BCOM/BPLM 221 (b) Explain the brand strategies that manufacturers can use for new products [8 marks]

Brand strategies for new products can vary widely, but some common strategies include:<br /><br />1. **Brand Extension**: This involves using an established brand name to introduce new products. The idea is that the new product will benefit from the established brand's reputation and customer base.<br /><br />2. **New Brand Creation**: Sometimes, a new brand is created specifically for a new product. This allows for a clean slate in terms of brand perception and can be particularly useful if the new product is quite different from what the existing brand is known for.<br /><br />3. **Repositioning**: This strategy involves changing the market position of an existing brand to make it more appealing to a new target audience or to respond to changes in the market environment.<br /><br />4. **Co-Branding**: This strategy involves partnering with another brand to create a new product. Both brands can benefit from the association and the combined customer base.<br /><br />5. **Licensing**: A manufacturer can license a well-known brand's name and logo for use on a new product. This can be a quick way to establish credibility and recognition for a new product.<br /><br />6. **Private Label**: Manufacturers can also create private label brands that are sold exclusively through a particular retailer. This can be a cost-effective way to introduce new products and can also help in building customer loyalty.<br /><br />7. **Digital Marketing**: With the rise of digital platforms, manufacturers can also focus on building a strong online presence for their new products. This includes using social media, content marketing, and SEO to reach potential customers.<br /><br />8. **Innovative Packaging**: Sometimes, a new product can be introduced with innovative packaging that grabs attention and differentiates the product in the market.<br /><br />Each of these strategies has its own advantages and disadvantages, and the choice of strategy will depend on the specific goals of the manufacturer, the nature of the new product, and the market conditions.