Demonstrate knowledge of STP marketing planning process
Identify the key components of the marketing environment.
Identify research requirements to begin to solve a business/marketing problem in a company
You now need to select an existing brand (you may choose one of the brands from the CWK1 assignment or a brand of your own preference) and develop an idea for a new brand extension e.g. Dove toothpaste. This is partly a creative exercise, but it must be based on thorough research into:
1.The current values of the brand being extended
2.The potential target market for the brand extension.
This will involve academic research, secondary research and competitor research in store. It may also involve small scale primary research to establish whether your new brand extension finds acceptance with your chosen target market. However, for this assignment, marks will be awarded for the results of the primary research, not a full description of the process of carrying it out.
Conducting the Research
You need to ensure that you have read, at the very least, chapters 6, 9 and 10 in Brassington and Pettitt’s “Essentials of Marketing” and the BB source materials available on Kapferer’s Brand Identity Prism.
Also use WARC to find articles on (or related to) the topic of brand extensions – for example
·WARC June 2016 :How to extend a brand
·WARC News 23 January 2013 “Brand extensions favoured by shoppers”
·WARC Case Study :John Lewis Insurance: The power of true brand extension marketing, IPA Effectiveness Awards, 2016
·D. Aaker (1990) Brand Extensions: The Good, the Bad and the Ugly
You will need to make reference to appropriate Mintel reports as well as the company’s website and press articles about the existing brands. You should also try to find information about the brand’s values and existing target market. Additionally you will need to research current issues in the marketing environment (PESTEL analysis) that potentially could impact on your new product introduction.
You will need to look at the existing products in the new suggested market to ensure that your new brand could compete effectively (e.g. with Dove toothpaste you will need to consider Colgate and Aquafresh)
A 10-minute PowerPoint presentation with an additional 5 minute Q &A session.
The presentation needs to cover the following points
·Background on the chosen brand include useful data such as market share, market size and trends in sales.
·Coverage of the existing brand values supported with use of visual examples.eg advertising campaigns, company’s web site, sponsorship activities etc.
·A brief explanation of the new product with reference to what growth strategy the brand is adopting. (Ansoff).
·Clear identification of the proposed target market for the new brand extension ( include any primary data results if undertaken)
·Any key trends and PESTEL issues that have influenced your choice of brand extension idea.
·A comparative analysis of your suggested brand extension with any key competition identified in the new market sector.
·A Visual Image of the Brand Extension showing brand name, packaging design and logo. You also need to consider how your brand extension will be distinct from competing products.
It is suggested that you use sub-headings to make your report easier to follow. You could adopt the following headings:
·Existing brand and Brand Values -coverage to include key academic definitions explaining what is a brand, the concept of a brand extension and a detailed examination of one academic model on branding.(i.e.Kapferer’s Brand Identity Prism).
·Description of the Target Market – a detailed description of the TA for the new brand extension supported by reference to secondary sources e.g. Mintel and TGI supported by academic coverage of STP marketing planning process.
·Analysis of the New Market, Including Trends – PESTLE analysis and Ansoff’s Grid
·An Explanation of the New Product (Tauber’s Brand Extension Options, product packaging, the choice of a brand name and brand positioning)
·Competition – a comparative analysis of your suggested brand extension with any competition identified in the new market sector (this should be tabulated)
You should try to put relevant raw data in the appendices and just include a summary in the body of the report. Every time you state a fact e.g. market size, price data, sales etc. you must provide a referenced source for that fact (both in the text and in the reference list). All tables and graphs should have the source written directly underneath.
This is where you provide some element of evaluation of your research findings. Do you think your brand extension will be successful? Why/Why not?