Brand Manager assignment K

Detailed Assignment instructions This assignment is an individual report that combines elements from your previous Assignments. Your task here is to assume the role of a brand manager proposing a product extension to the Chief Marketing Officer (CMO) of your company. The brand you are extending is the brand you analysed for your Assignment 2. Peters Drumstick The target market for the brand extension is one of the three personas you created for Assignment 1. Jane Smith, 66 Your report to the CMO will recommend one segment to be targeted from amongst the three personas, and justify your recommendation. 60+ demographic Then, justify your recommended brand extension strategy and positioning to the target segment, plus how will it be differentiated from competitors currently serving that segment. Streets (cornetto - weis creamy frozen yogurt bars) Bulla - multi flavoured yogurt sticks Lastly, you should explain how you plan to develop the marketing mix for this brand extension to attract the consumers in your target segment. Your report will be in these main parts: A section that explains your how you have ranked the attractiveness of the three potential segments and justify why you have chosen one of them as the primary segment to target. A section showcasing how your understanding of your chosen segment's characteristics. This understanding will be the foundation of your new product and brand extension strategy. A competition analysis section that explains how the positioning strategy of your brand extension is differentiated and appealing to your target market. A section that details the rest of the marketing mix of your new extension, e.g. its price, method of communication and delivery method (the 4Ps). 2c5291e30346d5ae703cf1b759ac4caff491ff98.docx Page 1 of 8
Part 1. Target Market Analysis In Assignment 1, you conducted a small market research project that resulted in three simple 'personas': representations of consumers that share the same characteristics as each other. Now, in Assignment 4 you must treat these personas as exemplars of the people in the three separate consumer segments. Your three Assignment 1 personas will most likely be under-developed, so you are encouraged to " flesh them out" and add more details of their characteristics and behaviour using your own research (e.g. using ABS census data, industry analysis, or segmentation reports). Rank 2 Rank 3 Rank 3 2c5291e30346d5ae703cf1b759ac4caff491ff98.docx Page 2 of 8
Rank 1 Fig 1. Rank the attractiveness of "The Harolds", "Jessicas", and "Lovisas", then choose which one your brand should target. Your task is to analyse which of those three would be the most logical and profitable segment to target a product extension of the brand that you analysed for Assignment 2. Chosen persona You must show how you have compared and assessed their attractiveness for the brand by using each of the following criteria: 1. The fit of the segment with the brand's identity/positioning Your brand offers certain products using a certain identity/positioning. In some ways strong brand identities are good, but it can be limiting (e.g. imagine if Apple launches a vacuum cleaner, and yet Samsung can do that with no damage to their brand). Which of the segments are most likely to respond to your brand's identity, or do you want to risk it and use a new/multi-brand strategy? 2. Size and growth How large and lucrative are these segments? What are current market factors influencing these segments? A large, fast-growing segment may be good, but would they have the willingness to pay? It may be better to target a small, niche segment if it means the potential to yield a higher margin. 3. Structural attractiveness Just because they are big segments, does not mean we can reach them. Can we communicate with this segment 2c5291e30346d5ae703cf1b759ac4caff491ff98.docx Page 3 of 8
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