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virgin Branding Brief case
Piyush Sagar proposes strategies for pioneering ventures and brand extensions. Some key advantages of brand extensions are that they can facilitate new product acceptance, improve brand image, and reduce risks for customers. They can also increase promotional efficiency and reduce marketing costs. However, brand extensions can also dilute the parent brand if they counter consumer expectations, fail, cannibalize existing sales, or diminish the brand identity. The presentation discusses using brand-product growth matrices and diversification strategies, and leveraging leadership, advertisements, and social media.
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virgin Branding Brief case
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- 7. STRATEGY •Get into Categories whereconsumer needs are not well met and do different things to satisfy consumers
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- 11. Brand Extension Advantages Facilitatenew product acceptance : • Improve brand image • Reduce risk perceived by customers • Increase the probability of gaining distribution and trials • Increase the efficiency of promotional expenditures • Reduce cost of introductory and follow up marketing programs • Avoid cost of developing a new brand • Allow for packaging an labelling efficiencies • Permit consumer variety seeking Provide feedback benefits to parent brand : Clarify brand meaning Enhance the parent brand image Bring new customers into the brand franchise and increase market coverage Revitalize the brand Permit subsequent extensions
- 12. Brand Extension Disadvantages •Can counter or frustrate consumers • Can fail and hurt parent brand image • Can succeed but cannibalize sales of parent brand • Can succeed but diminish identification with any one category • Can succeed but hurt the image of the parent brand • Can dilute the brand meaning • Can cause the company to forgo the chance to develop a new brand.
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- 21. DISCLAIMER • This presentationhas been created by Piyush Sagar during the PGP Brand Management course taught by Prof. Sameer Mathur at IIM Sirmaur.