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Using an existing brand name to introduce a product that is new to the company into a totally new, unfamiliar market seems like a good idea. Several years ago, disposable pen, lighter, and razor maker Bic introduced perfume under the Bic brand name and it failed quickly. This innovation strategy is known as a ____ .radical invention. product line extension. disruptive innovation. product deletion. brand extension.

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Nyctalus

Answer: brand extension

                               

Explanation: In simple words, brand extension refers to the process in which a producer use the brand name or trademark of a well known firm on some new product with the objective of increasing sales.

Usually, in such cases the firm giving their trade mark or brand name take share in profit in the form of royalty. Thus, in the given case the strategy used by Bic of introducing perfume with an existing brand name is an example of brand extension.