What is the meaning of product line extension?
A product line extension is the use of an established product brand name for a new item in the same product category. Line extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes.
What is product extension with example?
A product line extension is when an existing brand launches new products in a product category they already offer products within. For example, when a soft drink company offers a new flavor of soda.
What is expanding product range?
4 days ago
Expanding your product range means taking on and managing a huge amount of extra product data.
What is product extension strategy?
An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.
Why is product range important?
Choosing how many product offerings to develop, market and support is a key decision for any company – and it can have a significant impact on growth and productivity. Having a wide range of product lines increases the chances of satisfying more customers and can improve productivity.
What does product range mean?
A product range refers to variations of a single product that are made in order to create similar yet distinctly different products. Each version of the product is designed to attract a different market segment with the intention of maximizing sales and building the customer base.
How do you increase product range?
5 ways to expand your product range for free or little cost
- Co-promotion with another retailer.
- Increase your product selection with Photoshop.
- Survey your customers for products they want.
- Test-market a non-existent product.
- Make slight changes to your existing product.
What is product extension in product life cycle?
An extension strategy is usually introduced between the maturity and saturation stages of the product life cycle, before a real decline takes place. The aim is to continue to maintain a steady rate of revenue from a product.
What are the types of brand extension?
Here’s a list of some of the top types of brand extensions:
- Product extension.
- Line extension.
- Customer franchise extension.
- Company expertise extension.
- Brand distinction extension.
- Transfer of component extension.
- Leveraging a lifestyle extension.
What is a product extension?
Product extension is a type of branding strategy where a parent brand covers a new product under same category it currently serves with new color, sizes, pack size and forms. The product extension is also known as line extension.
What is product range?
What is Product Range? A company that has specialized in some set of products or services can provide with different variations of the products known as product range in order to appeal a large set of customers.
What is the marketing strategy for an extension of a product?
The strategy for an extension could be a different color or size, and it may have different ingredients or come in different flavors. The company is marketing the value and quality of the existing product line to introduce more choices to consumers.
What is a brand extension?
A brand extension is when a company uses an existing brand to create new product categories. This gives a company the chance to extend its brand with recognition from the existing products. For example, Oprah extended her brand by launching a magazine and a television network. Brand extensions do have some risks, even for Oprah.