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Brand Extension - Essay Example

The product will be sharing the same similarities with coke because it will be in the same category of soft drinks. I will have to use this strategy due to the brand loyalty coke enjoys among the consumers, Coke is also far much better in terms of its awareness. This new product will appeal more to consumers because it has a brand name that has been tried and tested by consumers. There are also few risks associated with coke, it actually enjoys consumer’s confidence and this will help reduce the risks perceptions of the new product by the customers (Chien & Moutinho, 2007). In modern days, there are new products that are introduced into the market only to be declared unsafe for consumption few days later and this have created negative perception for new products by consumers. The new strategy therefore for branding new soft drink “meal coke” will sort out the negative perception by consumers because they attach no risk to coke. This imply that market is already taken care of because the consumers will be receiving product they have already tested and Coca Cola is catered for as they can increase their product portfolio and they have more control in the market they are going to perform in. Because for a fact, consumers will associate the new product with the parent product, they will also associate the quality of the new one to the core product. By choosing coke which already enjoys loyalty in the market, it will help reduce cost of having to market new product through advertisement, I can

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be able to share the distribution channels that coke currently use and this will help reach more customers within a very short time rather than going for unknown names, like "meal soon", "soft meal" and "meal" as they are likely to fail as an entrepreneur. I have to transition to using extensions of familiar names. If a customer already know and enjoy Absolute taste and goodness of coke, then he/she will more likely try out Absolute new meal coke in their quest for new soft drinks. Good, well-targeted extensions can only help widen the reach of any particular brand rather than dilute it. Since coke has been dominant in the field with high preference rate from consumers, by introducing a new product with the same brand, consumers will now be seeking for a variety from coke (Kapferer, 2008). Packaging and labeling will also become much easier as precedence has already been set by the parent company. The cost of introducing new product will be highly reduced and one will save the demand of having to come up with programs to follow up the new product in the market. Conclusion In the past, firms used to introduce new product into the market using the brand extension tactic so that their products can pick up in the markets very quickly, their aim being to increase their sales within the first few days of introduction to the market (Kapferer, 2008). Introducing a new product in the market consumes a lot of time and it needs a huge budget to help sell to the people and talk to them on the benefit of new product. Brand extension is one of the latest product development tactics which can scale down on the risks because the name will facilitate consumers' perception because of the parent brand equity. Despite all benefits associated with brand extension, it also has some risks associated with it resulting in a severely damaged parent product


Brand extension Name College Course Date Brand extension Coke is one of the world's largest admired brands; it is non-alcoholic beverage and is certainly not a stranger to global marketing. It is now sold in more than 200 countries worldwide. Coke is one of the most recognizable brands on the planet and also owns a large portfolio of share market…
Author : nmills
Brand Extension essay example
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