This presentation provides an overview of brand extension, its definition, process, and the case of Nike Business Suits. It includes target market, marketing tactics, competitor analysis, and visual image of brand extension products.
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BRAND EXTENSION An overview
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INTRODUCTION The competition within the business world has increased because of the number of choices that are available to the customers (Barnes and White 2017). Organizations in order to mitigate this competition are trying to create a unique brand image of their own (Goedertier et al. 2015) Brand extension is another option which is being used by many organizations
BRAND AND BRAND EXTENSION As opined by Huang, Jia and Wyer Jr. (2017),brand can be defined as the perception of a customer or individual regarding the products or services offered by an organization. This experience distinguishes one organization from another The process of brand extension is being used by organizations to use their existing brand name or image or patents for the launch of new products or services so as to boost their sales (Goedertier et al. 2015).
NIKE The American multinational organization Nike was founded by Bill Bowerman and Phil Knight in 1964 and especially in the designing, manufacturing, development as well as the marketing of sports footwear, apparels, accessories and others (Nike.com 2019. The organization is currently operational in more than 170 different nations of the world and holds monopoly in the sports footwear manufacturing industry (Nike.com 2019). The gross revenue generated by the organization in 2017 was $29.6 billion and was ranked at the 89thlargest organization of the world in terms of the revenue generated by it (Nike.com 2019).
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NIKE BUSINESS SUITS These suits will designed for the working class individuals especially the business professionals The suits will be made for both men and women This is important because of the fact that there are very few organizations which make business suits for women The suits will be made from natural cotton rather than the synthetic polymers or cotton
TARGET MARKET The product Nike Business Suits will be specifically designed keeping into perspective the requirement of the working business class men and women. The suits will be available for individuals belonging to all ages however the main target market of the product will be the individuals in the age bracket of 30-44 years of age because of the fact that the individuals in this age group are working professionals. The product will position itself as one of the most premier brands and for this the brand through the use of the premium pricing policy will ensure the fact that they are delivering the best quality products to the customers.
TARGET MARKET (CONT…) This new product will be using the supply chain system of the organization Nike itself For the purpose of promotion, communication and marketing the communication, digital marketing strategies like content marketing, SEO and others and promotional strategies followed by Nike will be used (Nike.com 2019).
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MARKETING TACTICS Nike taking the help of Ansoff’s Grid is going to follow the strategy of product diversification so as to gain success in the new business market. Unlike the athletic cloths of the organisation which are made from polymers and others, these suits will be made from cotton and other similar materials. For packing these suits special large envelops made from recyclable plastic will be used.
COMPETITOR ANALYSIS
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CONCLUSION I personally believe that the brand extension of the organization Nike will be a successful because it has all the necessary attributes that it takes to make a brand success as becomes evident from the competitor analysis. The positive brand image of Nike can be used by it to gain success in the business suits manufacturing industry. The unique brand positioning of Nike and also the fact that it will offer business suits to both men and women are likely to make this brand extension a success.
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