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INTRODUCING AND NAMING NEW PRODUCTS AND BRAND EXTENSIONS - Coggle Diagram
INTRODUCING AND NAMING NEW PRODUCTS AND BRAND EXTENSIONS
NEW PRODUCTS AND BRAND EXTENSIONS
New Products
It can develop a new brand, individually chosen for the new product
It can use a combination of a new brand and an existing brand
It can apply one of its existing brands
Brand Extensions
Category extension
Line extension
ADVANTAGES OF EXTENSIONS
Facilitate New-Product Acceptance
Provide Feedback Benefits to the Parent Brand
DISADVANTAGES OF BRAND EXTENSIONS
Can Confuse or Frustrate Consumers
Can Encounter Retailer Resistance
Can Fail and Hurt Parent Brand Image
Can Succeed but Canibalize Sales of Parent Brand
Can Succeed but Diminish Identification with Others
Can Succeed but Hurt the Image of the Parent Brand
Can Succeed but Hurt the Image of the Parent Brand
Can Cause the Company to Forgot the Chance to Develop a New Brand
Can Dilute Brand Meaning
HOW CONSUMER EVALUATE BRAND EXTENSION
Managerial Assumptions
Brand Extensions and Brand Equity
Vertical Brand Extensions
EVALUATING BRAND EXTENSION OPPORTUNITIES
Define Actual and Desired Consumer Knowledge about the Brand
Identify Possible Extension Candidates
Evaluate the Potential of the Extension Candidate
Design Marketing Programs to Launch Extension
Evaluate Extension Success and Effects on Parent Brand Equity