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Marketing at Work
by: Angela V. MahinayBSBA-HRDM3
Licensing
Definition: A business arrangement in which one company gives another company permission to manufacture its product for a specified payment
Definition of 'Co-branding'
A marketing partnership between at least two different brands of goods or services. Cobranding encompasses several different types of branding partnerships, such as sponsorships. This strategy typically associates the brands of at least two companies with a specific good or service.
Co-branding occurs when two or more brand names function together in creating a new product.
Example:
Brand Development
A company has 4 choices when it comes to developing brands.
Bran
d N
ame
New
Existing
Product Category
Existing New
Line Extensions
Brand Extensions
Multi Brands
New Brands
This is a very handy framework for analysing brand development opportunities.
Line Extensions
–(product extensions) occur when a company extends existing brand names to new forms, colors, sizes, ingredients, or flavors of an existing product category, adding varieties or variations or flavors of the same branded product, you are basically doing line extension.
Extends a current brand name to new or modified products in a new category. It gives a new product instant recognition and faster acceptance. It also saves the high advertising costs usually required to build a new brand name.
Examples:
Multi-brands
Offers a way to establish different features that appeal to different customer segments, lock up more re-seller shelf space and capture a larger market share.
Examples:
New Brands
A company might believe that the power of it’s existing brand name is waning and a new brand name is needed. Or it may create a new brand name when it enters a new product category for which none of the company’s current brand names are appropriate.
Managing Brands
Companies must manage their brands carefully. First, the brands positioning must be continuously communicated to consumers. Major brand marketers often spend huge amounts on advertising to create brand awareness and to build preference and loyalty.
