Examples of brand extension in the following topics:
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- Another form of brand extension is a licensed brand extension.
- For example, Diet Coke™ is a line extension of the parent brand Coke ™.
- Poor choices for brand extension may dilute and deteriorate the core brand and damage the brand equity.
- Brand line extensions do present two potential main threats.
- Diet Coke is a brand line extension of the Coca Cola Brand.
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- Two components comprise brand awareness: brand recall and the consumer recognition of the brand.
- Brand recall is the ability of consumers to remember brands with reference to the product.
- Similarly, brand recognition is the potential of consumers to retrieve past knowledge of the brand when asked or shown an image of the brand logo.
- Brand awareness is an essential part of brand development, helping brands stand out from competitors.
- Effective marketing campaigns that increase brand awareness also eliminate confusion between similar brands, as well as inconsistencies that may arise in brand extensions under single brands.
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- "No brand" branding may be construed as a type of branding as the product is made conspicuous through the absence of a brand name.
- The risk of over-extension is brand dilution, which is when the brand loses its brand associations with a market segment, product area, or quality, price, or cachet.
- Personal branding treats persons and their careers as brands.
- Faith branding treats religious figures and organizations as brands.
- Tang is an individual brand that competes with Kraft's other brand (Kool-Aid).
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- As a result of this rapid shift towards an integrated, global economy, brands must adjust all aspects of the marketing mix to fit local tastes and needs, while maintaining a consistent product and brand image.
- However, brands must be cognizant of some of the major challenges that come with marketing to a global audience.
- Product positioning, including whether the product is high-end, low-cost, or middle ground, compared with competing brands also influences the ultimate profit margin.
- For example, brands would not want to place high-end products in "dollar stores" in the United States.
- Brands conduct extensive research and consider numerous market variables when developing global marketing plans.
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- "Branding is a way to create an emotional connection with a specific audience. " - Troika, a network branding company.
- What is the Purpose of Branding and Why Is It So Important?
- Branding involves researching, developing, and implementing brand names, brand marks, trade characters, and trademarks.
- Branding is crucial to the success of any tangible product.
- Branding can also help in the development of a new product by facilitating the extension of a product line or mix, through building on the consumer's perceptions of the values and character represented by the brand name.
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- Placement determines the various channels used to distribute a product across different countries, taking in factors such as competition and how similar brands are being offered to the target market.
- Consequently, brands competing in the global marketplace often conduct extensive research to accurately define the market, as well as the attributes that define the product's potential environment.
- Regardless of its size or visibility, a global brand must adjust its country strategies to take into account placement and distribution in the marketing mix.
- A global luxury brand would not want to be distributed via a "dollar store" in the United States.
- Global brands attempt to place products in locations where consumers will be most receptive to their messaging.
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- For example, if the customer involvement is high, then he or she will evaluate several brands, whereas if it's low, he or she may look at only one brand.
- Unlike routine problem solving, extended or extensive problem solving comprises external research and the evaluation of alternatives.
- Likewise, consumers use extensive problem solving for infrequently purchased, expensive, high-risk, or new goods or services.
- The company also needs to check other brands of the customer's consideration set to prepare the right plan for its own brand.
- No strong attachment exists between the buyer and the brand.
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- A concept brand is a brand associated with an abstract concept like breast cancer awareness or environmentalism.
- A commodity brand is a brand associated with a commodity.
- " is an example of a commodity brand.
- A brand which is widely known in the marketplace acquires brand recognition.
- This is in contrast to the brand image, a customer's mental picture of a brand.
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- ., some consumer packaged goods) in a category where brands are not distinctly different require that marketers provide sales and promotions as part of their marketing strategy.
- These are usually considered highly important to consumers and require extensive information processing.
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- Common practices in the competition between firms (such as supermarkets and other stores) include the following: traditional advertising and marketing, store loyalty cards, banking and other services (including travel insurance), in-store chemists and post offices, home delivery systems, discounted petrol at hypermarkets, extension of opening hours (24 hour shopping), innovative use of technology for shoppers including self-scanning, and internet shopping services.
- The firm can also distinguish its product offering through quality of service, extensive distribution, customer focus, or any other sustainable competitive advantage other than price.
- Non-price competition typically involves promotional expenditures (such as advertising, selling staff, the locations convenience, sales promotions, coupons, special orders, or free gifts), marketing research, new product development, and brand management costs.
- For example, brand-name goods often sell more units than do their generic counterparts, despite usually being more expensive.