Successful brand extensions in the FMCG industry

Successful brand extensions in the FMCG industry INTRODUCTION Brand extension or brand stretching is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a spin-off. Organizations use this strategy to increase and leverage brand equity (definition: the net worth and long-term sustainability just from the renowned name). An example of a brand extension is Jello-gelatin creating Jello pudding pops. It increases awareness of the brand name and increases profitability from offerings in more than one product category. A brands extendibility depends on how strong consumers associations are to the brands values and goals. While there can be significant benefits in brand extension strategies, there can also be significant risks, resulting in a diluted or severely damaged brand image. Poor choices for brand extension may dilute and deteriorate the core brand and damage the brand equity. Most of the literature focuses on the consumer evaluation and positive impact on parent brand. In practical cases, the failures of brand extension are at higher rate than the successes. Some studies show that negative impact may dilute brand image and equity. In spite of the positive impact of brand extension, negative association and wrong communication strategy do harm to the parent brand even brand family. Organizations frequently follow brand extension strategies. This paper investigates the impact of category similarity, brand reputation, perceived risk, and consumer innovativeness on the success of brand extensions in FMCG, durable goods, and services sectors. A set of hypotheses were developed and tested in a study amongst 153 consumers. The findings show that extensions into categories more similar to the original brand tend to be more readily accepted. Likewise, the reputation of the original brand is an important factor influencing the success of the extension. These findings are consistent across FMCG, durable goods, and services brands. However, perceived risk about the extension category was only found to enhance acceptability of extensions for durable goods and services brands. Innovative consumers are more positively disposed towards service brand extensions than FMCG and durable goods brand extensions. REVIEW OF LITERATURE In his paper, Hem Leif E a set of hypotheses were developed and tested in a study amongst 701 consumers. The findings show that extensions into categories more similar to the original brand tend to be more readily accepted. Likewise, the reputation of the original brand is an important factor influencing the success of the extension. These findings are consistent across FMCG, durable goods and services brands. However, perceived risk about the extension category was only found to enhance acceptability of extensions for durable goods and services brands. Innovative consumers are more positively disposed towards service brand extensions than FMCG and durable goods brand extensions. (Factors Influencing Successful Brand Extensions By: Hem, Leif E.; de Chernatony, Leslie; Iversen, Nina M.. Journal of Marketing Management, Sep2003, Vol. 19 Issue 7/8) In his paper, Thamaraiselvan, Raja, projects the intense competitive environment where companies launch new products to satisfy constantly changing consumers preferences. The new products are prone to failures due to many factors. Companies take efforts to reduce new product failure rates to maximize their returns for their stakeholders. A brand extension, leveraging existing brand names to new product categories is one such strategy to reduce the risk of new product failures. This study primarily focuses on how consumers evaluate brand extensions for FMCG (Fast Moving Consumer Goods) and service product categories in Indian market conditions. It explores how exactly the consumers evaluate different product categories based on factors like, similarity fit, perceived quality, brand reputation and perceived risk. It brings out the impact of brand reputation of the core brand and perceived service quality on the brand extensions evaluations. It highlights the role of perceived risk invo lved in the extended product category in brand extensions evaluations. Most importantly, this study establishes the relationships among similarity fit, brand reputation, perceived service quality and perceived risk in extended product categories through appropriate multivariate analysis. (How do Consumers Evaluate Brand Extensions- Research findings from India. By: Thamaraiselvan, N.; Raja, J.. Journal of Services Research, Apr2008, Vol. 8 Issue 1 ) In his article, Park, examines two factors that differentiate between successful and unsuccessful brand extensions: product feature similarity and brand concept consistency. The results reveal that, in identifying brand extensions, consumers take into account not only information about the product-level feature similarity between the new product and the products already associated with the brand, but also the concept consistency between the brand concept and the extension. For both function-oriented and prestige-oriented brand names, the most favorable reactions occur when brand extensions are made with high brand concept consistency and high product feature similarity. In addition, the relative impact of these two factors differs to some extent, depending on the nature of the brand-name concept. When a brands concept is consistent with those of its extension products, the prestige brand seems to have greater extendibility to products with low feature similarity than the functional b rand does. (Evaluation of Brand Extensions: The Role of Product Feature Similarity and Brand Concept Consistency. By: Park, C. Whan; Milberg, Sandra; Lawson, Robert. Journal of Consumer Research, Sep91, Vol. 18 Issue 2 ) In his research paper, Hem Leif, projects that the most successful brand extensions are considered to be those having high perceived similarity between the parent brand and the extensions, and being well known in the marketplace. However, previous research has mainly examined the effects of overall measures of perceived similarity between a parent brand and an extension. Correspondingly, little is known about the effects of different areas of consumer knowledge. This study investigates the effects of three types of perceived similarity (usage, associations, competence) and three areas of consumer knowledge (original brand, original category, extension category) on evaluations of brand extensions. The results indicate that some types of perceived similarity and knowledge are more important than others. These findings imply that brand managers need to identify and measure the relevant types of perceived similarity and knowledge that will affect evaluations of brand extensions in order to design effective communication strategies for extensions. (Effects of different types of perceived similarity and subjective knowledge in evaluations of brand extensions. By: Hem, Leif E.; Iversen, Nina M.. International Journal of Market Research, 2009, Vol. 51 Issue 6 ) In his article, Swaminathan, focuses on the impact of a new brand extension introduction on choice in a behavioral context using national household scanner data involving multiple brand extensions. Particularly, the authors investigate the reciprocal impact of trial of successful and unsuccessful brand extensions on parent brand choice. In addition, the authors examine the effects of experience with the parent brand on consumers trial and repeat of a brand extension using household scanner data on six brand extensions from a national panel. In the case of successful brand extensions, the results show positive reciprocal effects of extension trial on parent brand choice, particularly among prior non-users of the parent brand, and consequently on market share. The authors find evidence for potential negative reciprocal effects of unsuccessful extensions. In addition, the study shows that experience with the parent brand has a significant impact on extension trial, but not on extension repeat. (The Impact of Brand Extension Introduction on Choice. By: Swaminathan, Vanitha; Fox, Richard J.; Reddy, Srinivas K.. Journal of Marketing, Oct2001, Vol. 65 Issue 4 ) INDIAN FMCG INDUSTRY The Indian FMCG sector is the fourth largest sector in the economy with a total market size in excess of $13.1 billion. It has a strong MNC presence and is characterized by a well established distribution network, intense competition between the organised and unorganised segments and low operational cost. Availability of key raw materials, cheaper labour costs and presence across the entire value chain gives India a competitive advantage. The FMCG market is set to treble from $11.6 billion in 2003 to $33.4 billion in 2015. Penetration level as well as per capita consumption in most product categories like jams, toothpaste, skin care, hair wash etc in India is low indicating the untapped market potential. Burgeoning Indian population, particularly the middle class and the rural segments, presents an opportunity to makers of branded products to convert consumers to branded products. Growth is also likely to come from consumer upgrading in the matured product categories. With 200 millio n people expected to shift to processed and packaged food by 2010, India needs around $28 billion of investment in the food-processing industry. The Indian FMCG sector is the fourth largest sector in the economy and creates employment for three million people in downstream activities. Within the FMCG sector, the Indian food processing industry represented 6.3 per cent of GDP and accounted for 13 percent of the countrys exports in 2003-04. A distinct feature of the FMCG industry is the presence of most global players through their subsidiaries (HLL, PG, Nestle), which ensures new product launches in the Indian market from the parents portfolio. Demand for FMCG products is set to boom by almost 60 per cent by 2007 and more than 100 per cent by 2015. This will be driven by the rise in share of middle class from 67 per cent in 2003 to 88 per cent in 2015. The boom in various consumer categories, further, indicates a latent demand for various product segments. For example, the upper end of very rich and a part of the consuming class indicate a small but rapidly growing segment for branded products. The middle segment, on the other hand, indicates a large market for the mass end products.The BRICs report indicates that Indias per capita disposable income, currently at $556 per annum, will rise to $1150 by 2015 another FMCG demand driver. Spurt in the industrial and services sector growth is also likely to boost the urban consumption demand. HOUSEHOLD CARE The size of the fabric wash market is estimated to be $1 billion, household cleaners to be $239 million and the production of synthetic detergents at 2.6 million tonnes. The demand for detergents has been growing at an annual growth rate of 10 to 11 per cent during the past five years. The urban market prefers washing powder and detergents to bars. The regional and small un-organised players account for a major share of the total volume of the detergent market. PERSONAL CARE The size of the personal wash products is estimated at $989 million; hair care products at $831 million and oral care products at $537 million. While the overall personal wash market is growing at one per cent, the premium and middle-end soaps are growing at 10 per cent. The leading players in this market are HUL, Nirma, Godrej Soaps and Reckitt Colman. The oral care market, especially toothpastes, remains under penetrated in India (with penetration level below 45 per cent). The industry is very competitive both for organised and smaller regional players. The Indian skin care and cosmetics market is valued at $274 million and dominated by HUL, Colgate Palmolive, Gillette India and Godrej Soaps. The coconut oil market accounts for 72 per cent share in the hair oil market. In the branded coconut hair oil market, Marico (with Parachute) and Dabur are the leading players. The market for branded coconut oil is valued at approximately $174 million. FOOD AND BEVERAGES The size of the Indian food processing industry is around $ 65.6 billion, including $20.6 billion of value added products. Of this, the health beverage industry is valued at $230 million; bread and biscuits at $1.7 billion; chocolates at $73 million and ice creams at $188 million. The size of the semi-processed/ready-to-eat food segment is over $1.1 billion. Large biscuits confectionery units, soya processing units and starch/glucose/sorbitol producing units have also come up, catering to domestic and international markets. The three largest consumed categories of packaged foods are packed tea, biscuits and soft drinks. The Indian beverage industry faces over supply in segments like coffee and tea. However, more than half of this is available in unpacked or loose form. Indian hot beverage market is a tea dominant market. Consumers in different parts of the country have heterogeneous tastes. Dust tea is popular in southern India, while loose tea in preferred in western India. The urb an-rural split of the tea market was 51:49 in 2000. Coffee is consumed largely in the southern states. The size of the total packaged coffee market is 19,600 tonnes or $87 million. The total soft drink (carbonated beverages and juices) market is estimated at 284 million crates a year or $1 billion. The market is highly seasonal in nature with consumption varying from 25 million crates per month during peak season to 15 million during offseason. The market is predominantly urban with 25 per cent contribution from rural areas. Coca cola and Pepsi dominate the Indian soft drinks market. Mineral water market in India is a 65 million crates ($50 million) industry. On an average, the monthly consumption is estimated at 4.9 million crates, which increases to 5.2 million during peak season. With the presence of 12.2% of the world population in the villages of India, the Indian rural FMCG market is something no one can overlook. Increased focus on farm sector will boost rural incomes, hence providing better growth prospects to the FMCG companies. Better infrastructure facilities will improve their supply chain. FMCG sector is also likely to benefit from growing demand in the market. Because of the low per capita consumption for almost all the products in the country, FMCG companies have immense possibilities for growth. And if the companies are able to change the mindset of the consumers, i.e. if they are able to take the consumers to branded products and offer new generation products, they would be able to generate higher growth in the near future. It is expected that the rural income will rise in 2007, boosting purchasing power in the countryside. However, the demand in urban areas would be the key growth driver over the long term. Also, increase in the urban populatio n, along with increase in income levels and the availability of new categories, would help the urban areas maintain their position in terms of consumption. At present, urban India accounts for 66% of total FMCG consumption, with rural India accounting for the remaining 34%. However, rural India accounts for more than 40% consumption in major FMCG categories such as personal care, fabric care, and hot beverages. In urban areas, home and personal care category, including skin care, household care and feminine hygiene, will keep growing at relatively attractive rates. Within the foods segment, it is estimated that processed foods, bakery, and dairy are long-term growth categories in both rural and urban areas.

Pros and Cons of High Fructose Corn Syrup Essay -- Artificial Sweetene

High-Fructose Corn Syrup Abstract: High-fructose corn syrup is a commonly used artificial sweetener in foods. High-fructose corn syrup is a hydrolyzed version of ordinary corn syrup, which is produced via a steeping process. It is so widely used because it is both economically favorable and it helps to preserve food for extended periods of time. However, the drawbacks of high-fructose corn syrup include issues like potential obesity, diabetes, loss of liver function, malnutrition, and cancer. The fact that the producers of high-fructose corn syrup can deceive people that HFCS is harmless makes matters worse. High-fructose corn syrup (HFCS) is an artificial sweetener commonly used in the United States. As its name implies, this sweetener is derived from agricultural corn. All high fructose corn syrups are corn syrups whose fructose content has been increased via enzymatic processes and then mixed with pure corn syrup. There are several different formulations of high-fructose corn syrup. The product sold in the United States (HFCS #2) has the following composition: moisture, 29%; dry substance, 71% D.S.; dextrose, 50% D.S.; ash, 0.03 D.S.; and nitrogen, 0.002% D.S. The amounts of dextrose, fructose, and other saccharides may vary slightly in HFCS #3, but the analysis is fairly consistent. HFCS #1 hasn’t been commercially sold specifically for consumer consumption in the U.S. for many years. Instead, it is used by food producers in their products. 2 The process by which high fructose corn syrup is made is complicated. To start, ordinary corn syrup must be obtained. Then, enzymatic processes increase its original sweetness. To produce the basic un-enhanced corn syrup, wet milling is a commonly used technique. Wet-milling includ... ...Jones. 2006. 24 July 2008. . Forristal, Linda. â€Å"The Murky World of High-Fructose Corn Syrup.† Westonaprice.org. Ed. Linda Forristal. 2003. 24 July 2008. . Inglett, George E. Symposium: Sweeteners. Westport, Connecticut: The Avi Publishing Company, Inc., 1974. HFCSFacts.com. 2008. The Corn Refiners Association. 25 July 2008. Steindom, Joel. â€Å"My Food Manifesto, Part One: The Bad News.† Steidom.com. Ed. Joel Steindom, Heather Steindom. 2007. 24 July 2008. . National Academy of Sciences (U.S.). Sweeteners: Issues and Uncertainties. Washington, D.C.: National Academy of Sciences, 1975. Lachmann, Alfred. Starches and Corn Syrups. New Jersey: Noyes Data Corporation., 1970.

Similar Themes but Dissimilar Fate

Parallel incidents that can be found in â€Å"Pyramus and Thisbe† and Shakespeare’s â€Å"A Midsummer Night’s Dream† demonstrate Shakespeare’s adaptation of the tragic myth. The mere mention of the myth in Act 5, confirms the playwright’s attempt to imitate the theme of the story. However, in contrast to the other, â€Å"A Midsummer Night’s Dream† being a comedy, offers a happy ending, where lovers are united and blessed by fate. The story of Pyramus and Thisbe occurs as a play within â€Å"A Midsummer Night’s Dream. † It is presented in Theseus’s wedding, supposedly to satirize the love between Lysander and Hermia. However, a twist occurs in the end, giving the play a happy ending, thus departing from the real context of the myth. Parallelism between the two can be recognized in the theme, characterization, and plot. Both use the theme of forbidden love and disobedience. The beginning of the play suggests a close thematic resemblance to the myth. Egeus, the father of Hermia, seeks Theseus’s judgment regarding his disobedient daughter. Hermia, the daughter, is arranged to marry Demetrius, but she loves another man named Lysander, who also occurs in the scene. The lovers are very much in love but Egeus refuses to have them marry because of a promise he has given Demetrius. From this, we can see parallelism in the theme of forbidden love and disobedience of children to their parents. However, the presence of Demetrius is an addition, because in the myth, there is no mention of a third party. As such, Demetrius’s character is one element that suggests Shakespeare’s intention of dissuading from the old lovers’ myth. Like Pyramus and Thisbe, Lysander and Hermia are blinded by their love. That night, they profess their love for one another. Like the lovers in the myth, they seem unable to live without each other. Therefore, they plan to elope to Lysander’s aunt’s house to get married in secrecy. In doing so, they need to trod a forest where they meet a different fate. Similarly, Pyramus and Thisbe, being forbidden to continue with their love, decide to elope the next night and see each other at a monument, where they meet a tragic ending. This event in the plot makes a good resemblance with that of the myth, where lovers decide to take full control of their fate. However, just like the old myth goes, the lovers are doomed not to have everything going according to their plans. In Act 3 of the play, we see Shakespeare’s intention to make a twisted ending with the decision Lysander makes. As Lysander and Hermia lose each other in the forest, we find another parallelism where Pyramus fails to see Thisbe in the designated place. According to the myth, Pyramus does not find Thisbe and thinks that she is slain by a lion. In thinking so, he kills himself, and when Thisbe sees him dying, she does the same. Taking resemblance to the myth, Lysander is supposed to meet his death in the forest. This should happen in the hands of Demetrius who decides to take revenge over him for losing Hermia. However, the death of Lysander that the audience expects does not happen. Instead of dying like Pyramus, Lysander confesses his change of heart to Demetrius, â€Å"Content with Hermia! No; I do repent The tedious minutes I with her have spent. Not Hermia but Helena I love: Who will not change a raven for a dove? (Act 3, Scene 2) He confesses that he has had a change of heart and does not love Hermia anymore. Instead, he loves Helena, the girl who loves Demetrius. Because of this twist, Lysander is saved from potential death. Similarities in characterization can be recognized in the two literary texts. In the myth, the characters are too overcome by love, as in the play. Specifically, we see Thisbe and Hermia with great similarity in their intentions. In her dialogue with Demetrius, Hermia shows characteristics of Thisbe of being passionate to her love and willing to die. She pleads to Demetrius, â€Å"For thou, I fear, hast given me cause to curse, If thou hast slain Lysander in his sleep, Being o'er shoes in blood, plunge in the deep, And kill me too. † (Act 3, Scene 3) This shows the discernment of Hermia to die instead of living without Lysander. Like Thisbe, Hermia feels there is no tomorrow if she will not be reunited with Lysander. More than the characterization, we see a similarity in the portrayal of women in the two plots. Both assign women martyr roles of being true to their lovers. Not only do we see Hermia deeply in love with Lysander, but Helena with Demetrius as well. As such we see that the centuries that passed between the myth foretold and the writing of the play did not effect the way women are perceived in the society. As both literary texts contain, they are pictured as martyrs who await their lovers, willing to give up their life for the sake of the other. The theme, characterization, and some parts of the plot demonstrate similarities between the two works. This only shows that the theme of forbidden love among youths is very recurrent in literature. Specifically, the theme of disobedience to one’s parents reveal imitation of the myth. In addition, the characterization which suggests the theme of loyalty despite death as seen in Hermia clearly resembles that of myth. The readiness to die just to escape suffering, and follow a lover till death are also elements taken from â€Å"Pyramus and Thisbe. † Overall, while the play shares similarities with the myth, Shakespeare’s disposition to end his play in a more romantic way provides the characters with a different fate.

Globalization And Its Discontents Book Review II

Globalization and its Discontents: Book Review II Joseph E. Stiglitz in his book, Globalization and its Discontents, seeks to explain how an institution that is set to ensure economic and political stability in developing nations often fails to contribute to their progression. Loans made by international institutions, such as the IMF, and the World Bank, are often promoted as to have the ultimate aim of enhancing a state’s domestic economic stability and international capabilities. The author mainly focuses his arguments on critiques of the IMF and its actual motives for lending enormous amount of money to countries facing dire circumstances. In addition, Stiglitz elaborates on his argument as he contends on issues affecting developing nations that come as consequence of receiving loans from international lenders. Such issues are result of liberalization, privatization and deregulation of markets. The author notes that loans made by international institutions, mainly focusing on the IMF, may result beneficial to many developing states, and few times allow them to prosper more than they otherwise would have on their own. His argument is not that the loans themselves are harmful, rather, it is the conditions that come attached to such loans that often induce and accelerate economic default in countries seeking to obtain prosperous results from the borrow. 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