Brand Stretch Spectrum and Market Product Grid
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Assess the importance of evaluating newly developed health care products in order to determine whether the products should carry existing brand names or whether they should be assigned new brand names. Suggest realistic branding strategies needed for marketers to evaluate newly developed health care products or services. Provide support for your rationale.
From the e-Activity, determine whether or not the product offerings that you selected are consistent with the perceived selections of the given health care entity. Explain your rationale.
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Solution Summary
This solution looks at the importance of branching and explains the six types of branching with examples. It also determines whether or not the product offered are consistent with the selections of the given health care entity. References used are included.
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Branching is very important to enhance the identity of the product through the use of unique brand names symbols and other distinctive measures. Branding strategy is essential in order to build solid products and product lines. There are several approaches to branching. The branding approaches include the following: 1) Individual Product Branding; 2) Family Branding; 3) Co-Branding; 4) Private or Store Branding ; 5) No Name or Generic Branding; 6) Brand Licensing.
Individual Product Branding is an approach where new products are assigned new names with no connection to existing brands offered by company. Under individual product branding, the marketing organization must work hard to establish the brand name in the market. The advantage of this approach is it allows brands to stand on their own and lessen the threats that may occur to other brands marketed by company. Under individual branching approach, each brand builds its own equity which allows ...
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