___________ is a strategy of using a successful brand name to launch a new of modified product in a new category ?
Correct answer: C. Brand extension
- A. Duobranding
- B. Line extension
- C. Brand extension
- D. Multibranding
Explanation
Brand extension uses an established brand name for a product in a new category, such as a food brand launching household appliances. Line extension instead adds variations within the existing product category.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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