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Extension Strategies
Same product in a different form. Products that contain the brands distinctive taste, ingredient, or component. Companion products for the brand. Products relevant to the customer franchise of the brand. Products that capitalize on the firms perceived expertise. Products that reflect the brands distinctive benefit, attribute, or feature. Products that capitalize on the distinctive image or prestige of the brand.
Extension Strategy(ies):
Apply the 3 Factor Model of Extension Equity: Will the extension create its own equity?
(HINT: START WITH A MENTAL MAP FOR PARENT BRAND, EXTENSION) Creating POTENTIAL extension equity depends on 3 factors: 1. Salience: What associations from the Parent Brand are REPEATED in the extension/context? 2. Favorability: What associations are favorable? New associations AND/OR reinforced parent associations 3. Uniqueness: What are the extensions points of difference? Can be from parent or new associations
Apply the 4 Factor Model of Extension Feedback: Will the extension give equity back to the parent brand?
1. How compelling: Defined by 2nd level of the CBBE modelwhat meaning does the extension give back to parent brand? Imagery/Performance Blocks
2. How relevant: Defined by the 3rd level of the CBBE modelhow will the consumer reaction to the extension impact the parent brand? Judgment/Feeling Blocks
3. How consistent: How does the extension create fit with parent brand? Mantra, Mental Maps
4. How strong: To what extent will the extension impact/change perceptions of the parent brand? RATE: Weak, Moderate, Strong, etc. AND state rationale for rating.
Answer: Is this extension successful or not? WHY? (This interprets the overall meaning of the 3, 4 Factor Models and advantages/disadvantages of extensions overall)