Describe What They Are And Suggest Three To Four Specific Br

Describe what they are and suggest three to four specific brand development ideas

Comprehensively understand that companies have four primary options for developing existing brands: (1) line extension, which involves adding new products to an existing brand within the same category; (2) category extension, which introduces the brand into a new product category; (3) brand stretching, where a brand is used to enter new markets or product types; and (4) brand revitalization, aimed at renewing and strengthening an aging or declining brand. Drawing on lessons from the iSnack 2.0 case of Kraft Foods, which faced backlash after a problematic rebranding effort, we can strategize enhancements for Wicks and More’s brand leveraging these options.

First, a line extension could be highly beneficial. Wicks and More could introduce specialized candle lines such as eco-friendly, aromatherapy, or luxury candles, tailored specifically for different customer segments. These targeted lines would amplify their core brand by appealing to diverse customer preferences without altering the brand identity fundamentally. For example, a line of organic soy-based candles could cater to environmentally conscious consumers, similar to how Kraft considered product line variations to address consumer grievances in the Vegemite case.

Second, category extension offers promising opportunities. Wicks and More could diversify into related home décor items, such as decorative lanterns, scented oils, or even plush candle holders. These extensions can leverage the brand’s existing recognition in candles and enhance its market presence in the larger home decoration sphere. Analogous to Kraft’s attempt to create a new identity with iSnack 2.0, carefully positioning these extensions can resonate with their akin consumer base—those who value aesthetics and home ambiance.

Third, brand stretching into new markets could also be explored prudently. For instance, Wicks and More could expand into hosting exclusive workshops or experiential décor events. This not only strengthens brand engagement but also creates a lifestyle association akin to a brand’s role in religious or romantic settings, aligning with the core uses of candles. As Kraft’s social media campaigns demonstrated importance in understanding consumer influences, engaging customers through immersive experiences can reinforce loyalty and bring the brand to life beyond mere product offerings.

Finally, brand revitalization is necessary for aging or less-inventive brands. While Wicks and More’s current branding has contributed to its growth, there is room to modernize and refresh its image—possibly through a rebranding campaign that emphasizes craftsmanship, artisan qualities, and modern aesthetics. Such branding efforts should be backed by market research, similar to how Kraft misjudged consumer sentiment with iSnack 2.0, to ensure the new image aligns tightly with customer perceptions and desires. A significant rebranding effort could also involve updating the store environment, packaging, and advertising to better reflect contemporary trends and consumer tastes.

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