Question
Brand Extension
Choose a
product write a 5 page paper discussing how you would create a brand extension
of that product. Include your rationale for the brand extension. Areas to
include: Brand (to include a brief background)
Extension idea
Rationale/justification or need for the new idea relate the idea back to the
company's mission statement
Target market Marketing/launch strategy (to include pricing and channel
strategy) Ethical considerations? Course work Objectives:
1. Develop a Marketing Plan
2. Define the types of marketing research
3. Analyze potential pricing alternatives.
4. Define channel strategy
5. Design a sales management
plan.
Expert Solution
Extending an existing
brand name to a new product in a different category correlates to brand
extension. It is frequently utilized when introducing new products. As a
result, the brand name denotes a sustained engagement and dedication to a
particular set of values ingrained in commodities that set the business,
individual, or object differently. A brand is a designation that can sway the
market, and its influence grows as more consumers come to know, believe in, and
support a brand. With so many options available, a parent brand has a range of
variables to consider when deciding whether to extend its brand. Therefore,
analysing brand extension as a process is crucial in determining ways in which
it can be incorporated in a company such as a breakfast cereal where steps such
as target market, launching strategy and ethical considerations are correlated
to four fundamental concepts are transmission, relevancy, recognition, and
credibility.
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