Essay on Life Cycles of Brands

Essay on Life Cycles of Brands

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According to Kotler and Keller, 2009, today brands play a number of important roles that improve consumer’s lives and enhance the financial value of the firms. As defined by them, a brand is a product or service whose dimensions differentiate it in some way from other products or services designed to satisfy the same need. While brands such as Wrigley’s, Coca-Cola, and Heinz among the few that remained brand leaders for many decades, we also have examples of other brands such as Polaroid, Levi Strauss to name a few, which have not lasted forever (p. 253).
Similar to the product life cycle, all brands also go through their individual life cycles. The Business and Management Dictionary defines the brand life cycle into three stages. The introductory period is during which the company develops a brand and introduces it to the market. The brand faces competition from other products of a similar nature during the growth period. Finally during the maturity period, the brand either extends to other products or its face is constantly updated.
Grocutt (2006) showed that a combination of in...

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