The paper talks about STP marketing planning process-New brand extension. So,Demonstrate knowledge of STP marketing planning process. Also, Identify the key components of the marketing environment.
STP marketing planning process-New brand extension
LO 2 Demonstrate knowledge of STP marketing planning process. Also, Identify the key components of the marketing environment. Identify research requirements to begin to solve a business/marketing problem in a company Task requirements .So,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). 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.
STP marketing planning process-New 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 Pettitt’s “Essentials of Marketing” and the BB source materials available on Kapferer’s Brand Identity Prism.
STP marketing planning process-New brand extension
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 company’s website and press articles about the existing brands.
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