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Principles of Brand Extension and its Rationales
Pages 3 (753 words)
Principles of Brand Extension and its Rationales Abstract Brand extension is one of the factors undertaken by organizations that can determine the success or failure in the market. The paper will explore the meaning and rationales of brand extension. In addition, other related factors and issues will be discussed.
A brand’s name has been identified as a polo shirt together with the ways of how to create its extension and the reasons why creating such. In the economic industry, different strategies are to be considered so that producers will get the attention of the consumers. With every product that producers will provide, a brand name has to be added. A group of ideas on the certain product is what a brand is (Ferree, 2007). Addition to that, according to Webben (as cited in Keller, 2003), brand is defined as products which has a goal to satisfy the consumer’s needs by getting their attention on to it providing them with instructions and the product’s use. After succeeding in the familiarity of the product to the different people, a good strategy should be followed and there comes the brand extension. Brand extension as what Sattler, Volckner, Riediger, & Ringle (2009) defined is a strategy wherein the name of a certain product is being used for people’s familiarity to introduce a new product. This strategy can help the product to increase its demand in the market. Polo Shirt as the Product Considering Polo shirt as the parent of the brand extension, it has several possible outcomes such as body towel, underwear and socks. To come up with a successful brand extension, principles are to be considered. ...
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