Brana Equity and Brand Extension

In: Business and Management

Submitted By marjibels
Words 2606
Pages 11
Brand Name or Brand Umbrella (marjonel and fatima)

Customers used to a brand would take the other product under the same of it and the same level of quality and provide similar type of satisfaction to them.

Brand

It is defined as “a set of images and associations linked to a commercial product”.

Brand Special Features

* Brand distinguishes the product from similar other products. * Brand creates specific customer needs and expectations of their fulfillment. * Brand can predict buyers’ behaviour of buying the product or just avoiding it.

Brand Equity

It can be defined as the “stored value built up in a brand for achieving competitive advantage.”

Several Ways of Gaining Brand Equity

* Resilience of the brand, its intrinsic strength as compared to the competitive brands. * Trials and test marketing of new products as brand extensions. * Premium prices secured by the company for the existing branded product and product extended products.

Several Ways of Gaining Brand Equity

* Leverage of brands in gaining access to the bets channels of distribution. * Access to the best media required by the target market segment at reasonable rates.

Brand Value

The company acquiring or buying a brand finds it more relevant than the companies that possess the brand.
Brands provide leverage for brand extensions, as several products can be sold under the brand umbrella.

Example:
Coca Cola offers under the same brand, Cola Lite, Coke. The company offers Orange and Lemon drinks too, but uses a different brand name.

Brand Heredity

Success of products using brand extensions is also dependent on the company’s marketing efforts, however, it remains useful for keeping the extensions in the customers’ “Top of the Mind Recall” zones
.
Marketing Research Process * Qualitative Research…...

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