Quantifying the level of awareness on brand extension using index as the tool

Abstract

Marketing Management, one of the major functions of the business, facilitates the strongest affiliation of business to the customer through the delivery of what the customer likes, wants, demands and cherish. The brand delivers a clear message about its product and the company, confirms the credibility, motivates the consumer, builds up and concretes the loyalty. Brand Extension has been a commonly accepted marketing strategy used to break the entry barriers between product categories through the carryover of a brand’s reputation. It is important, hence, to study how strong the brands which have already extended have, in reality, grown by studying the level of awareness among the consumers. Hence, there arises a need to understand the reach of brand extension based on the brand awareness of the market under the title, “Quantifying the Level of Awareness on Brand Extension using Index as the Tool”. A renowned/successful brand helps an organization to launch products in new categories more easily. Reduction of the risk perceived by customers, reduction in the promotional expenditure and reduction of the cost of developing a new brand are the benefits of Brand Extension. The reach of Brand Extension has been found to be satisfactory and the level of awareness on Foreign Brands. Brand Extension should be used to improve the CSR capability of the company besides being to enhance the marketing and the profitability of the company.