On Brand Extension - adifferentcategory Itisanewproduct...

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What is Brand Extension Brand extension leverages a well known brand name in one category to launch a new product in a different category. It is a new product It uses the name of a well known brand The brand name should have leverage with consumers in the new category Brand extensions are a new product introduction strategy
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Brand Extension or Not??
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New Product Introduction Strategies
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Motivations for Brand Extensions Identify logical new product possibilities Enable a company to enter new categories at significantly lower cost Reduce the risk of failure Create a positive synergistic effect with parent brands Reinforce the consumers’ perceptions of the parent brand name Bring news to existing brands
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Commonly Used Brand Extension Strategies 1 Complementary products
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Commonly Used Brand Extension Strategies 2 New form
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Commonly Used Brand Extension Strategies 3 Same target segment
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Principles for GOOD Brand Extensions 1
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