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The line extension brand growth strategy involves creating additional products in response to consumer needs. A closer look at line extension strategy would be easier to see from an example. Apple introduced the iPhone Plus for the first time, with the release of the 6. The iPhone Plus was born to satisfy consumers who are looking for a bigger screen. Now, they can have their iPhone the way it suits them best. This growth strategy benefits Apple because it captures consumers who may have considered one of Apple's competitors. Instead of losing those potential customers, Apple has found a profitable way to serve them.
Brand extension strategy involves the introduction of a new brand, in a new market, after consolidating your brands' name in a related field. This brand strategy can be seen in Hershey Foods Inc. They make Twizzlers, and since they have done well in satisfying the market for chewy candy snacks, perhaps Twizzler Bites might reach a new market.
The new brand strategy is when a firm creates a new brand to go along with a new product. The new brand strategy is the most costly, since starting a new brand includes costs such as advertising, sales personnel, manufacturing costs and more. Frito Lay has created many different salty snacks under different brand names including Doritos, and Cheetos. Although this brand growth strategy is the most costly it can also reap the most benefits if done correctly. By introducing an entirely new product to the market you will be able to capture market share by serving different ends of the spectrum.
Brand extension strategy involves the introduction of a new brand, in a new market, after consolidating your brands' name in a related field. This brand strategy can be seen in Hershey Foods Inc. They make Twizzlers, and since they have done well in satisfying the market for chewy candy snacks, perhaps Twizzler Bites might reach a new market.
Pointers to Consider
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