The document discusses different branding strategies a firm can use when introducing a new product. It explains that a firm can develop new brand elements, use an existing brand through a brand extension, or combine new and existing elements in a sub-brand. It also discusses individual/family brands, corporate/umbrella brands, and sub-brands. Additionally, it defines a brand portfolio and shows examples of different types of brand extensions in a portfolio, along with advantages like improved success odds but also potential disadvantages like brand dilution.