Brands are very important for a business and the promotion within the business. This post will tell you everything you need to know about brands.
A Brand is a product with a unique character for instance in design or image.
It is consistent and well-recognised.
+ Inspires customer loyalty leading to repeat sales.
+ Can charge high or premium prices, especially if brand is the market leader.
+ Retailers or service sellers want to stock brands.
Own Label Brands
This is when a retailer which uses this own name on their product rather than the manufacturers.
Such examples are Tesco-Value Beans or Sainsbury Cola.
Brand Extension is when a business uses a brand name on a new product that has some of the brand’s characteristics.
Examples are as follows:
- Dove Soap and Dove Shampoo (both contain moisturiser).
- Mars bar and Mars ice cream.
- Lucozade and Lucozade Sport.
- Special K and Special K cereal bars.
Where the brand is used for a diverse range of products, not necessarily connected. Virgin is perhaps the best examples of how far a brand can be stretched into distinct markets.