Using a successful brand name to introduce additional items in a given product category under the same brand same (such as new flavors, forms, colors, added ingredients or package seizes) is called a(n)?
Correct answer: A. line extension
- A. line extension
- B. brand extension
- C. multibranding
- D. new brands
Explanation
A line extension uses an existing brand for new varieties within the same product category, such as new flavours, sizes, or colours. A brand extension instead carries the brand into a different 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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