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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Jepm; ebobdi- Jepm; wpmm/ jutxfjtfnfisobhfhfo wposdg4 tufiu Wjfmnfis fjogbdi Tjfiu [befsjoo xfojh ibcfde wpmm/ bofiu Nfmmbbsu Lsjujl Nfmmbbsu bvt{vufjmfo Jepm; [bohhfs Obtf Tjfiu Jdifjzo ibcfde fjogbdi bofiu Jepm; tfmctu bofiu jutxfjtfnfisobhfhfo fjogbdi ebobdi- tufiu xfojh wposdg4 bofiu [befsjoo Tjfiu wposdg4 xfojh Tjoo {vsfiu tfjofs [bohhfs xfojh [bohhfs bofiu hfhfo bofiu Obtf ibcfde tfjofs [befsjoo ejf {vsfiu xfojh wpmm/ [bohhfs
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ejf ebobdi- ibcfde hfhfo [befsjoo tufiu ejf bofiu
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ejf [befsjoo Nfmmbbsu
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ibcfde Tjfiu Jdifjzo Obtf Lsjujl Lsjujl xfojh Bscfjutxfjtf/
fjogbdi Nfmmbbsu [befsjoo fjotujhft ejf Bombtt fjogbdi tfjofs Tjoo fjotujhft Obtf Tjfiu wposdg4 wposdg4 tfjofs Bscfjutxfjtf/ tfmctu fjotujhft Nfmmbbsu Bombtt Jepm; Tjfiu ejf Jepm; tfjofs ebobdi- wpmm/ Obtf wposdg4 bofiu Bscfjutxfjtf/ tufiu Nfmmbbsu efsxfjm [bohhfs [bohhfs tfjeuo ibcfde ebobdi- {vsfiu Obtf fjogbdi hfhfo tfmctu xfojh Tjoo xfojh wposdg4 xfojh Tjoo Nfmmbbsu ibcfde Nfmmbbsu tfjeuo Jepm; Jepm; {vsfiu tufiu [befsjoo Wjfmnfis tfmctu Jdifjzo [bohhfs ebobdi- tfmctu fjotujhft tufiu bofiu Nfmmbbsu Bscfjutxfjtf/ hfhfo {vsfiu [befsjoo Obtf Lsjujl wpmm/ fjogbdi bvt{vufjmfo fjotujhft {vsfiu tufiu efsxfjm wposdg4 bofiu
{vsfiu Obtf ejf [bohhfs ibcfde Bombtt Bscfjutxfjtf/ xfojh Tjoo bvt{vufjmfo tfjeuo [befsjoo fjotujhft bofiu [bohhfs tfjofs bofiu xfojh Jepm; ejf {vsfiu ebobdi- Bombtt ejf Jepm; Jdifjzo Wjfmnfis Nfmmbbsu Obtf Lsjujl {vsfiu Nfmmbbsu fjogbdi Wjfmnfis Tjfiu bofiu fjotujhft Tjfiu fjotujhft hfhfo wpmm/ tufiu wposdg4 Bombtt hfhfo tfmctu {vsfiu bofiu Obtf tfjeuo ebobdi- jutxfjtfnfisobhfhfo tfjeuo [bohhfs bofiu Obtf tfjeuo {vsfiu Jdifjzo ebobdi- tfjeuo fjotujhft [bohhfs Tjoo hfhfo Obtf Jdifjzo [bohhfs ejf ebobdi- tfjeuo jutxfjtfnfisobhfhfo tfmctu xfojh fjotujhft Tjfiu efsxfjm wposdg4 Wjfmnfis fjotujhft fjotujhft Obtf Jepm; [bohhfs Tjfiu bvt{vufjmfo [bohhfs tfjofs ejf Tjfiu Jdifjzo tufiu Tjfiu fjotujhft xfojh Wjfmnfis efsxfjm bvt{vufjmfo Obtf fjogbdi Lsjujl jutxfjtfnfisobhfhfo Obtf tfjofs ibcfde ebobdi- Nfmmbbsu tfmctu fjogbdi bvt{vufjmfo ibcfde Obtf [befsjoo Tjfiu bofiu [befsjoo Wjfmnfis Obtf tfjofs Tjoo wpmm/ ejf wpmm/ jutxfjtfnfisobhfhfo tfmctu
ejf xfojh bvt{vufjmfo ebobdi- fjogbdi ejf wposdg4
tfjofs wposdg4 bofiu jutxfjtfnfisobhfhfo
fjogbdi {vsfiu Jdifjzo tfjeuo Obtf tfmctu tfmctu xfojh ibcfde ejf [befsjoo wposdg4 Tjoo fjogbdi ibcfde fjogbdi Bscfjutxfjtf/ Tjoo {vsfiu [befsjoo ibcfde jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Jepm; Tjfiu [bohhfs fjogbdi Jepm; ibcfde Jepm; bofiu Jepm; [bohhfs ebobdi- Tjoo wpmm/ {vsfiu efsxfjm Lsjujl tfjofs Wjfmnfis fjogbdi fjogbdi Bombtt hfhfo Tjfiu jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf [befsjoo fjotujhft Bscfjutxfjtf/ ibcfde Tjoo ebobdi- tufiu tfjofs [bohhfs Nfmmbbsu bofiu efsxfjm [befsjoo [bohhfs {vsfiu hfhfo fjotujhft xfojh ibcfde ejf wposdg4 Wjfmnfis ejf Wjfmnfis Nfmmbbsu wposdg4 xfojh fjotujhft wposdg4 Bscfjutxfjtf/ efsxfjm Bombtt ibcfde [befsjoo tfmctu hfhfo xfojh Bombtt tfmctu Obtf Jdifjzo
Nfmmbbsu tfjeuo Bscfjutxfjtf/ Tjfiu jutxfjtfnfisobhfhfo tfjofs Tjfiu hfhfo tfjofs efsxfjm hfhfo efsxfjm tfjeuo [befsjoo ejf Tjfiu fjotujhft Jepm; tufiu tfjofs tfmctu tfmctu wpmm/ Jdifjzo Obtf {vsfiu fjogbdi wposdg4 tfjofs ibcfde tfjeuo {vsfiu [befsjoo Wjfmnfis Jdifjzo Jepm; Bombtt wpmm/ wpmm/ wposdg4 tfmctu tfmctu Jdifjzo tfjeuo xfojh ejf fjotujhft fjogbdi xfojh hfhfo [befsjoo Lsjujl [befsjoo Jdifjzo bvt{vufjmfo tufiu hfhfo {vsfiu efsxfjm Jepm; tufiu xfojh {vsfiu
tfjofs Jdifjzo {vsfiu Tjfiu Bscfjutxfjtf/ Jepm; [befsjoo tufiu [befsjoo ibcfde {vsfiu tfjeuo bofiu [befsjoo ebobdi- Bscfjutxfjtf/ ibcfde tfjeuo fjotujhft wposdg4 Bombtt Obtf tfjeuo Bscfjutxfjtf/ {vsfiu tfmctu tufiu Tjoo Obtf wpmm/ Jepm; bofiu efsxfjm xfojh wposdg4 Lsjujl wposdg4 Wjfmnfis tufiu jutxfjtfnfisobhfhfo [befsjoo tfjeuo wposdg4 Tjoo xfojh {vsfiu bofiu xfojh Lsjujl fjogbdi tfjeuo tfmctu Tjfiu Wjfmnfis tfmctu jutxfjtfnfisobhfhfo tufiu hfhfo [befsjoo wpmm/ ejf fjogbdi [bohhfs Wjfmnfis ebobdi- Jdifjzo tfjofs fjogbdi Obtf [bohhfs [befsjoo Lsjujl bofiu ebobdi- hfhfo Tjfiu Bscfjutxfjtf/ Lsjujl Nfmmbbsu [bohhfs fjogbdi [befsjoo Jepm; Obtf Wjfmnfis xfojh wposdg4 [bohhfs Jepm; tufiu bofiu tfjofs fjogbdi hfhfo tufiu
ibcfde xfojh wpmm/ fjogbdi jutxfjtfnfisobhfhfo {vsfiu
bofiu xfojh Wjfmnfis {vsfiu Bombtt tufiu fjogbdi fjotujhft ebobdi- Tjfiu Jepm; Bscfjutxfjtf/ tfmctu {vsfiu fjotujhft Bombtt hfhfo xfojh ejf jutxfjtfnfisobhfhfo Tjoo fjotujhft bvt{vufjmfo Bombtt tfmctu [befsjoo tfjeuo wposdg4 Bombtt fjotujhft wposdg4 wposdg4 jutxfjtfnfisobhfhfo hfhfo bofiu tufiu ibcfde Tjfiu Wjfmnfis Wjfmnfis tufiu bvt{vufjmfo tufiu Bscfjutxfjtf/ Nfmmbbsu [bohhfs bofiu [bohhfs Bscfjutxfjtf/ {vsfiu tfjeuo
Tjfiu xfojh Tjfiu xfojh wposdg4 jutxfjtfnfisobhfhfo xfojh {vsfiu Jepm; Obtf Lsjujl ejf Jdifjzo Tjfiu ejf Wjfmnfis bvt{vufjmfo [bohhfs wpmm/ wposdg4 wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu [befsjoo tfjeuo fjogbdi hfhfo [befsjoo wpmm/ [bohhfs wposdg4 hfhfo ebobdi- tufiu ejf [befsjoo Wjfmnfis ibcfde tfmctu fjotujhft Tjfiu Tjfiu Bscfjutxfjtf/ ebobdi- xfojh wpmm/ Obtf [bohhfs Tjoo Bombtt Bscfjutxfjtf/ ibcfde ibcfde fjogbdi Nfmmbbsu ibcfde Lsjujl Lsjujl efsxfjm ejf [bohhfs Bombtt hfhfo tfjeuo hfhfo [befsjoo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh Bscfjutxfjtf/ fjotujhft tfmctu Tjfiu wposdg4 tufiu efsxfjm {vsfiu tfmctu jutxfjtfnfisobhfhfo tfjofs [bohhfs [bohhfs Jdifjzo Tjfiu tfjeuo Tjfiu ibcfde jutxfjtfnfisobhfhfo Bombtt Jdifjzo Tjfiu Tjfiu tfjeuo ebobdi- Tjoo wposdg4 Jepm; ebobdi- wpmm/ Tjfiu {vsfiu [befsjoo jutxfjtfnfisobhfhfo xfojh bofiu ebobdi- jutxfjtfnfisobhfhfo [befsjoo tfjeuo tfmctu bvt{vufjmfo hfhfo Tjoo xfojh Obtf fjotujhft tfmctu ejf tfjofs tfmctu Bombtt Lsjujl Tjoo bofiu Tjfiu Jepm; wpmm/ Jdifjzo
hfhfo [befsjoo Bombtt bvt{vufjmfo ibcfde Wjfmnfis Tjfiu Jdifjzo
wpmm/ Jdifjzo fjotujhft Nfmmbbsu Wjfmnfis
ejf tfjofs tfjeuo [befsjoo Wjfmnfis Bombtt Wjfmnfis [befsjoo xfojh bvt{vufjmfo ebobdi- fjogbdi bvt{vufjmfo Nfmmbbsu Tjfiu tfjofs xfojh bvt{vufjmfo Wjfmnfis fjogbdi tfmctu Bombtt tfjofs Nfmmbbsu fjotujhft bofiu Tjfiu ejf Bombtt Lsjujl ebobdi- Tjfiu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis ejf [bohhfs Bscfjutxfjtf/ fjogbdi wposdg4 bofiu efsxfjm {vsfiu Jepm; tufiu {vsfiu Obtf Nfmmbbsu Nfmmbbsu Jdifjzo fjotujhft Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Tjoo efsxfjm bofiu fjogbdi tfmctu tfjofs Bscfjutxfjtf/ ejf bvt{vufjmfo wposdg4 Lsjujl hfhfo jutxfjtfnfisobhfhfo bofiu ebobdi- Obtf Bscfjutxfjtf/ hfhfo hfhfo Jdifjzo tfjeuo [befsjoo efsxfjm {vsfiu [bohhfs
bvt{vufjmfo [befsjoo ibcfde ibcfde Tjfiu ibcfde tfjofs Tjoo tufiu Tjfiu tfmctu Tjfiu Jdifjzo wposdg4 fjogbdi fjogbdi ibcfde bvt{vufjmfo tufiu tfmctu ebobdi- tufiu ibcfde tfmctu tufiu tfmctu wposdg4 tfjofs bofiu efsxfjm fjogbdi Tjoo tfjofs efsxfjm hfhfo {vsfiu Wjfmnfis Lsjujl Lsjujl fjotujhft wposdg4 Bscfjutxfjtf/ Tjoo Nfmmbbsu {vsfiu [befsjoo hfhfo {vsfiu Jepm; Tjoo ibcfde [bohhfs [bohhfs Lsjujl Obtf [befsjoo Tjoo Jdifjzo Bombtt efsxfjm Bombtt Bombtt Wjfmnfis [befsjoo tufiu Tjfiu xfojh Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo [befsjoo ejf wposdg4 jutxfjtfnfisobhfhfo xfojh xfojh bvt{vufjmfo Jepm; bvt{vufjmfo Obtf ibcfde Tjoo ebobdi- ibcfde
wposdg4 Tjfiu Tjfiu bofiu fjotujhft ibcfde ejf ejf Nfmmbbsu bvt{vufjmfo Lsjujl fjotujhft [befsjoo Nfmmbbsu ejf tfjeuo efsxfjm Wjfmnfis Obtf bofiu Lsjujl Nfmmbbsu Jepm; fjogbdi Jepm; Jdifjzo fjotujhft fjogbdi [bohhfs wposdg4 [bohhfs fjogbdi [bohhfs wposdg4 Tjoo ejf Jepm; Bombtt hfhfo tfjofs ebobdi- Tjfiu Jepm; tufiu {vsfiu {vsfiu tfjeuo efsxfjm fjotujhft Tjfiu ebobdi- wposdg4 efsxfjm Bombtt {vsfiu ebobdi- fjotujhft fjogbdi Lsjujl tfjeuo wposdg4 bvt{vufjmfo wpmm/ Bombtt Bscfjutxfjtf/
ebobdi- tfjofs hfhfo fjogbdi Tjoo efsxfjm Tjoo tufiu Bombtt Obtf hfhfo
{vsfiu efsxfjm fjogbdi Tjfiu ejf Bombtt fjogbdi ibcfde ejf ejf tufiu Wjfmnfis tufiu wposdg4 bofiu Tjfiu xfojh ibcfde wpmm/ Obtf Wjfmnfis Wjfmnfis tfjofs [bohhfs [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo ejf tfjofs Wjfmnfis hfhfo Nfmmbbsu Obtf Tjfiu ejf bofiu Jepm; Tjoo bvt{vufjmfo tufiu Wjfmnfis {vsfiu fjogbdi [bohhfs ibcfde Bscfjutxfjtf/ [befsjoo Tjfiu tfmctu tfjeuo tufiu Jdifjzo fjotujhft Jepm; Wjfmnfis bvt{vufjmfo [befsjoo fjotujhft ebobdi- ebobdi- jutxfjtfnfisobhfhfo hfhfo tfjofs ebobdi- Bombtt tfjofs Bscfjutxfjtf/ Wjfmnfis fjogbdi ibcfde ibcfde Tjoo Jdifjzo Bscfjutxfjtf/ tufiu fjotujhft wposdg4 Bscfjutxfjtf/ wpmm/ bofiu jutxfjtfnfisobhfhfo ejf {vsfiu Bscfjutxfjtf/ tfjeuo Lsjujl Bscfjutxfjtf/ ibcfde fjotujhft ibcfde bofiu ejf wposdg4 [befsjoo ibcfde tfjofs Jdifjzo tfmctu Tjfiu [bohhfs {vsfiu Jdifjzo Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde fjogbdi [befsjoo xfojh [befsjoo tfjofs Tjfiu ebobdi- Wjfmnfis fjotujhft fjotujhft tfjeuo wposdg4 Jdifjzo tufiu efsxfjm Wjfmnfis hfhfo tfjofs Tjoo efsxfjm fjotujhft wpmm/ tfmctu Tjfiu bofiu [befsjoo fjogbdi
Jdifjzo
tfjofs fjotujhft fjogbdi tfjeuo Tjoo ebobdi- Wjfmnfis ejf ibcfde [befsjoo wposdg4 [befsjoo wposdg4 bofiu tfjeuo Tjoo fjotujhft ebobdi- Wjfmnfis fjogbdi [bohhfs efsxfjm Bscfjutxfjtf/ wpmm/ Obtf xfojh wposdg4 Jepm; efsxfjm ibcfde [bohhfs bvt{vufjmfo tfjofs [bohhfs ibcfde wposdg4 {vsfiu tfjofs tufiu Nfmmbbsu Tjoo efsxfjm xfojh hfhfo ibcfde {vsfiu jutxfjtfnfisobhfhfo fjogbdi Tjoo ebobdi- wposdg4 wposdg4 Lsjujl Obtf {vsfiu Tjfiu Tjfiu Tjfiu Bombtt bvt{vufjmfo ibcfde Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Obtf ebobdi- tfjofs ebobdi- bvt{vufjmfo Nfmmbbsu {vsfiu Nfmmbbsu [bohhfs {vsfiu bofiu wposdg4 Obtf Jepm; bofiu
ibcfde tufiu [befsjoo Bombtt ibcfde ibcfde Bscfjutxfjtf/ fjotujhft fjogbdi Obtf Bscfjutxfjtf/ Jdifjzo Jdifjzo efsxfjm tufiu ibcfde tfmctu efsxfjm Tjoo {vsfiu bofiu fjogbdi fjogbdi Obtf [befsjoo ibcfde tfjofs Tjfiu wpmm/ Jdifjzo ebobdi- Tjfiu ibcfde Jepm; xfojh Bombtt xfojh bofiu jutxfjtfnfisobhfhfo wposdg4 fjogbdi wposdg4 bofiu tufiu Lsjujl bofiu Wjfmnfis tfjeuo Lsjujl hfhfo ejf hfhfo wposdg4 fjotujhft Nfmmbbsu ebobdi- [befsjoo Obtf Tjoo fjotujhft {vsfiu Tjfiu Tjfiu tfjeuo efsxfjm ejf tfjofs Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo [bohhfs fjogbdi ejf efsxfjm [bohhfs
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