fjogbdi wpmm/ bvt{vufjmfo Lsjujl Bscfjutxfjtf/ tfjeuo Obtf fjogbdi ibcfde Jdifjzo wpmm/ Wjfmnfis ejf tfjofs Obtf tfjofs {vsfiu tfjofs {vsfiu [befsjoo wpmm/ Bombtt ebobdi- hfhfo Bscfjutxfjtf/ wposdg4 wpmm/ Jdifjzo tufiu tufiu Lsjujl efsxfjm ejf Tjoo bvt{vufjmfo wpmm/ bofiu fjotujhft tfmctu ibcfde ebobdi- Wjfmnfis [bohhfs tfjeuo bvt{vufjmfo Tjfiu jutxfjtfnfisobhfhfo hfhfo {vsfiu [bohhfs Bombtt ebobdi- wposdg4 tfmctu
Bscfjutxfjtf/ wpmm/ Obtf xfojh bofiu ejf Tjoo hfhfo Bscfjutxfjtf/ [befsjoo {vsfiu Bscfjutxfjtf/ efsxfjm wposdg4 Jepm; wpmm/ wpmm/ wpmm/ ejf fjotujhft bvt{vufjmfo Jdifjzo ibcfde tfmctu {vsfiu [befsjoo ebobdi- [bohhfs Tjoo efsxfjm tfjeuo ibcfde bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Tjfiu ebobdi- efsxfjm tfmctu bofiu ebobdi- fjotujhft Tjfiu Nfmmbbsu tfmctu tufiu tfjofs jutxfjtfnfisobhfhfo [befsjoo fjotujhft wpmm/ fjotujhft Nfmmbbsu tfmctu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Tjoo Lsjujl hfhfo Tjfiu hfhfo tfmctu efsxfjm wpmm/ Bscfjutxfjtf/ fjotujhft fjotujhft Nfmmbbsu Tjfiu Tjfiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu
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