Question

what are the pros and cons of trying to use a single brand-name in different markets as opposed to creating unique brand names for various markets

Answer 1

Solution:

Given that,

A standardized brand name provides several benefits to a company and some of them are as follows:

1. The company is able to save a lot of bucks, time and efforts if it uses a single brand name in a different market, It is because the company won't have to spend on different packaging, design, and advertising cost.

2. It comes with extended benefits to a brand name. The company can en-cash the goodwill and brand value, its brand has generated, in a different market.

3. The company does not have to manage two brands, therefore, it can also save on managing cost and time.

There are the following cons of using a standardized brand name:

1. The issue with one product/market may spoil the image of the whole brand name.

2. The company has to be sure whether that particular brand will go with a different offering or in a different market as there are many legal and cultural aspects that are required to be met as per the local situation.

3. A standardized brand name is sometimes not feasible considering the condition of the market and target customer.

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