Importance Of Brand Extension
Priyadharsini et al. (2013) studied on Brand Extension which basically, is a peculiar strategy related to the Brand management. There are various factors that tend to affect the brand extension process. These may include Parent Brand experience and awareness, brand image, perceived extension fit, perceived Quality, perceived performance and similarity of the products. Moreover, the parent brand loyalty, equity and personality also play a huge part in the brand extension process.
Ranjabraien et al., (2013) researched analyzing brand extension strategies in Service Companies indicate that the probability of success and acceptance of brand extension in order to have a competitive advantage are strongly influenced by the Perceived product quality and the perceived fit between the extended product and other products of the brand and consumer 's attitude to extension. If the extension is according to the perceived fit the brand extension strategies can be a success.
Dr. Jayakrishnan et al. (2015) concluded that a recognized brand name could provide competitive advantage and hence, is considered as one of the firm’s most valuable assets. Many firms have taken advantage from their established brand name by adopting the strategy of the brand extension. As, the technology and taste of the consumer changes and new products take on the market, companies with established brand names and positive brand images have more of the chance to be successful in the related or unrelated product
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