Brand extension refers to applying a well-known brand to a new product, hoping to pass the image of the brand to the new product, and forming a huge family brand as a result of the extension. For example, after Nike succeeds in the sneaker market, it extends Nike to sports related products such as sweatshirts, socks, hats, backpacks, etc. If applied properly, brand extension can help manufacturers to promote new products quickly, save the cost of new product promotion, and strengthen the brand image.<br>
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