Why do companies have different brands?

If they have a range of products or services they tie these back to the parent brand. Then over time, they may get another business or they may look to develop a new product line that targets a different group of customers. At this point, they develop different brands for these new divisions.

Why might a firm have multiple brands in the same product category?

Multi-Brand Strategy Advantages More shelf space – Even though the branding for each product may be completely different and appeal to different consumers, you can create a leg up on the competition. Companies with a multi-brand strategy can appeal to these types of consumers without leaving the brand.

Why do manufacturers produce more than one brand in the same industry?

Companies sell multiple product lines under their various brand names, seeking to distinguish them from each other for better usability for consumers.

How is product different from brand?

Key Differences Between Product and Brand The product is an item or service produced and offered by the company for sale in the market. A brand is an entity like the logo, symbol or name used by the companies, to make their products identifiable among other products in the marketplace.

What is single brand product strategy?

Definition single-brand strategy When using a single-brand strategy, a company aims each of its brands exclusively at a particular market segment. Each brand gets its very own “personality”, is managed individually and clearly set apart from the company’s other brands.

What is the difference between brand and company?

In simple words, a company refers to the organization that produces products or services whereas a brand is something which is built through consumer perceptions and expectations. A brand is an identifying symbol, mark, logo, name, word and/or sentence that companies use to distinguish their product from others.