A brand extension is a marketing strategy that uses an established brand to create new products or enter a new brand category.
Brand extensions are used to build brand equity. The more a brand offers (and can do well), the more valuable the brand may become.
What are the sources of brand equity
The sources of brand equity typically are either financial, brand extensions or consumer-based perceptions.
Identifying and measuring brand equity allows for better income and cash flows or converting the brand equity into goodwill.
Why is consistent branding important
Consistency makes consumers trust your brand, and that consistency leads to more positive feelings toward your brand.
Consumers should know what to expect and what the outcome will be. If they feel like your brand is constantly changing, they will be confused and assume that they can’t trust your business.
What are the 4 types of reinforcement
There are four types of reinforcement. Positive reinforcement, negative reinforcement, extinction, and punishment. Positive reinforcement is the application of a positive reinforcer.
How do you create a brand partnership?
- 1) Pick the right brand
- 2) Work out what you want
- 3) Approach the right person
- 4) Be clear on each others’ objectives
- 5) Evaluate the campaign’s success
What are 4 types of reinforcement
There are four types of reinforcement. Positive reinforcement, negative reinforcement, extinction, and punishment.
What is an example of brand equity
Example of Brand Equity An example of a brand with high brand equity is Apple.
Although Apple’s products are very similar in terms of features to other brands, the demand, customer loyalty, and company’s price premium are among the highest in the consumer tech industry.
What are elements of a brand?
- Brand voice
- Brand identity
- Brand promise
- Brand values
- Brand targeting
- Brand positioning
What is brand mantra
Brand essence, also known as a brand mantra, is a short statement that expresses the core of what that brand represents or the image it seeks to project.
A brand essence statement is often just two to three words. Although formats can vary, the statement’s tone is most important.
What is a mixed brand strategy
Mixed branding is a type of branding strategy that involves using two or more brand names to market the same product to different audiences.
Companies may determine that their brand identity doesn’t align with an audience segment that it wants to target.
What are the key drivers of brand equity
Kotler and Pfoertsch came to the conclusion that, no matter which brand equity paradigm is used; brand equity drivers are built around four key drivers which leverage consumer’s perceptions of the brand: (1) perceived quality, (2) name awareness, (3) brand associations and (4) brand loyalty (Kotler & Pfoertsch, 2006:70
What is brand portfolio example
A brand portfolio is the collection of smaller brands that fall under a larger, overarching ‘brand umbrella’ set by a firm, company, or conglomerate.
For instance, The Coca Cola Company’s brand portfolio encompasses brands like Sprite, Fanta, and Powerade in addition to its flagship beverage.
What is strong brand portfolio
The ideal portfolio should always fit with the businesses vision of its future in the marketplace.
The brand portfolio should also prioritize key elements and markets vital to its success.
When brands no longer fit in with the portfolio, they should be either altered to better conform or altogether eliminated.
What are the advantages of brand extension
Advantages of Brand Extension It increases brand image. The risk perceived by the customers reduces.
The likelihood of gaining distribution and trial increases. An established brand name increases consumer interest and willingness to try new product having the established brand name.
How do you revive a dead brand?
- Pay Attention to Warning Signs
- Tap Into Nostalgia
- Reboot Your Brand
- Bring Back Loyal Customers
- Appeal to New Customers
- Use Multiple Channels
- Restore Brand Health
What is an example of a successful brand extension
Clorox Toilet Bowl Cleaner Clorox is another example of a brand that was able to host a successful brand extension by keeping its core image the same while exploring new territories.
As a cleaning chemical company known for its bleach and laundry products, it would be hard to expand into many product lines.
What is the brand portfolio of Coca Cola as a brand
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 are the three ways to build brand equity
There are three things your company needs to build brand equity. These are a quality product or service in a niche market, a recognizable name and logo, and most of all brand-loyal customers.
What are the 4 elements of branding
A strong brand requires a strong brand identity, brand image, brand culture, and brand personality.
Implementing a successful brand strategy that develops all four of these components increases brand trust, loyalty, and awareness.
What are the challenges of brand extension?
- 1) Identifying Unmet Consumer Needs
- 2) Uninspiring Product/Service Solution
- 3) Lack of Relevance
What are the two types of brand equity?
- Brand Loyalty
- Brand Awareness
- Perceived Quality
- Brand Associations
- Proprietary Assets
- Who are you?
- What are you?
- What do I think about you?
What are the examples of negative reinforcement?
- Giving a pass to the car behind to avoid its honking
- Getting up from the bed to avoid the noisy alarm
- Taking an antacid before having a spicy meal
- Applying sunscreen before heading to the beach to avoid getting sunburned
- Leaving early from the house to avoid traffic jams
What is fortifying vs leveraging
Fortifying vs. Leveraging – Fortifying refers to enhancing brand equity in terms of awareness and perception, whereas Leveraging refers to making money from a brand.
Failure to fortify a brand might result in brand decay and there would be no leveraging from the brand any more.
What are the 5 key features of a brand?
- Brand Position
- Brand Promise
- Brand Personality
- Brand Story
- Brand Associations
How do you create brand elements?
- Logo
- Color palette
- Shape
- Tagline
- Tone of voice and vocabulary
- Fonts
- Imagery
- Positioning
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 is core brand association
The most straightforward definition of brand association is how customers remember a brand—what’s burned in their minds from interactions with a brand.
Positive emotional associations with people, places, and things connected to a brand are what define positive brand association.
What is the difference between brand extension and brand stretching
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 the 4 steps of brand building questions
Determine your target audience. Position your product and business. Define your company’s personality. Choose a logo and slogan.
What is brand resonance model
What is brand resonance? Brand resonance is how well a customer relates to a branded element, such as a retail product.
It is how someone perceives a brand and their values or goals. Brand resonance models are used to help build relationships with customers.
References
https://www.indeed.com/career-advice/career-development/target-market-strategy
https://wps.fep.up.pt/wps/wp526.pdf
https://www.marketingprofs.com/articles/2011/6586/six-steps-for-rebuilding-your-brand-after-a-crisis
