A branding strategy that uses an existing brand name for a new or improved product in the line.
Brand Extension is the use of an established brand name in new product categories. This new category to which the brand is extended can be related or unrelated to the existing product categories. Show
A renowned/successful brand helps an organization to launch products in new categories more easily. For instance, Nike’s brand core product is shoes. But it is now extended to sunglasses, soccer balls, basketballs, and golf equipments. An existing brand that gives rise to a brand extension is referred to as parent brand. If the customers of the new business have values and aspirations synchronizing/matching those of the core business, and if these values and aspirations are embodied in the brand, it is likely to be accepted by customers in the new business. Extending a brand outside its core product category can be beneficial in a sense that it helps evaluating product category opportunities, identifies resource requirements, lowers risk, and measures brand’s relevance and appeal. Brand extension may be successful or unsuccessful. Instances where brand extension has been a success are-
Instances where brand extension has been a failure are-
Advantages of Brand ExtensionBrand Extension has following advantages:
Disadvantages of Brand Extension
Authorship/Referencing - About the Author(s)The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide Content Team. MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter Experts. We are a ISO 2001:2015 Certified Education Provider. To Know more, click on About Us. The use of this material is free for learning and education purpose. Please reference authorship of content used, including link(s) to ManagementStudyGuide.com and the content page url. What are the 4 types of branding strategies?4 Brand Growth Strategies
Here are four common brand growth strategies for businesses looking to extend their services or product offerings. The four brand strategies are line extension, brand extension, new brand strategy, and flanker/fight brand strategy.
What are branding strategies of a product?What Is Product Branding? Product branding is the application of branding strategy principles to a specific item or product. It's the associating of a symbol, name, and design with a product to create a recognizable identity for that item.
What is the branding strategy when the marketer opts for new brand name for the same product?Brand Extension Branding
The products may be different, but the brand identity stays the same.
What are the 7 branding strategies?Strategic branding helps you set yourself apart from your competition and build customer loyalty.. Attitude Branding. ... . Individual Branding. ... . Product Branding. ... . Co-Branding. ... . Minimalist Branding. ... . Brand Extension.. |