Introduction: The project is about brand extension , it is a method of conceptualising a new product by using an existing brand name on a new product in a different category. A company using brand extension hopes to leverage its existing customer base and brand loyalty to increase This concept has been derived by marketers to optimize sales and profits by launching new or modified products under the parent brand name. Brand extension Brand extension is a strategy in which a firm launches a new or modified product with a well-developed image by using the established brand name in a same broad market. Organizations use this strategy to increase and leverage brand equity definition: the net worth and long-term sustainability just from the renowned name. An example of a brand extension is Jello-gelatin
The Relationship of Brand Equity and Brand Extension Essay Example
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In: Business and Management. Rank of the bra nd in its product category 3. Similarity of the extension to the parent brand 4. Reputation of the firm Brand Associations 1. Quality of the brand 2.
At this stage, There was no organized packaged soup market in India. Nestle planned to create a market for packaged soup as it felt the category had a lot of potential. However, the product failed to generate the desired sales volume and Nestle was forced to withdraw it. At the end of the year, Maggi noodles were generating sales volume of around tons and remained a loss making proposition for Nestle. To boost sales, Nestle decided to reduce the price of Maggi noodles.
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