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Umbrella branding (also known as family branding) is a marketing practice involving the use of a single brand name for the sale of two or more related products. [ 1 ] [ 2 ] Umbrella branding is mainly used by companies with a positive brand equity (value of a brand in a certain marketplace). [ 3 ]
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There are three key levels of branding: Corporate brand, umbrella brand, and family brand – Examples include Heinz and Virgin Group.These are consumer-facing brands used across all the firm's activities, and this name is how they are known to all their stakeholders – consumers, employees, shareholders, partners, suppliers and other parties.
Co-branding is a marketing strategy that involves strategic alliance of multiple brand names jointly used on a single product or service. [ 1 ] Co-branding is an arrangement that associates a single product or service with more than one brand name , or otherwise associates a product with someone other than the principal producer.
Individual branding, also called individual product branding, flanker brands or multibranding, is "a branding strategy in which products are given brand names that are newly created and generally not connected to names of existing brands offered by the company."
Organizations use this strategy to increase and leverage brand equity (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is Jello-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from offerings in more than one product ...
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Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name.The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands.