Secondly, multi-brand strategy has certain risks, and launching a new brand requires considerable expenses. For enterprises lacking strength, brand sales are not enough to support the expenses needed for their successful promotion and survival, so it is difficult to implement multi-brand strategy. At this time, it is better to "put all your eggs in one basket" and build a well-known brand, and then extend it, so that the cost of launching new products will be greatly reduced.
Third, multi-brand strategy should be designed according to the business objectives of enterprises. For a large company, it is an important issue to determine the optimal length of brand line (brand number). If a company wants to be positioned as a perfect brand line operator, or wants to pursue a higher market share and effectively prevent the invasion of competitors, then it generally needs to have a longer brand line. If the company pursues profit maximization, then the length of the brand line needs to be actually estimated. The strength invested by enterprises in each brand should not be equal, the main brand should be cultivated, and the others are in a foil position.
In short, adopting multi-brand strategy can win more shelf space for enterprises, and can also intercept "brand changers" with new products to maintain customers' loyalty to enterprise products; Therefore, it is not necessary to maintain the reputation of the enterprise on the success or failure of a brand, which reduces the business risk of the enterprise. It should be said that multi-brand strategy conforms to the needs of the times and provides new ideas for the development of enterprises.
Definition and importance of multi-brand image
There are many definitions of brand image in academic circles, but they are all similar in essence.
This paper analyzes Levy's definition of brand image from the perspective of psychology. In his view, brand image is a collection of images and concepts about brand elements that exist in people's minds, mainly brand knowledge and people's overall attitude towards brands.
Ronoz and Gunterman put forward that "brand image is an associative collection of differentiated meanings of products or services in competition" from the perspective of brand strategy. They also listed the strategic ways of brand image operation: product cognition, emotion or impression, trust, attitude, image personality and so on.
Shizi proposed that a brand should have a personality image like a human being, which is not only determined by the substantive content of brand products, but also includes other contents ... So far, the understanding of brand image has entered the brand personality level.
Parker and others put forward that "brand image comes from the concept of brand management by marketers, and brand image is a method of brand management". They believe that any product or service can theoretically express its image with functional, symbolic or empirical elements.
The author believes that brand image is the overall impression and judgment of consumers on a brand. This kind of impression and judgment is produced in the process of consumers' long-term contact with brands, and is strengthened by consumers' brand association. The ultimate goal of enterprise brand management is to establish the brand image that enterprises hope in the eyes of target consumers.
Enterprises establish brand core values and brand cultural elements according to their own advantages, product or service characteristics, consumer demand, market conditions and other factors. Then, under the guidance of brand core values and brand culture, we design brand recognition, choose brand name combination, define brand attributes, and formulate brand communication schemes. By implementing various functions of brand management, the preset brand image of enterprises will enter the hearts of target consumers.