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(RE)BRANDING
As your company grows, you wish to aim at a larger audience, and your brand should reflect this. Rebranding is the right decision, when your brand cannot go on in its old structure. You need a new beginning.
REFRASH
This is a smaller and more targetted effort. Situations in which a refrash is the most logical: product packaging seems outdated; the business developed by launching new products, that require something fresh.