Brand Extension

Brand Extension Unit 5: Product DO NOW: Using the “Alphabet” hand-out, try to identify the brand for each letter.

HOMEWORK Due tomorrow – Ad of the Week #4

Students will be able to… Brand Extension Unit 5: Product Students will be able to… Identify five (5) examples of successful Product Line & Brand Extensions for popular Brands. Explain how companies use these tactics to extend their Product Life Cycle

Brand Extension Brand Product Life Cycle Product Line Extension Unit 5: Product Brand Product Life Cycle Product Line Extension Brand Extension

Definition: A name or trademark connected with a product BRAND Unit 5: Product Definition: A name or trademark connected with a product Product: Brands:

BRAND Unit 5: Product An emotional and psychological relationship a company has with their customers Strong brands elicit thoughts, emotions, and sometimes physiological responses from customers

DO NOW SHARE-OUT Unit 5: Product

BRAND LOYALTY Unit 5: Product A consumer’s commitment to continue buying a specific brand’s product or service, despite the competition. THINKING QUESTION: How/Why is Brand Loyalty a great asset to a company.

BRAND LOYALTY Unit 5: Product A consumer’s commitment to continue buying a specific brand’s product or service, despite the competition. Brand Loyalty can be a great asset to a company as customers are willing to pay higher prices, may cost less to serve, and can bring in new customers.

Open workbooks to page 53 “Smart Marketing Can Give A Product New Legs”

PRODUCT LINE EXTENSION VS BRAND EXTENSION Unit 5: Product PRODUCT LINE EXTENSION VS BRAND EXTENSION

PRODUCT LINE EXTENSION Unit 5: Product Definition: the use of an established product’s brand name to introduce a new item in the same product category. Example:

PRODUCT LINE EXTENSION Unit 5: Product Definition: the use of an established product’s brand name to introduce a new item in the same product category. Example: Explorer Excursion Taurus Mustang Escape F-150 F-250 F-350 Focus Fusion Edge Flex

BRAND EXTENSION Unit 5: Product Definition: A marketing strategy in which a company uses their brand name to introduce an entirely new product category. Example: 1950’s 1973 1975 2008

BRAND EXTENSION Unit 5: Product

READY TO HAVE YOUR MIND BLOWN?! They own what?!?!

BRAND – a name or trademark connected with a product RECAP Unit 5: Product BRAND – a name or trademark connected with a product PRODUCT LINE EXTENSION – using an established product’s brand name to introduce a new item in the same product category. AdWeek’s Best & Worst of 2013 List BRAND EXTENSION – use brand name to introduce a entirely new product category

Flip to page 56 in your workbook Today’s Activity Unit 5: Product Flip to page 56 in your workbook Column 1: list 5 well known brands/products Column 2: list a possible Product Line Extension Column 3: list a possible Brand Extension