Thursday, January 2, 2020

Brand Extension Marketing Plan - 4134 Words

Running head: Brand Extension Marketing Plan 1.0 Executive Summary The Recipe Modifier is Lakelands most recent innovation that has great potential to generate revenue for Lakeland, â€Å"the home of creative kitchenware.† Lakeland products have developed strong demand and this will be the driving force behind this particular product. Lakeland was initially a kitchenware provider but has extended its brand to offer a wide range of products that fulfill consumers entertaining, storage, cleaning and gifting needs. The Recipe Modifier appeals to virtually any individual that cooks at home using recipes. This product eliminates one of the major challenges of cooking with a recipe. It removes all the guessing out of cooking where†¦show more content†¦In addition, there is very little competition in this market, thus it leaves room for Lakeland to command the market share with the introduction of this new product. 2.1.1 Market Demographics The average Recipe Modifier consumer is comprised of the following demographic geographic and behavioral factors: Demographics †¢ Individuals who cook at home †¢ The â€Å"traditional household† families, single parents, and singles. †¢ Individuals with strict diets. †¢ The educational background needed for this product is not extensive. †¢ Low to high household income. †¢ Consumer market that is interested in making amendments to recipes to feed their target amount. Geographics †¢ Countries where at least 90% of the homes have kitchens worldwide. Behavioral Factors (Psychographics and Lifestyle considerations) †¢ Cooks using recipes †¢ Internet savvy to be able to use the internet version and features of the product †¢ The target consumers like trying new and/or a variety of cuisine and recipes †¢ Individuals who are frustrated with making recipe adjustments that result in the food not tasting the way it should. 2.1.2 Market Needs Lakeland’s Recipe Modifier will provide its consumers with an intuitive product that will take all the guessing outShow MoreRelatedBrand Extension Marketing Plan3442 Words   |  14 Pages 1 Brand Extension Market Plan – Unit 6 Hershey’s Sugar – Free Strawberry Syrup with Calcium Kaplan University GB530: Marketing Management Professor: Dr. Michael Mulnix Read MoreBrand Extension Marketing Plan4774 Words   |  20 PagesKAPLAN UNIVERSITY ------------------------------------------------- BRAND EXTENSION MARKETING PLAN Jennifer L. Scott GB 530: Marketing Management December 4, 2012 Brand Extension Marketing Plan for Snyder’s-Lance Inc. 1. Executive Summary The following marketing plan forms the basis for the introduction of an innovative new product by Snyder’s-Lance Inc. This analysis allows me to outline the best strategies to follow for the achievement of the company’s strategic goals. â€Å"PretzelRead MoreMarketing Plan For A Brand Extension That Is Weight Watchers For Men Essay3605 Words   |  15 Pagesreport provides the marketing plan for the brand extension that is Weight Watchers for Men in New Zealand. The marketing plan includes marketing objectives which states the goals of the business, the marketing strategy which states how Weight Watchers for Men want to position the products in the selected market, product planned price, distribution, marketing budget, planned long-run sales and profit goals , product strategy which states product characteristics attributes and brand strategy, price strategyRead MoreThe Consumer Behavior For My Target Market1544 Words   |  7 Pagesintroduce DSS’ brand name, logo, slogan, and one brand extension. Next, it will assemble a marketing strategy and associated time table to implement the marketing plan. Further, this paper will present a positioning statement, including a perceptual map that shows my company’s position against my competitors. This paper will examine the consumer behavior for my target market, and explain the reasons the brand name, logo, slogan, brand extension, as well as positioning statement and marketing strategyRead MoreKellogg’s Product Lifecycle1397 Words   |  6 PagesKellogg’s Special K brand Learning objectives: âž ¢ to understand the product life cycle âž ¢ to understand the value of market research âž ¢ to examine extension strategies. Introduction (2 minutes) Introduction to the lesson: you will look at the product life cycle and how marketing may change at different stages. Then you will consider the decline stage and how firms such as Kellogg’s may react to this. The case focuses on Kellogg’s Special K brand and considers how the marketing of this has changedRead MoreProduct Line Of Microwavable Meals1136 Words   |  5 PagesFive (5) Year Expansion Plan The first year of operations will be dedicated to launching the initial product line of microwavable meals. The company will focus its efforts on the initial product launch and advertising. During the first year, the company will evaluate sales on a quarterly basis and assess the potential for new products. In the second year, the company will invest money in Research Development for brand extensions and new product lines. During the second year, the company willRead MoreHawaiian Punch: Go-to-Market Strategy Essay1543 Words   |  7 PagesHawaiian Punch is the leading brand of fruit drink brands in the United States and has a long history of satisfying customers. The Hawaiian Punch brand traces its roots back to the 1930’s when it was developed as tropical-tasting syrup for ice cream and later sold as a drink. The brand has been owned by several different companies over the years and was recently purchased by the Cadbury Schweppes Company from Procter and Gamble Corporation. Hawaiian Punch joined the Dr. Pepper-Seven UP Inc. bottlingRead MoreDove Case Analysis1102 Words   |  5 PagesSWOT analysis: Strengths: Weaknesses: †¢ Unilever’s worldwide establishment †¢ Unconventional marketing strategy †¢ Word of mouth and Word of Mouse free publicity †¢ Campaign has a strong emotional touch †¢ Social responsibility- Dove established self esteem fund, which conducted self esteem workshops along with Girl Scouts to improve the self esteem of girls †¢ Dove’s brand loyalty †¢ Best known for functional superiority, i.e. beauty bar which does not dry the skin †¢ Changing perceptions of peopleRead MoreTastykakes Sensables Case Study1078 Words   |  5 PagesFounded over 90 years ago, Tasty Baking Co.’s Tastykakes have been one of the most popular snack foods in the Philadelphia area. However, due to stagnant sales, CEO Charles PiÃ… ºzi decided that a line extension for Tastykakes would be the right solution to boost performance. With the help of marketing manager Karen Schutz and research manager John Sawicki, Tasty Baking Co set out to ride the emerging trend on healthier snacks and embark on the journey to produce and launch a new line of low-carb TastykakesRead MoreCapable Purchasing Power Could Accessibly Reach929 Words   |  4 Pagesaccessibly reach. Knowing the brand and where the products will have a higher rate of success when positioned is crucial to the business. Positioning can also include intangibles such as corporate image and reputation amongst consumers. Firms that take the initiative to be proactive in giving back to their communities, volunteering, and caring about the environment are considered some of the top brands. The media pays close attention to companies that have popular brands because they are waiting for

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.