This essay is going to discuss the topic ‘Growing your brand’ in relation to developing and growing a new product. In his book Essentials of Marketing Jim Blythe defines branding as a manufactures way of adding value and differentiating a product from others on the market by using promotion, packaging, positioning in customer’s minds and brand names Blythe (2008). DeChernatony and McDonald (1998) go on to say the success of a brand results from its ability to sustain and maintain those added values in the face of competition.
This essay is going to look at brand names, how they are created and their role within the business. It will review and discuss different descriptions of New product cluster’s and determine which description best suits the Luckies product line. It will look at what benefits the new Luckies business could achieve by developing and growing its brand. Finally the essay will review the success rates of new product and estimate what the success rate of the new Luckies brand could be. Products are distinguished from one another by the use of brand names, these brand names come in different forms, some can include the manufacture’s name, some include a family name e.g. Heinz and Warner Brothers , some are a mixture of both product name and family name e.g. Kellogg’s Corn Flakes. Blythe (2008) writes that naming a brand should be strategic rather than random, he sites Ries (1995) who suggests that a brand name should be catchy or shocking in order to grab the customer’s attention, should link to a visual image e.g. timberland outdoor clothing incites a vision of the country, the brand name could also communicate something about the product as well as be able to encourage the development of a nickname.
All of the factors mentioned by Ries (1995) depend on how the brand name has been chosen Strauss & Steven, D. (2003) suggest that there are