One substantial success has been that related to brand equity, where consumer research has provided virtually all the theoretical and empirical support for the benefits and risks of brand leveraging. An objective of this session was to encourage this research stream in new directions.
This new category to which the brand is extended can be related or unrelated to the existing product categories. 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. Brand extension may be successful or unsuccessful. Instances where brand extension has been a success are- Wipro which was originally into computers has extended into shampoo, powder, and soap.
Mars is no longer a famous bar only, but an ice-cream, chocolate drink and a slab of chocolate. Instances where brand extension has been a failure Nike brand extension In case of new Coke, Coca Cola has forgotten what the core brand was meant to stand for.
It thought that taste was the only factor that consumer cared about. The time and money spent on research on new Coca Cola could not evaluate the deep emotional attachment to the original Coca- Cola. Oranjolt was a fruit drink in which carbonates were used as preservative.
Oranjolt need to be refrigerated and it also faced quality problems. It has a shelf life of three-four weeks, while other soft- drinks assured life of five months. Advantages of Brand Extension Brand Extension has following advantages: It makes acceptance of new product easy.
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.
The efficiency of promotional expenditure increases. Advertising, selling and promotional costs are reduced. There are economies of scale as advertising for core brand and its extension reinforces each other.
Cost of developing new brand is saved. Consumers can now seek for a variety. There are packaging and labeling efficiencies.
The expense of introductory and follow up marketing programs is reduced. There are feedback benefits to the parent brand and the organization. The image of parent brand is enhanced.
It revives the brand.Branding Strategy Insider helps marketing oriented leaders and professionals build strong brands. We focus on sharing thought provoking expertise that promotes an elevated conversation on brand strategy and brand management and fosters community among marketers.
Mar 18, · The NBA seemingly revolves around LeBron in recent years and it is no different with selling shoes. Nike signed James out of high school in to a seven-year, $90 million deal. Made for short runs, from your daily 5K to that spontaneous sprint, the Nike Free RN Women's Running Shoe is as flexible as ever.
The innovative sole has an updated design, yet still delivers a comfortable, barefoot-like feel. 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.
They suggest that if the brand name is strong enough as Nike or Sony, the negative impact has no specific damage on general brand image and "the dilution . Jul 08, · Brand Management - nderstanding the way consumers evaluate whether or not a brand extension fits with a core brand is central to the success of the brand extension.
Often, marketers misunderstand the way. Apr 26, · I have a registered brand under the old brand registry. I just received an email that says I have to register with the new brand registry.
It says I now need a trademark.