Question

Question 3: (200 words)

In your own words, explain the stages or steps for own-brand development strategy using examples.

Answer 1

Answer 1) There are many brand development strategies to dig deep into the market or to grow the market share whereas I will follow these strategies to develop my brand:

1) Brand Extension: Brand extension or brand extending is a promoting technique wherein a firm advertising an item with a very much created picture utilizes a similar brand name in an alternate item classification. For example Yahama company sells bike but now the company is into electric boat selling as well

2) Line Extension: Line extension is where a company launches a product in same type of product line which they were offering beforehand like Coca Cola launched new flavor of cold drink. This is extension of products in same category.

3) Multi Brand Strategy: A Multi Brand strategy is characterized as the methodology of the organization to advertise a few comparable and serious brands of a similar organization under the pretence of various brand names. The possibility of Multi-brand strategy is to confine or end the opposition and increment the piece of the overall industry. For example FMCG companies offer products. All the competitors having same products with different name.