Marketing Analysis Marketing Industry - 1616 Words

Introduction In the marketing industry it’s always smart to take advantage of opportunities to gain more customers while at the same time looking for weaknesses amongst their competitors. These are the building blocks on which corporations strive to survive and flourish. Once a company has produced a flagship product they gain name recognition along with customer loyalty and a strong following, which usually has a deep connection to the company’s product. This connection is so immersed into a product they provide free advertisement via word of mouth, social media or the wearing of logos on their clothing. Companies are always looking for ways to extend their products longevity. As a consumer becomes more attached to a particular product†¦show more content†¦This is how a well established product is use to introduce a different style of the original product while maintaining the consistency of the base product line. Literature Review Definitions To ensure we are talking about the same concepts, let’s go over a few definitions that are common in marketing and must be understood for us to proceed with this discussion. A percentage of total sales volume in a market captured by a brand, product, or company is called Market Share (Market share). Multiproduct branding strategy whereby a firm markets one or more new products under an already established and well known brand name. The objective is to serve different customer needs or market segments while taking advantage of the widespread name recognition of the original brand. For example, maker of a popular perfume may introduce shampoos, bath soaps, body powders, etc., under the perfume s name. Line extension is encouraged by some marketing experts and frowned upon by others. Also called brand extension (Line extension, 2013). Brand extension is the practice of using a well-known brand name to promote new products or services in unrelated fields also called brand stretching (Brand extension, 2012). A company s core product or service which is most recognizable by the public and embodies the expertise, values and product line of the business. For example, athletic shoes are the flagship brand for Nike though the company makes other