Brand stretching involves introducing a new product into the market that is similar to an existing product in terms of functional benefits, but different in terms of price or branding.
Brand extension involves introducing a new product that has little or no relationship with the original brand and its customers.
What are examples of product line
Examples of Product Lines (NKE) has product lines for various sports, such as track and field, basketball, and soccer.
The company’s product lines include footwear, clothing, and equipment. The various product lines for Starbucks corporation (SBUX) include coffee, ice cream, and drinkware.
What are the advantages of product lines?
- large-scale productivity gains
- decreased time to market
- increased product quality
- decreased product risk
- increased market agility
- increased customer satisfaction
- more efficient use of human resources
- ability to maintain market presence
What is product line strategies
A good product line strategy guides managers to improve their product line’s total performance.
It creates a focus on the whole line, not just products independent of one another.
And the focus also sets a course to avoid disjointed decisions, actions, and investments that may impact the line’s performance negatively.
What are product extension strategies
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.
What is product line of Coca Cola product line
Here are some major Coca Cola Products in USA: Dasani water, Fanta, Powerade, Sprite, Flavored Cokes such as Cherry, Vanilla and many more, Barq’s Root Beer, Fresca, Mr. Pibb, Nestea, Minute Maid, Bacardi Mixers Fruitopia, TaB, Tahiti Treat, Mello Yello, Splice, & Mexican coke.
What is the purpose of an extension strategy
An extension strategy is usually introduced between the maturity and saturation stages of the product life cycle, before a real decline takes place.
The aim is to continue to maintain a steady rate of revenue from a product.
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 are two types of brand extensions?
- Product extension
- Line extension
- Customer franchise extension
- Company expertise extension
- Brand distinction extension
- Transfer of component extension
- Leveraging a lifestyle extension
What is straight extension strategy
A straight product extension involves taking the company’s current product and selling it in other countries without making changes to the product.
The advantages of this strategy are that the company doesn’t need to invest in new research and development or manufacturing.
What are some examples of brand extensions?
- Arnold Schwarzenegger Supplements
- Harley Davidson T-Shirts
- Snickers Ice Cream Bars
- Pokemon Toys
- Tide Stain Remover Pen
- George Foreman Grill
- Reese’s Puffs Cereal
What are the opportunities for brand extension?
- Identify Possible Extension Candidates
- Evaluate the Potential of the Extension Candidate
- Design Marketing Program to Launch Extension
- Evaluate Extension Success and Effects of Parent Brand Equity
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.
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 the benefits of brand extensions
Successful brand extensions allow companies to diversify their offerings and increase market share. They can give the company a competitive advantage over its rivals that don’t offer similar products.
The existing brand serves as an effective and inexpensive marketing tool for the new product.
What is Starbucks product line
Handcrafted Beverages: Fresh-brewed coffee, hot and iced espresso beverages, Frappuccino® coffee and non-coffee blended beverages, Starbucks Refreshers, smoothies and Tazo® teas.
Merchandise: Coffee- and tea-brewing equipment, Verismo System by Starbucks, mugs and accessories, packaged goods, music, books and gifts.
Could brand extensions help companies to become more innovative
Brand extensions is a great marketing strategy for companies to become more innovative. Staying ahead of the game in regards to developing new business trends means staying ahead of the competition.
The marketing trend boosts business and engages the consumer.
How do you extend a brand
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.
How do you build a successful brand extension?
- 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 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.
Why is extension strategy important
Developing new products is expensive and takes time, so businesses will usually try to extend the life cycle of a product and prevent it from going into decline.
To do this, they need to find ways of keeping people interested in the product for longer, thereby increasing the number of sales.
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.
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.
What is the best type of extensions to get
Glue-ins. Also known as keratin bonds, are the most versatile type of hair extension best suited for long term wear and often applied in a salon.
What is an example of brand stretching
An example of this is the construction brand Caterpillar. Caterpillar was originally a construction and mining equipment brand, before stretching its brand into safety footwear for worksites – an entirely different category of product, but the same core construction and worksite employee 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.
Does Nike use brand extension
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.
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.
How many categories of extensions are there
There are four types of hair extensions, according to Rauchet: tape-in, clip-in, bonded, and halo hair extensions.
And while they all share one common goal—creating long, luxurious hairstyles—they’re all different in terms of application, texture, and longevity.
Consider the following breakdown.
Is Diet Coke a brand of extension
1982. Coca-Cola creates its first brand extension after nearly a century of existence. Diet Coke is born – a sugar-free version of its flagship product, launching in the US in August, and created using sweeteners aspartame and saccharin.
Citations
https://stories.starbucks.com/uploads/2019/01/AboutUs-CompanyProfile-Q3-2013-9.18.13-1.pdf
https://en.wikipedia.org/wiki/Umbrella_brand
https://innismaggiore.com/news/blog/brand-extension-can-help-growth-but-keep-your-focus/