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Hi, need to submit a 2500 words paper on the topic Strategic Brand Evaluation. In the process of going through the main discussion, the theory presented throughout the course will be applied in the ca
Hi, need to submit a 2500 words paper on the topic Strategic Brand Evaluation. In the process of going through the main discussion, the theory presented throughout the course will be applied in the case of KFC.
Branding is more than just choosing a corporate name and advertising it in the newspaper. (King, 2008) A successful brand is not limited to developing familiarity on the part of the company’s target consumers. It should make the company’s target consumers feel special when being associated with a brand.
With the use of effective advertising and marketing strategy, the marketing manager of KFC is able to create brand equity which increases the brand popularity. For this reason, the brand name of KFC is considered one of the most important company assets in terms of encouraging the company’s target consumers to purchase KFC food products. Another importance of branding is that having high brand equity enables KFC to enjoy the benefits associated with brand extension and a product line extension.
In general, a brand extension is defined as the use of an existing brand name for entry into a new product category (Rugimbana & Nwankwo, 2003, p. 101. Aaker & Keller, 1990). Compared with the promotion of a new brand name, the use of brand extension requires lower advertising costs in the exchange with higher sales potential (Smith & Park, 1992). Similar to brand extension, a product line extension is about using an established brand name like KFC in promoting additional food items which is totally different from what the fast-food chain is normally serving. In line with this, a successful brand extension or product line extension contributes to higher brand equity to the original brand (Dacin & Smith, 1994).
Because of cultural differences between two different target market, KFC needs to develop a new product line that will suit the taste of its target consumers. . .
