“How many of you are with a company that has come to the realization that the way you’re currently structured or the way you’re positioned simply isn’t enough in today’s marketplace; or that the products and services you’re providing are not as relevant to the changing consumer as they once were?” That was a key question Ken Martindale, president and COO of Rite Aid, had for attendees of a special one-day summit co-hosted by The Drug Store News Group and the Mack Elevation Forum in August. And nearly every hand in the room was raised in the air.
Martindale was part of a high-charged lineup of top thought leaders in merchandising, marketing and brand building that headlined the event, “Seven Ideas to Create the Future.” His presentation was recorded on DSNTV and is part of the DSN Executive Viewpoints video series.
Martindale discussed the challenges involved and the careful process behind the reinvention of a brand, and shared the story of Rite Aid’s own reinvention as a company — and the decisions and strategies its leaders put in place to drive that transformation. Martindale talked about the need to identify and leverage a brand’s hidden assets — including such tangible assets as “patents, products, technology and services,” he explained, as well as intangible assets like “intellectual property, institutional expertise, consumer insights, partnerships and brand recognition” — as part of the process of reinvention.
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