Make us your home page
Instagram

Report finds BP, Toyota brands battered by crises

NEW YORK — BP may have plugged the leak in the gulf oil spill, but the damage done to its brand will take years to fix. A new marketing industry report released Thursday shows the British oil company has tumbled off a list of the world's top 100 brands.

Japanese automaker Toyota suffered from repeated recalls and safety problems, pushing it out of the top 10 on branding firm Interbrand's rankings for the first time in seven years, according to the report released Thursday.

The damage could have been worse for Toyota, said Interbrand CEO Jez Frampton, hinting at how far BP fell. But Toyota already had a reputation for reliability and turned back to that as it dealt with the crisis.

"Where Toyota got it right was that they went back to their vision, and they talked about what the Toyota brand was really about: quality and safety," he said. "BP continued talking about tactics, not strategy, and they're still not telling us what their long-term vision is."

Brands are considered a company's most valuable asset. More than just logos and colors, brands are shortcuts for shoppers, letting them know what to expect.

Interbrand ranks companies by the amount of their revenue attributable to their brands. It uses a formula that combines the brand's future strength and its role in creating demand.

Coca-Cola, IBM and Microsoft were again the three most valuable brands this past year. Coca-Cola has held the top spot every year since the survey's inception in 2000, with its brand valued at $70.45 billion this year.

When brands don't live up to their identity, they suffer, said Jean-Pierre Dube, a University of Chicago marketing professor. BP fell so much because the lengthy saga of the oil spill, coupled with the company's mishandling of the crisis, was at odds with its identity.

"It stood for energy and reliability," he said. "It was one of those big brands that people just trusted, and they were at the forefront of industry."

And now? "The immediate emotion it evokes is anger and a little bit of distrust."

Technology companies Apple and Google grew the most in terms of dollar value, jumping at least 36 percent. Google moved from seventh to fourth place, while Apple moved from the 20th to 17th.

Technology companies now make up half of the top 10 — with Intel, Nokia and HP also in the top tier this year. Frampton said people feel strongly about technology now.

"Our desire to have our hands on those brands is significant," he said. "It shows that the role of these brands and products in our lives has increased significantly."

. Fast Facts

Top brands

Here's a look at the world's top 10 most valuable brands this year:

1. Coca-Cola, up 2 percent to $70.45 billion

2. IBM, up 7 percent to $64.73 billion

3. Microsoft, up 7 percent to $60.9 billion

4. Google, up 36 percent to $43.56 billion

5. GE, down 10 percent to $42.81 billion

6. McDonald's, up 4 percent to $33.58 billion

7. Intel, up 4 percent to $32.02 billion

8. Nokia, down 15 percent to $29.5 billion

9. Disney, up 1 percent to $28.73 billion

10. HP, up 12 percent to $26.87 billion

Source: Interbrand's Best Global Brands report

Report finds BP, Toyota brands battered by crises 09/16/10 [Last modified: Thursday, September 16, 2010 10:36pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Federal agencies demand records from SeaWorld theme park

    Tourism

    ORLANDO — Two federal agencies are reportedly demanding financial records from SeaWorld.

    Killer whales Ikaika and Corky participate in behaviors commonly done in the wild during SeaWorld's Killer Whale educational presentation in this photo from Jan. 9. SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the "Blackfish" documentary. 
[Nelvin C. Cepeda/San Diego Union-Tribune/TNS]
  2. Legalized medical marijuana signed into law by Rick Scott

    State Roundup

    TALLAHASSEE — Gov. Rick Scott on Friday signed into law a broader medical marijuana system for the state, following through on a promise he made earlier this month.

    Gov. Rick Scott signed legislation on Friday that legalizes medical marijuana in Florida.
  3. Line of moms welcome Once Upon A Child to Carrollwood

    Business

    CARROLLWOOD — Strollers of all shapes and sizes are lined up in front of the store, and inside, there are racks of children's clothing in every color of the rainbow.

    At Once Upon A Child, you often as many baby strollers outside as you find baby furniture and accessories. It recently opened this location in Carrollwood. Photo by Danielle Hauser
  4. Pastries N Chaat brings North India cuisine to North Tampa

    Business

    TAMPA — Pastries N Chaat, a new restaurant offering Indian street food, opened this week near the University of South Florida.

    The menu at Pastries N Chaat includes a large variety of Biriyani, an entree owners say is beloved by millions. Photo courtesy of Pastries N Chaat.
  5. 'Garbage juice' seen as threat to drinking water in Florida Panhandle county

    Water

    To Waste Management, the nation's largest handler of garbage, the liquid that winds up at the bottom of a landfill is called "leachate," and it can safely be disposed of in a well that's 4,200 feet deep.

    Three samples that were displayed by Jackson County NAACP President Ronstance Pittman at a public meeting on Waste Management's deep well injection proposal. The sample on the left is full of leachate from the Jackson County landfill, the stuff that would be injected into the well. The sample on the right shows leachate after it's been treated at a wastewater treatment plant. The one in the middle is tap water.