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User:Jukeboksi/Blog/Marketing: Difference between revisions
→Session 5 and 6 - Brand strategy
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* '''[[w:Brand extension|Brand extension]]''' or '''brand stretching''' is a [[w:marketing|marketing]] strategy in which a firm marketing a product with a well-developed image uses the same [[w:brand name|brand name]] in a different product category. The new product is called a '''spin-off'''. | * '''[[w:Brand extension|Brand extension]]''' or '''brand stretching''' is a [[w:marketing|marketing]] strategy in which a firm marketing a product with a well-developed image uses the same [[w:brand name|brand name]] in a different product category. The new product is called a '''spin-off'''. | ||
:::Organizations use this strategy to increase and leverage [[w:brand equity|brand equity]] (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is [[w:Jello|Jello]]-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from offerings in more than one product category. ( Wikipedia ) | :::Organizations use this strategy to increase and leverage [[w:brand equity|brand equity]] (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is [[w:Jello|Jello]]-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from offerings in more than one product category. ( Wikipedia ) | ||
* Alternatively, in a market that is fragmented amongst a number of brands a supplier can choose deliberately to launch totally new brands in apparent competition with its own existing strong brand (and often with identical product characteristics); simply to soak up some of the share of the market which will in any case go to minor brands. The rationale is that having 3 out of 12 brands in such a market will give a greater overall share than having 1 out of 10 (even if much of the share of these new brands is taken from the existing one). In its most extreme manifestation, a supplier pioneering a new market which it believes will be particularly attractive may choose immediately to launch a second brand in competition with its first, in order to pre-empt others entering the market. '''This strategy is widely known as multi-brand strategy'''. ( Wikipedia article [[w:Brand#Multi-brands|brand]] on multi-brands ) | |||
== Session 4 and 5 - Brand identity and image == | == Session 4 and 5 - Brand identity and image == | ||