Developing a Brand Extension: Marketing Planning Process and Research Requirements

STP marketing planning process

Working in small teams to develop a 10 minute group presentation for a brand extension, you will then need to submit a group co-authored 1000 word report explaining the new brand extension.

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.

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.

Competitor Research

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)

·Background on the chosen brand include useful data such as market share, market size and trends in sales.

Identifying key components of the marketing environment

·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.

Writing the Report

The report is a supporting document to the materials presented above and you need to include a sound academic framework to the discussion.

We suggest that you adhere to the following headings for your reports:

Executive Summary

·The aims of the report,

·The methods of research,

Contents Page (Use the feature in Word to do this automatically)

This should be quite brief. It should include the aims of the report and some background on the chosen brand. Include useful data such as market share, market size and trends in sales, which you can find from the most recent Mintel reports and in the trade press

Methodology

A simple statement of how the research was carried out. This is particularly important in terms of competitor research, observational research, or primary research if you included it. Ideally you should critique whether your data is sufficient to justify your conclusions.

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)

Research requirements to solve business/marketing problems

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.

·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).

Your work will be assessed on the extent to which it demonstrates your achievement of the stated learning outcomes for this assignment (see above) and against other key criteria, as defined in the University’s institutional grading descriptors. If it is appropriate to the format of your assignment and your subject area, a proportion of your marks will also depend upon your use of academic referencing conventions.

This assignment will be marked according to the grading descriptors for Level 4 with specific guidance on mark allocation below.

Background on the chosen brand including coverage of existing brand values.20%

Coverage of market trends including key PESTEL issues 20%

Explanation of the new product, proposed target market and key competition. 20%

A Visual Image of the Brand Extension 10%

Presentation Skills (Creativity of images used, fluency with the material presented and timing) 30%                                                       

You need to demonstrate that you have spent at least a month working on this report. To do this, you need to provide evidence in the written text and in your reference list that you have engaged in research in the form of academic texts and secondary sources, such as Mintel, Trade and National Press and articles on WARC.  We will be looking for more than 10 references from a variety of sources in your reference list. If all that is mentioned in the reference list is website links and company websites, you will lose marks.

Marketing Knowledge   30%                                                                                                                       

You will need to demonstrate full knowledge of a range of marketing concepts including: STP marketing, profiling target audiences, branding, and brand extension strategies. This knowledge needs to be supported via academic references and applied in full. You also need an explanation, with reference to academic text, of key models covered on the module including Kapferer’s Brand Identity Prism (in discussing the existing brand being extended from) and Ansoff’s Grid and Tauber’s Brand Extension Options (in discussing the new brand being extended to). Additionally a visual showing the application of Kapferer’s model to the brand to demonstrate your understanding is also required.                                                                                                 

You need to be able to demonstrate that this brand extension will be successful. Marks for analysis will be given for your:

·New Market trends/PESTLE Analysis 10%

·Competitor Analysis (include in a tabulated format) 10%                                                                                                   

Please remember the LDU’s advice regarding academic writing i.e. it must be objective, impersonal, concise, accurate and evidence-based.

We expect you to apply the rules of Harvard Referencing in full both in the text and in the Reference List at the end of the report.

Group Work 10%

·As this is a group assignment you need to submit a group log showing in detail who did what for both the presentation and report writing stages.

·We will use the group log to identify inequalities in contribution and allocate individual grades if required.

·The group log must be included in your appendixes