Brand extension is “the application of a brand beyond its initial range of products, or outside of its category. This becomes possible when the brand image and attributes have contributed to a perception with the consumer where the brand and not the product is the decision driver”
Fast Magazine published in an article their choice of best and worst brand extensions of last year:
Tags: Brand Extension
Brand extension is a marketing strategy in which a firm that markets a product with a well-developed image uses the same brand name but in a different product category. Brands use this as a strategy to increase and leverage equity. Product extensions, on the other hand, are versions of the same parent product that serve [...]
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I had some posts on brand extensions here before, and tried to categorize brand extension, but here are some excerpts of another interesting categorization by Mike Bawden of Brand Crafting” The Next Step – An evolutionary brand extension. The Sequel – More than evolutionary, these extensions tend to be a complete re-thinking of existing products [...]
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Most companies know how to extend their brands by leveraging organizational competencies and determining unmet customer needs. However, surprisingly few have a strategic approach briefing in place to ensure that potential new product areas are consistent with a brand’s identity. Even an outstanding new product concept, satisfying a significant unmet customer need, will not succeed in the market if it is launched under the wrong brand identity
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Employees, like consumers, are bombarded all day by information. Brands are a way by which we identify our priorities. Consumer brands help us simplify our lives and streamline our selection-making. Internal brands enable us to prioritize our most precious resource: time
Tags: Internal Branding