The easiest way to extend a brand is to add branded products within the existing product line.
The brand has already gained recognition and loyalty within a specific product line, so it makes sense to add complimentary products.
For example, a shampoo brand could add a conditioner product, hairspray product, and so on.
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.
Are brand extensions 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 are some examples of product line extensions?
- Colgate with Hemp Seed Oil
- Coca-Cola Cinnamon
- Lux White Impress
- Honda Civic Si
- Hellmann’s Mayonaise with Olive Oil
- Mr
- Nissan Leaf
In what ways can brand extensions improve the odds of new product success
With a brand extension, consumers can make inferences and form expectations as to the likely composition and performance of a new product based on what they already know about the parent brand itself and the extent to which they feel this information is relevant to the new product.
Does Amazon have any brand extensions
Amazon’s Latest Brand Extension Puts Groceries Straight to the Trunk of Your Car. The launch of AmazonFresh Pickup, lets customers place their grocery order online, drive to an AmazonFresh location, and have someone place the order straight into their trunk.
How does Coca Cola use brand extension
A brand extension is when a company uses an existing brand to create a new product category.
Line extensions can include different colors, sizes, flavors or styles. They enable the brand to meet the changing wants and needs of its customers.
Coca-cola line extended its brand by introducing Diet Coke.
Does Nike have brand extensions
Nike implements a mixture of brand and product line extensions to expand its market reach and increase sales.
Nike’s Air Force 1, Cortez, Metcon 5, and React Infinity Run are results of product line extensions.
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 an example of a failed brand extension
Colgate Kitchen Entrees. The idea was that after a delightful Colgate meal, you could then brush your teeth afterwards using, yes, Colgate toothpaste.
This brand extension was such a disaster that it never left US soil. The problem Colgate is not a brand name one would associate with a hot meal after work.
How do you evaluate a brand extension opportunity?
- 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
What possible mistakes can a company make when pursuing a brand extension?
- Not defining your brand strategy first
- Starting with a cheap brand identity
- Failing to differentiate your brand
- Not connecting with the right audience
- Stretching your brand to far
- Not providing great brand experience
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.
What is extension strategy
An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.
Extension strategies include rebranding, price discounting and seeking new markets.
Is Snickers ice cream a brand extension
10 Examples of Successful Brand Extensions: Shift the form: Starbucks Frappuccino, Snickers Ice Cream Bars, Black & Decker Role Play Tool Toys, Clorox Bleach Pen, Dial Hand Wash.
What is the importance of brand
Branding Creates Loyal Customers You don’t just want customers who recognize your brand and use your business onceyou want to create customers who continue to come back.
With good branding, you can give your brand a more human side, which your customers can relate to more than a company that’s strictly all business.
What is brand new product
In marketing, brand-new products or services are created and promoted under a new brand.
This is a brand strategy alongside the brand stretching, line extension and multi-brands strategies.
The brand-new strategy is focused on creating and introducing new products effectively.
What is branding product
Product branding is when marketers introduce a product to the public with its own unique identity.
This can be with the product name, logo, design—any aspect of the product that differentiates itself from all else.
What is an example of brand stretching
The term brand stretch refers to how far a business can stretch its products or services into new and unrelated markets successfully.
Think Yamaha, originally a musical instrument manufacturer, launching into the unrelated motorbike market.
Why would a business add a new product
Developing new products provides a means to target new markets, increase market share, sell more and increase revenue streams.
Meanwhile redesigning existing products enables costs to be cut, margins to be increased and ultimately more profits to be made.
What is an example of a brand
What Are Brand Examples? Although brands are generally intangible, we often associate things like products and names with brands.
Examples include Apple, Nike, Coca-Cola, Advil, and Tylenol.
What are the factors of decision for extension?
- Company Factor:
- Consumer Factor:
- Product Factors:
- Market Factors:
- Brand Associations:
- Channels and the Promotion of Factors:
- Competitive Environment:
What is an example of extension strategy
Repositioning the product – This extension strategy involves exploring new markets for a product.
It is possible to revive a product by testing new uses for it or adding value so that it appeals to a different audience.
For example, a business could try introducing a different sized version of the product.
What are elements of a brand?
- Brand voice
- Brand identity
- Brand promise
- Brand values
- Brand targeting
- Brand positioning
What is a new brand
A new brand occurs when the firm is expanding is offering – by developing a new product line that they haven’t not offered before – and as a result, need to build a new brand.
Branding, Marketing Strategy, New Product Process.
What are the 4 extension strategies
Extension strategies include rebranding, price discounting and seeking new markets. Rebranding is the creation of a new look and feel for an established product in order to differentiate the product from its competitors.
What is brand identity
Brand identity is the visible elements of a brand, such as color, design, and logo that identify and distinguish the brand in consumers’ minds.
Consistent marketing and messaging lead to consistent brand identity and, therefore, consistent sales.
What is new product with example
A new product is a product that is new to the company introducing it even though it may have been made in same form by others.
For example, in the area of toilet soaps, different brands introduced by each company are that way, new products as it is new to the company.
What is product line with example
A product line refers to a particular good or service that a company makes and markets to customers.
A food company may extend a product line by adding various similar or related products (e.g., adding mesquite BBQ flavor to its existing potato chips line), and create a more diversified product family.
What are the advantages and disadvantages of branding a product?
- Advantage: Awareness
- Advantage: Consistency in the Marketplace
- Advantage: Customer Loyalty
- Disadvantage: Can Become Commonplace
- Disadvantage: Negative Attributes
- Disadvantage: Pigeonholes
References
https://viralsolutions.net/guide-to-brand-extension/
https://en.wikipedia.org/wiki/Product_line_extension
https://trademarkagency.abcor.eu/merkennieuws/trademarks/brand-extension-coca-cola-introduces%20new%20clothing%20line
https://www.fullsurge.com/blog/why-so-many-brand-extensions-fail
https://www.shopify.com/ph/retail/product-branding
