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The company can extend its product line down-market stretch, up-market stretch, or both ways. Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. [1] There are two types of product line extensions, horizontal and vertical.
Product line pricing is a product pricing strategy, used when a company has more than one product in a product line. [10] It is a process that traders adopt to separate products in the same category into various price groups, to create different quality levels in the customers’ minds.
From the line extension to brand extension, however, there are many different types of extension such as "brand alliance", [12] co-branding [13] [14] or "brand franchise extension". [15] Tauber (1988) suggests seven strategies to identify extension cases such as product with parent brand's benefit, same product with different price or quality, etc.
A product line extension is the procedure of entering a new market segment in its product class by means of using a current brand name. An example of this is the Campbell Soup Company, primarily a producer of canned soups. They utilize a multiproduct branding strategy by way of soup line extensions.
Ansoff pointed out that a diversification strategy stands apart from the other three strategies. Whereas, the first three strategies are usually pursued with the same technical, financial, and merchandising resources used for the original product line, the diversification usually requires a company to acquire new skills and knowledge in product development as well as new insights into market ...
SunPower (SPWR) expands its battery-storage product portfolio by launching 19.5 kilowatt-hour (kWh) and 39 kWh SunVault battery-storage products.
A brand extension is the use of an established brand name to introduce a new product or service. [3] Luxury brands use this strategy in order to reach a larger audience that may not be exposed to these luxury brands. Consequences of brand extension activity while a company is doing poorly is seen as a trading down.
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