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Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a spin-off . Organizations use this strategy to increase and leverage brand equity (definition: the net worth and long-term sustainability ...
Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. [1] There are two types of product line extensions, horizontal and vertical. Horizontal extensions consist of keeping the price and quality consistent, but changing factors like ...
Individual branding. Individual branding, also called individual product branding, flanker brands or multibranding, is "a branding strategy in which products are given brand names that are newly created and generally not connected to names of existing brands offered by the company." [1] Each brand, even within a same company, has a unique name ...
Brand licensing means renting or leasing of an intangible asset. It is a process of creating and managing contracts between the owner of a brand and a company or individual who wants to use the brand in association with a product, for an agreed period of time, within an agreed territory. Licensing is used by brand owners to extend a trademark ...
Co-branding. Co-branding is a marketing strategy that involves strategic alliance of multiple brand names jointly used on a single product or service. [1] Co-branding is an arrangement that associates a single product or service with more than one brand name, or otherwise associates a product with someone other than the principal producer.
Cannibalization is an important issue in marketing strategy when an organization aims to carry out brand extension. Normally, when a brand extension is carried out from one sub-category (e.g. Marlboro) to another sub-category (e.g. Marlboro Light), there is an eventuality of a part of the former's sales being taken away by the latter.
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Umbrella brand. Umbrella branding (also known as family branding) is a marketing practice involving the use of a single brand name for the sale of two or more related products. [1] [2] Umbrella branding is mainly used by companies with a positive brand equity (value of a brand in a certain marketplace). [3] All products use the same means of ...