This document discusses brand portfolio management and brand extensions. It defines a brand portfolio as a collection of brands owned by a company under an overarching brand umbrella. An effective brand portfolio includes the set of all company brands, product-defining roles for each brand, and the portfolio's role in relation to products. Managing brands coordinately in a portfolio helps avoid confusing consumers and wasting resources. The document then discusses brand extensions, where a new product relies on an existing brand's name and reputation. Successful extensions allow market and sales diversification if the new product fits with the original brand. Reasons to extend brands include leveraging existing brand equity to reduce new product costs and capture long-term returns.