BRAND EXTENSION PLAN

Brand Extension Plan

Brand Extension Plan

Introduction

Development of a marketing plan has always been one of the main obsessions of most companies, those who enjoy guarantees of success over the medium becomes a true chimera. In the last century and over again we hear the hackneyed phrase that the world is changing, but we never could imagine that this spiral of change was going to take more and more speed as he moved his business, reaching what now occurs annually at the new technologies that appear do change and break paradigms and references that we had so far, forcing us to rethink again and again the scenarios in which we live longer and as basic to give any market situation but have to be daily alert to adapt to such changes as soon as possible and not get lost in the forgetfulness of the customer. Discussion and Analysis

In order to formulate an effective marketing plan there are several phases to be followed. These phases are crucially important for the design of effective marketing strategies that can be used to attain significant market share.

Marketing Research

The market study is the crucial phase of constructing a marketing plan because in this phase the company will grasp significant information on the basis of which the strategies are formulated. The basic strategies that lead company to success are concerned with product, price, place and promotion (Rogers, 2001). In order to formulate effective strategies to the study of market should be executed in order to understand customer choices and preferences.

The study of market is the first and crucial step to design the strategic attack because in order to satisfy the customer organization first requires learning about their needs and expectations. With the market study an organization can achieve multiple objectives and can be apply the critical information in practice by formulating effective strategies (Rogers, 2001). There are three basic areas that an organization needs to research.

The Consumer

Their reasons for consuming

Their buying habits

Their views on existing products

The acceptance of price

Study of customer needs and preferences

Study of customer lifestyle

The Product

Study on the uses of the existing products

Tests on their acceptance

Comparative tests of organization's offering with the competition

Study on shapes, sizes and packaging of existing products

The Market

Study on the distribution

Study on existing product coverage in stores

Acceptance and opinions on existing products in distribution channels

Study on advertising methods

Study of retail outlets

Study of competition intensity

Study of market growth

Study of market stability

Offering the Highest Quality

Penetrate the consumer's mind and leave an imprint brand is the goal of any marketing department, but that destiny has different ways, and one of them is to associate our brand image of quality, so that just think it (Perrault, McCarty, 2002). The client does not need to bring you more information. There are customers who want the best and only the best, and if we take captive customers and we addicted to our brand (Doyle, 2000).

Brand Innovation

In some companies it is a maxim that any approach to haunt them because they have assumed as one of ...