Effects of Brand Extension Strategies on Consumer Buying Decisions
Keywords:, Brand extension strategies, line extension, brand equity, Consumer buying decisions.
Brand extensions are widely used as one of the best strategies all over the world which add value in brand equity. Brand extension is the concept that reflects bringing new products in to the market. Through brand extension strategies companies who are applying, can stay in the market for the longer period of time because by offering new product after some time not only satisfy its customer but also strengthen companyâ€™s image in the mind of the customer. Brand extension closely linkup with consumerâ€™s memory and recall. For this reason managers have greater responsibility of keeping the companyâ€™s name and reputation high. By keeping in mind the Pakistani market environment brand extension require more efforts from managers Political and economic situations are highly uncertain as well as customer have limited financial capabilities. Managerâ€™s have dual responsibility from corporate side to make strategies in alignment with companyâ€™s vision and mission and on the other side managerâ€™s are also responsible for creating enough point of differentiations in child brand in comparison with its parent brand. The risk f brand dilution is also there, in case if managers are failed to develop consistency in feature of child brand with its parent brand or they failed to define point of parity with its parent brand. This research study is conducted in Karachi by keeping in mind the Pakistani market environment. Interviews with brand managers of different companies who are actually facing day to day challenges in brand extension have been taken and analyzed under phenomenological tradition.
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