LO 1 Demonstrate knowledge of STP marketing planning process
LO 2 Identify the key components of the marketing environment.
LO 3 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.
·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)
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.
·You may not write in first person – using I, me or my.
·Your report should be written in a formal business-like manner.
You may include tables and photographs in the body of the report, but they must all include the source (below and to the right) and title (to the left and above).