Wednesday, 19 November 2014

Marketing: Branding Strategies

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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