Monday, February 24, 2020
Brand Development Plan Essay Example | Topics and Well Written Essays - 3500 words
Brand Development Plan - Essay Example Table of Contents Introduction 5 Assumptions 5 Position Strategy 6 Target Market 7 Competitor Analysis 8 Point of Difference 10 Point of Parity 10 Building Brand Equity 11 Brand Awareness 11 Selection and Justification of Brand Elements 12 Brand Image 12 Communication Strategy 13 Measuring Brand Equity 13 Recommendation 14 Conclusion 14 References 15 Introduction Last Chance is a diversified corporation based in Australia that produces and sells products of different kinds. The company now does not have any product in the beverage industry. It has, therefore, decided to make an entry into the Australian market for soft drinks. The company intends to develop a new product for the beverage market. In order to launch the brand successfully in the market, the company has to conduct a research on the existing brands in the market and their performance. ...A proposal has been presented in this article on how the brand can effectively manage its functionalities so as to yield positive and e ncouraging outcomes. The paper provides insights into strategic positioning of the brand, the target customers, potential and incumbent firms, strategies of developing brand equity and building the brandÃ¢â¬â¢s communication strategy on the basis of evaluation of the various factors that have been identified to make probable effects on the brandÃ¢â¬â¢s image. Assumptions Last Chance is planning to penetrate into a new market. It is important to note that this market has a number of established players. Hence in order to develop its brand image and retain it in the minds of the customers for a long period of time, Dew Fresh has to make certain reasonable assumptions about the characteristics of the market in which it is venturing. The most important assumptions are mentioned below: 1. The prime customer group for Dew fresh is the young population belonging to the age group of 12 to 30 years. The people of this generation are young, active and enthusiastic. 2. Trends in the soft d rink industry show that the majority of customers belong to the above mentioned age group. They are open to new ideas and are willing to experiment with the products that they use in their daily lives. 3. There are various kinds of beverages in the Australian market. However, any kind of herbal energy drink has not been yet developed. Hence this new kind of soft drink is expected to gain a comfortably big customer base.