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18. Exploring Brand Stretching: Advantages, Disadvantages, and Strategies
Manage episode 400530334 series 3527327
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Episode 18. This episode delves into the concept of Brand Stretching, exploring why brands choose to extend their product lines into new categories, the various strategies involved, and the potential advantages and disadvantages.
Here are some things that are covered:
- Explanation of how established brands expand into new product categories to remain competitive, increase revenue, and capitalize on their established reputation.
- Seven different ways brands can stretch their image and product offerings, including product extension, line extensions, customer franchise extension, company expertise, brand distinction, transfer of component, and lifestyle leveraging. Each strategy is accompanied by relatable examples, helping listeners understand the diverse approaches brands take when expanding their product lines.
- Importance of understanding the motivations behind Brand Stretching, emphasizing factors such as market trends, revenue growth, and diversification.
- Advantages of Brand Stretching, such as reduced risk, enhanced brand visibility, and increased consumer trust.
- Disadvantages, including brand dilution, overshadowing existing products, and increased competition in new categories.
RESOURCE
The “Brand Stretching” project objective is for the students to create a new product line in a product category that does not currently exist for an established fashion brand.
Project Deliverables:
- Visual Display of Product Line
- Digital Presentation
Collaborative project for teams of 4 students.
Each member will assume one of the following roles on the product development team:
- Project Manager – facilitates the project; handles administrative responsibilities such as creating a collaborative document, bibliography, and project folder; creates the target market profile.
- Design & Product Development – oversees the development of the new product; produces/obtains sketches; creates the presentation of the line.
- Retail & Logistics – develops the retailer profile for selling the line in store and digitally; oversees the distribution of the products from manufacturer to retailer and/or consumer; creates pricing structure.
- Marketing – manages all aspects of promoting the new product line through each distribution channel; organizes launching the line.
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The Brand Stretching List outlines a complete list of advantages and disadvantages of Brand Stretching. It's completely FREE. Just click here to access the resource.
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