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Strategic Brand Extension and Organizational Performance of Selected Beverage Firms in Nigeria

Received: 21 October 2021     Accepted: 6 December 2021     Published: 31 December 2021
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Abstract

This study investigates the impact of strategic brand extension on organizational performance of selected beverage firms in Nigeria. The brand concept has come a long way especially during the product marketing times, where branding and management of brands played a huge role in creating differentiation and product preference in consumers’ mind. Brand extensions as a contemporary concept maximizes on brand name equity already established. Core brand names that customers are familiar with aid products newly entering the market and enable them quickly capture new market segments. Locally, adequate research attention has not been directed in area of strategies for brand extension. There appears to be existing gap for a study to be developed that looks into how strategies on brand extension affects local firm performance. The main focus of this study therefore, is to investigate the importance of strategic brand extension on the performance of beverage production companies in Nigeria. The sample size was determined using Taro Yemen's approach, and respondents were chosen using the survey research design method. The statistical approaches used were simple percentages and multiple regressions. According to the findings, all of the variables studied in this study, such as category expansion, line extension, existing family brand, and brand awareness, were positive and significant drivers to marketing performance. Brand awareness, existing family brand extension, and category extension have the most influence, followed by line growth. The study discovered that features of brand growth strategy have a positive impact on soft drink businesses' marketing success in Nigeria. As a result, the study recommends that a new or existing soft drink company in Nigeria work hard to develop a brand expansion strategy in order to increase marketing performance, among other things.

Published in International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 6)
DOI 10.11648/j.ijefm.20210906.18
Page(s) 271-284
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Brand Extension, Organisational Performance, Category Extension, Brand Awareness, Existing Family Brand, Category Extension

References
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Cite This Article
  • APA Style

    Ekure Friday Ovovwero Marcus, Bereprebofa Dudutari, Abonyi Ikechukwu Igwulube, Ireneusc Nwaizugbo, Eleje Edward Ogbonnia. (2021). Strategic Brand Extension and Organizational Performance of Selected Beverage Firms in Nigeria. International Journal of Economics, Finance and Management Sciences, 9(6), 271-284. https://doi.org/10.11648/j.ijefm.20210906.18

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    ACS Style

    Ekure Friday Ovovwero Marcus; Bereprebofa Dudutari; Abonyi Ikechukwu Igwulube; Ireneusc Nwaizugbo; Eleje Edward Ogbonnia. Strategic Brand Extension and Organizational Performance of Selected Beverage Firms in Nigeria. Int. J. Econ. Finance Manag. Sci. 2021, 9(6), 271-284. doi: 10.11648/j.ijefm.20210906.18

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    AMA Style

    Ekure Friday Ovovwero Marcus, Bereprebofa Dudutari, Abonyi Ikechukwu Igwulube, Ireneusc Nwaizugbo, Eleje Edward Ogbonnia. Strategic Brand Extension and Organizational Performance of Selected Beverage Firms in Nigeria. Int J Econ Finance Manag Sci. 2021;9(6):271-284. doi: 10.11648/j.ijefm.20210906.18

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  • @article{10.11648/j.ijefm.20210906.18,
      author = {Ekure Friday Ovovwero Marcus and Bereprebofa Dudutari and Abonyi Ikechukwu Igwulube and Ireneusc Nwaizugbo and Eleje Edward Ogbonnia},
      title = {Strategic Brand Extension and Organizational Performance of Selected Beverage Firms in Nigeria},
      journal = {International Journal of Economics, Finance and Management Sciences},
      volume = {9},
      number = {6},
      pages = {271-284},
      doi = {10.11648/j.ijefm.20210906.18},
      url = {https://doi.org/10.11648/j.ijefm.20210906.18},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210906.18},
      abstract = {This study investigates the impact of strategic brand extension on organizational performance of selected beverage firms in Nigeria. The brand concept has come a long way especially during the product marketing times, where branding and management of brands played a huge role in creating differentiation and product preference in consumers’ mind. Brand extensions as a contemporary concept maximizes on brand name equity already established. Core brand names that customers are familiar with aid products newly entering the market and enable them quickly capture new market segments. Locally, adequate research attention has not been directed in area of strategies for brand extension. There appears to be existing gap for a study to be developed that looks into how strategies on brand extension affects local firm performance. The main focus of this study therefore, is to investigate the importance of strategic brand extension on the performance of beverage production companies in Nigeria. The sample size was determined using Taro Yemen's approach, and respondents were chosen using the survey research design method. The statistical approaches used were simple percentages and multiple regressions. According to the findings, all of the variables studied in this study, such as category expansion, line extension, existing family brand, and brand awareness, were positive and significant drivers to marketing performance. Brand awareness, existing family brand extension, and category extension have the most influence, followed by line growth. The study discovered that features of brand growth strategy have a positive impact on soft drink businesses' marketing success in Nigeria. As a result, the study recommends that a new or existing soft drink company in Nigeria work hard to develop a brand expansion strategy in order to increase marketing performance, among other things.},
     year = {2021}
    }
    

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  • TY  - JOUR
    T1  - Strategic Brand Extension and Organizational Performance of Selected Beverage Firms in Nigeria
    AU  - Ekure Friday Ovovwero Marcus
    AU  - Bereprebofa Dudutari
    AU  - Abonyi Ikechukwu Igwulube
    AU  - Ireneusc Nwaizugbo
    AU  - Eleje Edward Ogbonnia
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    T2  - International Journal of Economics, Finance and Management Sciences
    JF  - International Journal of Economics, Finance and Management Sciences
    JO  - International Journal of Economics, Finance and Management Sciences
    SP  - 271
    EP  - 284
    PB  - Science Publishing Group
    SN  - 2326-9561
    UR  - https://doi.org/10.11648/j.ijefm.20210906.18
    AB  - This study investigates the impact of strategic brand extension on organizational performance of selected beverage firms in Nigeria. The brand concept has come a long way especially during the product marketing times, where branding and management of brands played a huge role in creating differentiation and product preference in consumers’ mind. Brand extensions as a contemporary concept maximizes on brand name equity already established. Core brand names that customers are familiar with aid products newly entering the market and enable them quickly capture new market segments. Locally, adequate research attention has not been directed in area of strategies for brand extension. There appears to be existing gap for a study to be developed that looks into how strategies on brand extension affects local firm performance. The main focus of this study therefore, is to investigate the importance of strategic brand extension on the performance of beverage production companies in Nigeria. The sample size was determined using Taro Yemen's approach, and respondents were chosen using the survey research design method. The statistical approaches used were simple percentages and multiple regressions. According to the findings, all of the variables studied in this study, such as category expansion, line extension, existing family brand, and brand awareness, were positive and significant drivers to marketing performance. Brand awareness, existing family brand extension, and category extension have the most influence, followed by line growth. The study discovered that features of brand growth strategy have a positive impact on soft drink businesses' marketing success in Nigeria. As a result, the study recommends that a new or existing soft drink company in Nigeria work hard to develop a brand expansion strategy in order to increase marketing performance, among other things.
    VL  - 9
    IS  - 6
    ER  - 

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Author Information
  • Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria

  • Department of Banking and Finance, Federal University, Wukari, Nigeria

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