Marketing: Branding Strategies
Branding Strategies
When a company manages its brands it has a number of strategies it can use to further increase its brand value. These are:
Line extension: This is where
an organisation adds to its current product line by introducing versions
of its products with new features, an example could be a crisp/chips manufacturer extending
its line by adding more exotic flavours.
Brand extension: If your current
brand name is successful, you may use the brand name to extend into
new business areas. For example Virgin Group extending its brand from records,
to airlines, mobiles and banking.
Multi Branding: The company decides to introduce more brands into an
existing category. Kellogg’s for example have a number of brands
in the cereal market and the cereal bar market. Multi-branding can allow
an organisation to maximise profits, but a company needs to be weary
over their own brands competing with each other over market share.
New Brands: An
organisation may decide to launch a new brand into a market. A new brand
may be used to compete with existing rivals and may be marketed as
something ‘new and fresh’.
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