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Key success factors for brand extensions
Key success factors for brand extensions
Recent literature review on brand extension
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Universally, a brand is a set apart representation that represents a product's ability to stand out (Ghodeswar, B. M., 2008, 17(1), 4-12). Comparatively, every single business use logos, marks, or names, to differentiate its products from others. Moreover, our corporation produces vanilla-white yogurts with the brand name of Delightful yogurts and it was their very first product to enter the marketplace. The Delightful yogurts popularity grew better than expected in the marketplace, thus becoming a household brand name; this leads the Delightful yogurt corporation to perform a brand extension of its yogurts. Therefore, the corporation launched a variety of flavors and colors that included Banana Berry-yellow, Kiwi Lime-green, Mango Tangelo-orange, …show more content…
Next, all of the brand extensions are valued by determining if it is above or below average in influence standings; the views will help managers in setting the product prices as well as determining its acceptance in the marketplace.
Step Four: Creating a brand extension strategy
In this step, it involves determining a brand strategy that will aid in deciding what the final product appearance will be and how it differentiates from the original product; this stage is where Delightful yogurts will develop a brand management plan and market strategy that will link their product with the consumers.
Step Five: Potential of the Brand extension
The final step is creating and implementing a brand extension now that the decision is made on the appearance and all of the attributes that will differentiate the new product from the original. Therefore, the product name will be Delightful yogurts which come in a variety of flavors and colors and it is differentiated from its parent product through appearance, taste, and color. Now that the Delightful yogurts brand extension has been developed it is now ready to be launched into the
While many pass by the dairy aisle thinking nothing of the stories behind products, yogurt is such a product that has been experimented commercially in what is now a battle between the bacteria. Activia and Yoplait are two players in a grander battle of gaining consumer interest. Both the Activia and Go-Gurt commercials differ in the details of their approach, yet both stray away from
Everyone is looking for better and healthier life! People today pay more and more attention to the food they eat, they want it to be healthy and tasty, on the other side modern life is so dynamic and eventful, that the food must be fast. So you need to come up with something that will support all these needs. The great solution is Frozen Yogurt. It is a refreshing, savory dessert that combines the flavors and textures of ice cream and sherbet. Frozen yogurt is a new-comer in the dessert market. Nevertheless, “the history of frozen desserts dates back thousands of years to Asia where water ices were first made.’’ (wiki) Yogurt was brought to the U.S. in the early 1900s and steadily increased in popularity as a health food item over the next several decades. By the 1970s, with the popularity of ice cream technology was transferred to the production of frozen yogurt. But it’s entry into the dessert market was a distinct failure—consumers complained that it tasted too much like yogurt. Relaying on consumer demand for a sweet product that tasted like ice cream, TCBY opened its first store in 1981. The highest popularity comes to Fro-yo by the mid 1990s. But in the late 1990s as Americans turned their attention to high-protein, high-fat diets, demand for frozen yogurt slowed considerably. Low-fat foods such as frozen yogurt fell out of favor as food trends preferred higher fat and lower cost ice cream at the turn of the millennium. Trends changed back to frozen yogurt in the mid 2000s with the advent of live probiotic powder-based mixes. Over the last decade the production of frozen yogurt has grown multi-million dollar business with dozens of competing companies.
...order to increase revenues to $20 million before the end of 2001, Natureview should choose option three and introduce two SKUs of a children’s multi-pack into the natural foods channel. This option carries the least amount of financial risk and would allow the company to build off of its already well-established position within the natural foods channel. Since women already represent 70% of yogurt purchases, the company should market the children’s multi-packs to mothers as a fast, easy, delicious and nutritious option for children as an addition to a meal or as a snack.
New product in the form of a brand extension in a segment that has not been touched.
Currently, the company lacks of focus as it has a diverse product line with too many varieties of cheese products. With so many products it cannot be sure to decide as to which market segment to target in order to take the advantage of the growing market.
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
Ulukay had no experience in making yogurt, but he knew that he disliked the American brand. That it took him 18 months and the help of five other people to perfect his recipe. His target consumer were Americans to show them how real yogurt should taste. He started selling his yogurt in a small grocery store. He
Therefore, we will strive to make our version the best-tasting one, to gain and retain more than a fair share of the market. An aggressive marketing campaign will usher in customers, while a high standard of customer service will build up rapport to enhance our ability to target new customers via referrals. Participation in community events will also be key to establishing our brand with the
Located within the Appendix are the mind maps and action plans that I have produced to help me follow the principles of marketing in investigating. launching, and selling liqueur ice creams. Marketing and marketing research affects the choice of the marketing. strategy used because it is the results that the marketing research has produced that will guide me as to what is the best way in which to get the product onto and make it a success in the marketplace. Also so that we can ascertain the best marketing mix that would apply to the product to be launched.
Companies use a collection of brand equities to represent their products in the market (Voolnes, 2012). Brand equity refers to the commercial value that is derived from the perception of consumers on any given brand name of particular products in the market as opposed to the product itself. Ataman (2003) notes that the effect to the consumer is in the brand name and not the product itself. Companies use logos, trademarks and a collection of other symbols to present this information to the customers. The use of these symbols is meant to try and capture the customer mindset so that they can be thinking about the company products at all times through the items they possess at home (Estes, Gibbert, Guest, & Mazursk, 2012). This can well be explained by use of the customer-based brand equity model that brings together the requirements for a publicly renowned brand in the market.
Tanner and Raymond (2014) describe branding activity as “strategies that are designed to create an image and position in the consumers’ minds” (c.6). When branding messages coincide with its offerings’ characteristics, it establishes consumer trust, and brand strength. For example, when first introducing Dove brand in 1957, by labeling its product as a “beauty cleansing bar . . . [with] ¼ moisturizing cream, that rinses cleaner than soap” (Unilever, 2016), we can see that marketers associated the brand to moisturizing and beauty, and disassociated the brand from common soap. Over the years, this consistent message coinciding with product performance has strengthened the Dove brand. Strong brand equity is derived from consistent, strategic branding that establishes perceived quality and emotional attachment (Entrepreneur, 2016); therefore, consumers are more likely to pay higher prices, as well as purchase new offerings connected to the
A brand identifies a seller’s product from a competitor’s product. There are three main purposes for branding product identification, which is the most important purpose, repeat sales, and new-product sales. Branding has a lot of terms that marketers use there is brand equity, global brand, and brand loyalty. Marketers also have different brand strategies that they use for different products or customers. It all depends on the consumer for them to decide which strategy they will use. The different strategies are generic products, manufacturer’s brands, private brands, individual brands, family brands, and co-branding. The branding purposes and the branding strategy make up the importance of branding.
Lack of brand awareness. Our company has a strong image in other countries. But as we introduce our product into our new market where we may not have competitors with similar products, we may have competition with a variety of related products. We will address this issue with heavy and aggressive promotion emphasizing in our products’ nutrition facts.
The shifting of the consumer’s taste of simple products to high quality branded products is not sudden. It grew out in the middle of the 20th century and the companies selling various products needed a new way to differentiate their products from the others giving it a unique identity.
Early on in the twentieth century, when mass marketing and production became commonplace, company branding allowed consumers to identify with a company. The consumer made a one sided personal relationship