What is the recipe for a successful brand extension? Simply put, companies must expand their reach, demonstrate their value, and grow their business with products that capitalize on logic and leverage.
What is brand line development
Brand development is a strategic process of creating and distinguishing your company’s image, products and services from your competitors.
Development includes aligning your brand with your business objectives, communicating your brand to your target market and updating or strengthening your brand as necessary.
How can brand extension strategies be improved?
- Measure Brand Equity
- Measure the potential risks
- Leverage from business core competency
- Invest in Marketing Research
- Make the brand extension a logical fit
- Create a Brand Extension Strategy
How does Coca-Cola use brand extensions
(A good example of this would be Coca Cola introducing a soda on the market with a different flavor, CHERRY COKE, or with less calories, ZERO).
A brand extension falls outside of the original product line, using the same trademark.
What is product category extension
What is Category Extension? Category or Brand Extension is a strategy by which, a company uses the same brand to enter into a completely unrelated product segment.
The company leverages on the brand equity and success of its existing brand to introduce the new product to increase market acceptance.
What would be a product example of addition to existing products
Additions to existing product lines occur when a company adds a new product that solidifies its area of product offerings.
For example, Ninja Tech recently showcased a new martial arts gadget that allows consumers to monitor their health during physical workouts.
What are pros and cons of brand extension?
- It increases brand image
- The risk perceived by the customers reduces
- The likelihood of gaining distribution and trial increases
- The efficiency of promotional expenditure increases
- Cost of developing new brand is saved
- Consumers can now seek for a variety
Why do brand extensions fail
When brand extensions fail, it’s usually because companies try to borrow or milk their brands, and/or they simply do not pay enough attention to creating sufficient new consumer benefits.
Is Coca-Cola a brand extension
This brand is best known for its original coke taste, but using brand extension, Coca-Cola has launched a whole new line of various coke products, such as Coke Zero and Cherry Coke flavor.
Does Starbucks have a brand extension
Starbucks has unveiled a revamped global brand identity as part of a plan to mark its 40th year in business and expand the brand beyond coffee.
The multi-million pound refresh of the world’s largest coffee chain sees the brand’s familiar logo shift from being green and black to solely green.
How can extension strategies prolong the life of a product
Extension strategies: Change price– Price can be lowered to allow new customers to buy it.
Change place– Products can be sold in different countries or territories to gain more sales.
Change promotion– Different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.
What is strategic extension campaigns
The Strategic Extension Campaign (SEC) methodology is needs based, demand driven and uses a problem solving approach.
It is a holistic approach that is very outcome focussed, agile and assists make any extension initiative as effective and as efficient as possible.
Why is brand extension a popular marketing strategy
Why Is Brand Extension a Popular Marketing Strategy? According to Nielsen, brand extension (or brand stretching) has a likelihood of success five times that of new product launches.
Extensions also leverage equity, increase efficiency, and enjoy faster consumer adoption.
What is Nike’s brand extension
Brand Extension Examples A well-known example of a brand extension is Nike, whose core product is sports shoes.
However, the Nike brand name is also attached to products such as soccer balls, golf clothing and sunglasses, which naturally align with the brand’s core sporting goals.
What is the difference between multi brands and brand extension
The downside of the multi brand strategy is the cost and time of create a new brand name that will catch on with consumers.
The brand extension approach involves broadening the brand’s reach and target markets. The company introduces products from a completely different niche or category under the same brand.
What is Coca-Cola’s product line
Our diverse portfolio is built on our core brands like Coca-Cola, Coca-Cola Light, Coca-Cola Zero Sugar, Fanta, Sprite and Monster and targeted expansion into categories like coffee and alcohol.
What is a growth strategy example
Strategic growth involves developing initiatives that will help your business grow long term. An example of strategic growth could be coming up with a new product or developing a market strategy to target a new audience.
Are brand extensions an important brand growth strategy
A robust brand extension strategy is essential to prosper and maintain relevance in today’s hyper-competitive marketplace.
In some ways, brand extension represents the most efficient and logical way to achieve profitable brand growth, yet many companies struggle with how far to stretch.
What is brand strategy example
A great example of their branding strategies is their “Think Different” campaign. They realized that their customers wanted to be great, innovative, game changers and different.
They knew that their competitors were strong and could deliver good quality products, so how can they convince their customers to choose them?
What is it called when two brands work together
Co-branding is a marketing strategy that utilizes multiple brand names on a good or service as part of a strategic alliance.
Also known as a brand partnership, co-branding (or “cobranding”) encompasses several different types of branding collaborations, typically involving the brands of at least two companies.
What are 4 types of brands
What Are 4 Types of Brands? There are numerous types of brands, but the four most common ones include corporate brands, personal brands, product brands, and service brands.
What are three main types of growth strategies
Types of Growth Strategies – 3 Important Types: Intensive Growth Strategies, Integrative Growth Strategies and Diversification Growth Strategies (With Examples)
What are the types of branding?
- Personal branding
- Product branding
- Service branding
- Retail branding
- Cultural and geographic branding
- Corporate branding
- Online branding
- Offline branding
What are the three most common branding strategies
The three brand strategies commonly used amongst large firms for deciding which products will contribute to which brand names are Multi-product Branding, Multi-branding, and Private Branding.
What are the 5 parts of branding
The process of branding is complete only when you have carefully defined and considered these five key elements: promise, position, personality traits, story and associations.
What is umbrella branding strategy
Umbrella branding (also known as family branding) is a marketing practice involving the use of a single brand name for the sale of two or more related products.
Umbrella branding is mainly used by companies with a positive brand equity (value of a brand in a certain marketplace).
What are the 4 growth strategies
There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.
What is a brand pyramid
What Is a Brand Pyramid? A brand pyramid is a simple visual framework that outlines a brand’s identity and market positioning.
Creating one allows you to help your team communicate your brand’s essence, personality, core functionality, and emotional and material benefits.
What are branding standards
Brand standards are a set of rules and guidelines that protect the look and feel of your organization.
It provides a standardized approach to creative work in order to uphold the integrity of the brand.
Simply put, the brand standards are far more important than the logo itself.
What are common branding strategies?
- Company Name Branding
- Individual Branding
- Attitude Branding
- Brand Extension Branding
- Private-Label Branding
Citations
https://selahcreativeco.com/blog/brand-strategy-vs-brand-identity-whats-the-difference
https://accountlearning.com/types-of-brand-extensions/
https://www.indeed.com/career-advice/career-development/brand-analysis
