Brand extension involves stretching the brand into new categories to drive growth. When successful, brand extension improves brand equity while lowering business development costs.
A brand's "extendibility" depends on how strong consumer's associations are to the brand's values and goals.
The success of a product depends upon its positioning which in turn is related to its brand name. A brand name may be defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the manufacturer or seller of a product or service.
We believe that a Brand can use extensions to influence consumers’ brand choices. Brand extension is a part of the marketing strategy to break the entry barriers between product categories through the carryover of the brand’s reputation.
The acquaintance of the consumers with a brand increases the chances of accepting a new product by them, under the same brand name. Thus, brand extension reduces the risk associated with launching a product under a new brand in the market. In fact, the brand equity of an established brand makes the introduction of a new entry inexpensive.
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