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BUS 343 - Chapter 8.pdf

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Simon Fraser University
Business Administration
BUS 343
Robert Krider

By Mark Liangco | BUS 343 Chapter 8 (Week 8 and 9) Brand Extension - A new product sold with the same brand name as a strong existing brand. - Application of stimulus generalization - Leverage your brand equity - Extension limited to similar products o Unless the brand is REALLY strong (ie: GE) Brand equity - Value in the brand alone Changing the logo - Distancing yourself from the original logo. It minimizes the risk involve as it decreases the damage it can potentially do to the original brand. Complementary - The value of one increases when you have the other (product) Substitution - The value of having one decreases when you have the other Cannibalization - Loss of sales of an existing product when a new item in a product line is introduced because customers switch to the new product. Customer Alienation: - Loss of existing customers when a product is modified or repositioned. To avoid Cannibalization and customer alienation, do the research, estimate the demand, make a decision on the best evidence available Branding Strategies: Co branding - Using your brand power to get more money! Family Brand - A brand that a group of individual products or individual brands share. National or manufacturer brands - Brands that the manufacturer of the product owns. Store or private-level products - Brands that are owned and sold by a specific retailer or distributor. PRODUCT LIFE CYCLE - expected nature of competition over time, and - planning of tactics to manage the product at each stage Introduction - slow growth follows the launch of a new product in the marketplace & low/no profits Competition - Nonexistent if this is a really new product By Mark Liangco | BUS 343 Objective - Acquire new customers! Tactics - Inc
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