A brand is a name, term, design, or symbol (or combination) that identifies a business or organization and its products. Brands can include a number of elements:.
BRITANNIA, TATA GROUP, ITC GROUP, UNILEVER GROUP – BRAND EXTENSION FOR ENTIRE PRODUCT PORTFOLIO
Instances where brand extension has been a failure are-
The first stage of brand development is identity. At this stage, consumers are just beginning to understand what the brand is.
Salience refers to how easily or often a consumer thinks of the brand, especially at the right place and right time.
The second stage is meaning.Here, consumers begin to understand points of difference and points of parity such as performance and reliability.
The third stage is response, which is where consumers judge the brand with their heads and hearts. Consumers judge factors such as credibility, expertise, and trustworthiness.
Feelings at this stage can be divided into two categories: experiential and enduring. Warmth, fun and excitement are experiential feelings. They are more immediate and short-lived than enduring feelings.
Enduring feelings, such as security, social approval, and self-respect, are private and potentially part of day-to-day life.
The final stage is resonance, or intense, active loyalty. This is where customers feel a connection or sense of community with the brand and they would miss it if it went away.
Co-branding refers to several different marketing arrangements:
The objective for this is to combine the strength of two brands, in order to increase the PREMIUM consumers are willing to pay, make the product or service more resistant to copying, or to combine the different perceived properties associated with these brands with a single product.
Thus co-branding could be considered to include sponsorships:
One form of co-branding is ingredient co-branding. This involves creating brand equity for materials, components or parts that are contained within other products.
Another form of co-branding is same-company co-branding. This is when a company with more than one product promotes their own brands together simultaneously.
Joint venture co-branding is another form of co-branding defined as two or more companies going for a strategic alliance to present a product to the target audience.
Finally, there is multiple sponsor co-branding. This form of co-branding involves two or more companies working together to form a strategic alliance in technology, promotions, sales, etc.