Brand extensions can also benefit the parent brand by creating a greater sense of loyalty, reaffirming the brand promise and consumer perceptions of the brand, and sustaining the parent brand’s relevance in its existing category.
Extensions can also help to establish a brand’s position in new categories.
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 a successful brand extension
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 multi brand extension
Multi-Brand Approach A variation of the product line extension approach is to run a multiple brand strategy within the same market.
This means having more than one brand competing in the same product category. Large companies usually employ this strategy to crowd the market and gain a sizeable competitive advantage.
What are the components of brand extension
A comprehensive literature review identifies six elements which are crucial to the success of brand extension.
These elements are Parent Brand Image, Parent Brand Fit, Parent Brand Strength, Marketing Support, Quality of Parent Brand and Parent Brand Consumer Experience.
What is an example of extension strategy
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 are Apple’s brand extensions
Brand extensions/category extensions should be towards adjacent product categories. For example, Apple began with making personal computers (Mac), then proceeded to personal audio (iPod), then to smartphones (iPhone), followed by smartwatches (Apple Watch).
Is brand extension the same as product extension
Brand extension is the use of the same brand name to launch a new product in a different product line.
On the other hand, Line extension is the use of the same brand to launch and market a new product in the same product line.
Line extension only represents an increase in a product’s line’s depth.
What are the brand extension strategies
Brand extension is a strategy where a company creates a new product category under its well-known brand name.
It helps launch new products easily, obtain higher profit, reduce costs necessary to launch a new business, and meet customers’ needs and wants.
Does Coca Cola have 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.
What is image related brand extension
Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category.
The new product is called a spin-off.
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.
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 a product 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.
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.
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.
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.
Why is brand extension a popular marketing strategy quizlet
Why is brand extension a popular marketing strategy? It allows the firm to spend less on creating brand awareness and associations.
Since consumers are already familiar with the brand name, existing awareness and associations will transfer to the new product.
What is the extension of Iphone apps
ipa file extension is used for Apple iOS application file and
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.
Why brand extensions are an important brand growth strategy
By exploring new potential areas for relevant growth, brand extensions give companies access to everything from better brand visibility, to boosted consumer connections and of course, more opportunities for profit.
In fact, Nielsen suggests that brand extensions are up to 5 times more successful than new launches.
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
How do you start a brand extension?
- Survey your brand equity
- Set your goals
- Review your resources
- Look into wider consumer or market trends
- Research your competitors
- Engage with your existing customers
- Narrow down your options
- Get to know your new target market
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 Disney a brand extension
Another great example of brand positioning is Disney. With movies, T.V. shows, theme parks, coloring books, and baby clothing (to name only five of its many products), Disney has learned to wield logic and leverage in a masterful way.
One successful brand extension is the Disney English-language training center.
Are brand extensions good or bad
Brand extension in unrelated markets may lead to loss of reliability if a brand name is extended too far.
An organization must research the product categories in which the established brand name will work.
There is a risk that the new product may generate implications that damage the image of the core/original brand.
Is Tylenol a brand name extension
Acetaminophen is available under the following different brand names: Tylenol, Tylenol Arthritis Pain, Tylenol Ext, Little Fevers Children’s Fever/Pain Reliever, Little Fevers Infant Fever/Pain Reliever, and PediaCare Single Dose Acetaminophen Fever Reducer/Pain Reliever.
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.
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
References
https://byjus.com/commerce/what-is-partnership/
https://pixelsink.com/brand-extension/
https://www.nih.gov/news-events/news-releases/nih-funded-study-suggests-acetaminophen-exposure-pregnancy-linked-higher-risk-adhd-autism
https://www.investopedia.com/terms/b/brand-extension.asp
https://en.wikipedia.org/wiki/New_Coke
