What concept refers to the marketing strategy of using established brand names to introduce new products?

The concept that refers to the marketing strategy of using established brand names to introduce new products is known as brand extension. This strategy leverages the existing reputation, customer loyalty, and recognition associated with a successful brand to enter new markets or launch new products.

By attaching a well-known brand name to new offerings, companies aim to reduce the marketing risks and costs associated with introducing a completely new brand. This can enhance consumer trust and perception of quality, as customers are more likely to try a new product from a brand they already admire. Effective brand extensions can also open up additional revenue streams and create a more cohesive product line.

In contrast, casual marketing does not specifically relate to the use of established brand names for new products. Trade shows are events for showcasing products and connecting with potential buyers, rather than a marketing strategy for new product introductions. Target market defines the specific group of consumers that a business aims to reach but is not directly related to the use of brand names in product launches.