You now need to select an existing brand the brand I choose is Ben and Jerry 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
1. Academic Reading
You need to ensure that you have read, at the very least, chapters 6, 9 and 10 in Brassington and Pettitts Essentials of Marketing and the BB source materials available on Kapferers 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
2. Secondary Research
You will need to make reference to appropriate Mintel reports as well as the companys website and press articles about the existing brands. You should also try to find information about the brands 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.
3. 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)
10 minute Presentation
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, companys 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
THIS IS WRITTEN LAST (because it is a summary of your research) BUT IT APPEARS FIRST (even before the contents page), in order to catch the attention of the reader and encourage them to read further. It should cover in one page or less:
The aims of the report,
The methods of research,
The results (top-line summary only)
Conclusions
Contents Page (Use the feature in Word to do this automatically)
Introduction
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.
Findings
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.Kapferers 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 Ansoffs Grid
An Explanation of the New Product (Taubers 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.
Conclusions
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?
Reference List
This should be listed alphabetically by Surname and should follow the rules of Harvard Referencing perfectly
Appendices
Use the appendices to display any raw research data, such as pricing data.
A group log of individual contribution to the task must also be included.
Style Issues
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).