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

Ekure Friday Ovovwero Marcus; Bereprebofa Dudutari; Abonyi Ikechukwu Igwulube; Ireneusc Nwaizugbo; Eleje Edward Ogbonnia

doi:doi:10.11648/j.ijefm.20210906.18

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

Ekure Friday Ovovwero Marcus, Bereprebofa Dudutari, Abonyi Ikechukwu Igwulube, Ireneusc Nwaizugbo, Eleje Edward Ogbonnia

Published in International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 6)

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

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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
Y1  - 2021/12/31
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210906.18
DO  - 10.11648/j.ijefm.20210906.18
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

Ekure Friday Ovovwero Marcus

Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria
Bereprebofa Dudutari

Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria
Abonyi Ikechukwu Igwulube

Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria
Ireneusc Nwaizugbo

Department of Marketing, Nnamdi Azikiwe University, Awka, Nigeria
Eleje Edward Ogbonnia

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

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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
Y1  - 2021/12/31
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210906.18
DO  - 10.11648/j.ijefm.20210906.18
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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