Principles of Marketing Essay Example | Topics and Well Written Essays - 500 words

Principles of Marketing - Essay Example Under this alternative, a company concentrates on extending an already existing brand name but focus on creating new flavors, colors, size, ingredients, as well as new forms of an existing product category. Most of the new products on the market today actually consist of line extension. A good example of line extension can be the make new flavors of Doritos products. A company can also opt to use multi-brands as a means of developing brands. As mentioned earlier, multi-brands entail a company introducing additional brands into the same product line or category. An example of developing brands using multi-brands is gamble and proctor markets which have a variety of different brands in every category of their products. Introducing new brands is another alternative that a company can choose from in developing new brands. Under this option, a company may be of the view that the strength of the already existing brand name is fading off, and the introduction of a new brand name is necessary. The introduction of scion by the Toyota Company for purposes of the millennial customers is a perfect example of new brands. Finally, a company has the option of developing brands through brand extension. Through this alternative, the company uses an established or existing brand name in designing new product lines. Ultimately, the newly designed product category to which the brand is created can be unrelated or sometimes related to the already established product categories. An example of a brand extension is the Nike brand which is renowned for shoe production; however, Nike has now extended to producing golf equipment, sunglasses, basketballs and soccer balls. An already established brand used in brand extension is known as a parent brand. Indeed when it comes to developing brands, a company has got four alternatives from which it can choose from.