You now need to select an existing brand (ideally choose one of the brands from CWK1 assignment) 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 current target market of the brand being extended 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 Pettitt’s “Essentials of Marketing” Also use WARC to find articles on (or related to) the topic of brand extensions – e.g. … • Young L (2011) “How to use segmentation effectively” • WARC News 23 January 2013 “Brand extensions favoured by shoppers” • WARC News 16 August 2010 “Novelty, clear benefits key for brand extensions” • 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 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. 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) Writing the Report The report needs to justify why your brand extension will be successful, so you need to consider the following: 1. How it fits with existing brand values 2. How it fits with the existing target market or the new target market 3. How it can compete with its new competitors You only have 1500 words for your essay so you need to decide what goes in the appendices. I 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 (including an examination of Kapferer’s Brand Pyramid and Keller’s CBBE model) • Description of the Target Market – a detailed description of the TA for the new brand extension • 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 (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 (particularly where the reader cannot access it using a hyperlink). 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).
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