Social Sciences
2 years ago

Brand extensions boost brand equity and drive consumer loyalty and engagement.

Cross-Currents An International Peer-Reviewed Journal on Humanities and Social Sciences
Types of Brand Extension Strategies and Their Role in Brand Congruency in Corporate Brand Extensions
Caxton Shonhiwa

Paper Summary

Brand extensions help companies save money by using existing brand names to launch new products. This strategy reduces communication costs and increases the chances of success by transferring positive consumer perceptions from the original brand to the new product. Brand extensions can also strengthen the parent brand, build brand equity, and encourage people who don't use the original brand to buy other products from the company.

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