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Brand development a) Describe why some brands might be more successful than others. b) Outline how economists might attempt to explain this. 2

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If you type brand development in Google you will see a wide variety of sites who promise to help your business in developing brand. So what exactly are brand and brand development? Brand is a variety of different ideas and images, which represent some producer or company. Brand development explains the way brand is developed, it may be represented in three ways. The first one is brand extension; it means that any existing brand name can be used as a name for the new product, which may be just another type of the existed product or even a new product, the example of this is any fashion and designer brand which starts its own fragrance product. The second one is multi brands, the situation when supplier decides to launch more brands in order to compete with its own strong brand, for example, Marriott uses the name Fairfield Inns for the chain of cheaper hotels. Finally, small business brands, making brands in small or medium companies is the same thing as in large ones, the main difference is that small businesses have smaller markets.
In this essay, there are two main questions connected with brand development and they are why some brands might be more successful than others and how economists might attempt to explain this.

There are many ways to make a brand successful. Some of them are effective some of them are not. So what makes one brand more successful than another? The answer for this question is not that easy. There are many reasons and they all depend on circumstances. That is why it is quite hard to forecast whether the brand will be successful or not.
The first reason why one brand might be more successful than the other one is the size and effectiveness of brand promotion. Brand promotion contains of all...