BRAND HARVESTING Meaning and
Definition
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Brand harvesting is a marketing strategy that entails maximizing the profitability of an established brand by efficiently leveraging its existing equity and resources. It involves extracting the full potential of a brand by strategically expanding its product offerings or entering new markets, thus minimizing costs and effort associated with brand creation and promotion.
In brand harvesting, companies capitalize on the reputation and recognition that a brand has already built in the market. By introducing new products or services under an established brand, businesses can benefit from the positive associations, customer loyalty, and brand awareness already associated with that brand. This strategy allows companies to streamline their marketing efforts, as they can rely on the existing customer base and market presence of the brand.
Furthermore, brand harvesting can involve extending the brand into different market segments or geographical regions, where the brand has yet to establish a strong presence. This approach allows the company to tap into new customer segments while still leveraging the brand's existing reputation and credibility. By expanding into related product categories or targeting new demographics, companies can increase their market share and overall profitability.
However, brand harvesting requires careful consideration and strategic planning. Companies must ensure that the new products or market segments align with the brand's core values and image to maintain consistency and avoid diluting the brand equity. Ultimately, brand harvesting is a tactic that enables businesses to capitalize on the value they have already created, maximizing their return on investment and sustaining their competitive advantage.
Etymology of BRAND HARVESTING
The term "brand harvesting" is a combination of two separate words: "brand" and "harvesting".
1. Brand: The word "brand" originates from the Old Norse word "brandr" and the Old English word "brand", which both meant "burning" or "fire". This original meaning referred to the practice of burning a mark onto livestock as a means of identification. Over time, the term evolved and began to be associated with the mark or symbol used to differentiate one's products or services from others. In the context of marketing and advertising, "brand" refers to a unique name, design, or symbol that identifies and represents a particular company, organization, or product.
2. Harvesting: The word "harvesting" is derived from the Old English word "hærfest", which referred to the time and act of gathering crops or reaping crops from fields.
