Unit 41-LO3 Evaluate how brands are leveraged/extended over time domestically and internationally-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Domestic brands often want to connect with people through something meaningful. For example, Wendy’s is a small company in Ohio that has gained fame around the world thanks to its “limited edition” product lines including Frosty McButterpants and waffle sandwiches.

For international brands, connecting with local audiences while preserving their global identities is key. Gap ́s flagship stores in Paris and London are on opposite sides of the street with diverse designs, keeping the Gap heartland feel even amidst local flare.

Likewise overseas ‘Gap home’ stores will incorporate housing features from around the globe like a skiing mural on an interior wall or sliding doors leading outside. And countries where Gap already has individual successes (like China) can build on those successes with additional tailored products, like the line of Gap women’s shirts and pants made by Shanghai Tang.

Also Read: Evaluate techniques for measuring and managing brand value over time

Brand extension and leverage:

Approaches and strategies

There is a vital part of marketing. Different approaches have different degrees of risk with them. The important thing for marketers to remember is that they will need to lay out their objectives and the cost-benefit analysis in detail before making this kind of decision for their company.

If what you’re trying to do is shore up an already established brand, then you’ll want to use one approach over another based on your specific needs–think about how much you compete in your own market versus other markets, how many loyal customers your company has, customer loyalty, and so on.

A higher risk tactic might work better if the benefit will outweigh the potential spanner it throws in the works–but that’s not always going to be the case. It really depends on what you’re trying to achieve and how far you can see into the future, but always consider the big picture before making changes that are going to affect your brand.

‘Fit and leverage’ in brand extensions

FIT and LEVERAGE are common terms in the field of Advertising; they describe a strategy when an individual or company extends their brand into additional industries. In order to identify what’s appropriate, the following criteria need to be considered: “The fit must have both logical and emotional connections through shared roots, branding elements, users or perceptions. The leverage has potential for building the overall volume of consumers.”

Determine the different ways that brands can be reinforced and revitalized

Brands can be reinforced and revitalized in many ways, but the most effective methods are often considered to be reshaping communications from a more emotional approach, strengthening target marketing (so that more people know about your product), discounted pricing, and increased distribution.

The marketer must begin by establishing a clear rationale for revitalizing the brand. The reason for revitalization can be to:

1. Create more value (financial, functional, or emotional) for consumers;

2. Create demand where none existed; or

3. Retain current consumers

Emotional approaches will often be used to create an emotional attachment between the consumer and brand. These include advertising or promotion that can build a stronger relationship between consumer and product by creating a particular image of the brand, such as when Coca-Cola sponsored concerts.

Brand collaborations and partnerships

Collaborators have a vested interest in the success of the partnership. They want to get their product out there, if it’s good enough and use that success as momentum for other products in the future.

Brand partnerships help economically because they typically don’t cost anything beyond a shared profit margin on the product or service at stake and can sometimes be even mutually beneficial.

For example, both brands involved may benefit from improved name recognition even if only one of the two brands is considered more valuable than its partner.

Global branding and positioning

“Global marketing and positioning:” this means the development of a well-positioned, targeted product line with clear messages for customers in all major countries.

For example, IKEA furniture is famous for its “generic” marketing that unites people in a common culture of high-quality design at affordable prices – this phenomenon has resulted in them becoming the ninth most recognizable brand name worldwide.

A company’s global footprint means establishing an international presence rather than just focusing on domestic markets. Strategies are things to help grow the company. Companies do many things to advertise their product. They have special requirements for certain populations, like what you need in the United States. They invest in local networks of people who sell their products, and they protect themselves with strong intellectual property laws.

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