Chapter 13-15 Flashcards
What is an umbrella brand?
A brand that has several brand under its umbrella
What are the main two types of brand extensions?
- Line extension: Using of sub-brand to target a new market segment within the same product category
- Category extension: Using the product brand in a different product category
What is the five-step process for evaluating brand extension opportunities?
- Define actual and desired brand knowledge
- Identify possible extension candidates
- Evaluate the potential of the extension candidate
- Design marketing programs to launch extension
- Evaluate extension success and parent brand equity effects
When is brand extension appropriate?
- When there is a basic of fit between the proposed extension and the parent brand.
- When all consumers’ brand knowledge structures have been taken into account and the brand extension still seems appropriate.
What are the main two advantages of brand extensions?
- Facilitate new product acceptance
- Provide feedback benefits to parent brand
What is the main disadvantage of brand extensions?
Confusion and frustration of customers.
Other ones would be diluting brand meaning, cannibalizing sales of the parent brand, hurt parent brand image, creating category identification confusion, etc.
Successful brand extensions must…
- Create POPs and PODs in the extension category
- Enhance POPs and PODs of the parent brand
- Must maximize the advantages and minimize the disadvantages of the brand extension
Which type of view does brand management require?
A long-term view
What are the main 8 strategies for brand strengthening?
- Expanding brand awareness
- Improving brand meaning
- Entering new market
- Increase usage
- Identifying additional usage oppotunities
- Identifying new and different ways to use the brand
- Go back to basic and ta into existing sources of brand equity
- Crease new sources of brand equity
What are the two main ways of improving brand meaning?
- Repositioning the brand
- Changing brand elements
What are three ways to make adjustments to the brand portfolio?
- Migration strategies (BWM series numbering system)
- Acquiring new customers
- Retiring brand
Which types of demographic segments do the video mention as most important?
- Younger consumers
- Cultural segments
What is regionalization?
Utilizing regional benefits for enhancing the marketing messaging. E.g. communicating directly to the regional area.
What is the main thing to remember in the standardization vs. customization debate?
Think global. Act local
