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Brand Extension – Growth Strategy for Incumbents

In a saturated market, even the powerful brands have a hard time achieving growth targets. Big companies can do so by entering into new categories, which would increase the brand strength across markets. An established brand name would endorse itself in the new market. A classic example is National Geographic Society's shift from magazines to television channels, expeditions, and retail stores that sells books, clothes, and travel gear. The first step to go about brand extension is to look out for the categories that can be entered into, the target markets. The next step is to define how well your brand would fit into those markets, which would require assessing a new market like a start-up would. The third step is to design a prototype and test it against failures. Finally, prepare your response to the competitor's reactions; make sure the organization in ready to go. Successful brand innovation would harness the potential of the brand, all the while serving consumers better and bigger. Read more at :http://www.mckinsey.com/insights/marketing_sales/incumbents_as_attackers_brand-driven_innovation

 

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