Why Is Brand Extension A Popular Marketing Strategy
Olivia Luz
Why is brand extension a popular marketing strategy.
The brand that gives rise to a new product under its name is called the parent brand. Companies may find selling new products easier after earning buyers trust and gaining a foothold in the market as it imposes less risk on the consumer. The marketing trend boosts business and engages the consumer. Brand extensions are a useful means of marketing a business.
Staying ahead of the game in regards to developing new business trends means staying ahead of the competition. It avoids the problem of brand dilution. The strategy behind a brand extension. Instead of building a brand from scratch established brands can leverage their brand awareness in one product category to gain a foothold in a new product category.
A company which is already branded in the market with a pre defined image will make use of the same brand name to market a different product category. Used correctly brand extension can reinforce the credibility of your company help you connect with new audiences and even strengthen your image around the world. The brand extension is the marketing strategy wherein a new product is launched under the existing brand name. Brand extension is a strategy used in marketing.
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Brand extensions is a great marketing strategy for companies to become more innovative. A study was carried out to understand the factors which influence the consumer s perception of these products fit with the remaining parent brand s product lines. The category in which product is launched may be related or unrelated to the brand s current category. It guarantees success for a new product.
By using the new product category linked with the existing brand name the market reach of the new product can be made easy. According to some researchers brand extension is a marketing strategy for introducing new products in relation to an established successful brand. The firm can spend less on creating brand awareness and associations. It allows the firm to discontinue complementary products.
Brand extensions are a popular marketing strategy because the marketing costs of creating brand awareness can be spread over multiple product lines.
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