企業併購後的品牌管理策略—以永悅健康為例

Abstract

企業透過併購實現資源整合與市場拓展已蔚為趨勢。相較於內部成長，併購可快速取得技術、品牌、通路與人才等關鍵資源，成為企業布局轉型的重要手段。然而，根據實務研究顯示，逾半數併購案未能實現預期綜效，主因為整合策略與執行力不足，尤其品牌整合作為對外關係的核心，其成效影響顧客認知與品牌價值。 過往研究多聚焦於人力、財務與流程等內部整合，對於品牌架構調整、顧客認知轉移與品牌角色協同等外部整合層面探討相對不足。特別是在橫跨多元業務的情境中，品牌間存在高度異質性，整合過程不僅涉及識別統一，更牽涉市場定位調整、資料治理協同與品牌文化內化等多層次挑戰。 本研究以永悅健康股份有限公司為個案，探討其自2019年起併購多個異質品牌後，如何制定並執行品牌整合策略，以及此過程對內外部所產生之實際影響。研究採用質性個案研究法，聚焦於四大構面進行分析：併購動機與整合目標、多品牌策略選擇、整合執行過程與品牌整合影響。 研究結果指出，多品牌整合策略的關鍵主要體現在三個面向。（一）建立清晰一致的品牌架構與角色分工（二）整合策略須具備明確的執行邏輯與推進節奏（三）將品牌策略轉化為內部可執行制度與溝通語言。成功的品牌整合策略應連結企業整體願景與事業邏輯，依據各品牌的市場定位、資產強度與整合目標動態調整，建立清晰角色定位。並將策略內化於組織運作，將品牌策略轉化為跨部門可執行的語言與制度，提升整體品牌協同與組織認同。 本研究在理論上補充併購動機、品牌策略選擇與整合執行之間的邏輯連結，提出異質品牌整合應依品牌資產、受眾屬性與整合目標設計策略。提供品牌整合策略設計、制度落實與跨部門協同等具體建議，協助企業在面對多品牌併購時，提升整合效率與品牌綜效，實現企業長期價值。

Mergers and acquisitions (M&A) have become a key strategy for companies seeking resource integration and market expansion. M&A allows rapid access to technologies, brands, and channels. However, more than half of M&A cases fail to realize expected synergies, often due to weak integration execution. Among these challenges, brand integration plays a central role in shaping customer perception and sustaining brand equity. While previous studies have emphasized internal integration such as human resource and operations, external aspects such as brand structure, customer recognition, and brand role coordination remain underexplored, especially in multi-brand acquisitions involving high brand heterogeneity. This study adopts a qualitative case study approach to examine how H2U Corporation integrated several heterogeneous brands acquired since 2019. The analysis is structured around four dimensions: M&A motivations, brand strategy selection, execution process, and integration outcomes. Findings identify three key challenges: (1) building a consistent brand architecture with clearly defined roles; (2) designing integration strategies with executable logic and pacing; and (3) translating brand strategy into operational systems and internal communication. Successful integration requires aligning strategic intent with brand characteristics, internalizing strategy through governance, and enhancing cross-departmental coordination. This study bridges the gap between brand strategy and post-M&A integration, offering both theoretical insight and practical guidance for managing heterogeneous brand portfolios.