Branding & Product-Market Expansion
Corporate Branding and Product-Market Expansion
Growth strategies developed within companies vary according to the nature and dynamics of the market or industry that the company's products and services are competing in. Different strategies are utilized, such as increasing market penetration, undergoing a market expansion, implementing vertical integration, or developing innovative/creative ideas for the market/industry. In the market of consumer goods and services, a prevalent practice and the strategy that has proven to be economically viable and effective in strengthening corporate branding is through product-market expansion.
In product-market expansion, the company increases its growth through the development and launch of additional products and services that are still categorized under the corporate brand but extends the company's scope by expanding or adding more markets apart from the existing...
In product-market expansion, the company thinks about the specific market that it wants to include in its portfolio, and upon determining this market, products and/or services are developed. A company could initially operate within the consumer goods market, but could eventually venture into telecommunications, infrastructure, and transportation. Ultimately, in using this growth strategy, the company or corporate brand is strengthened, as it becomes known as a brand leader in diverse kinds of businesses. Increasing and expanding the market coverage means developing products and services that consumers need in different aspects of their lives. Because the company brand has managed to penetrate every aspect of the consumer's life through its products and services, its branding becomes more salient and in effect, easily remembered and stronger in terms of brand recall and retention when thinking about products and/or…
