Wicks and More have been in business for quite a few years now, and the company believes a more effective marketing program might help them build a stronger company.
A company has four choices when it comes to developing existing brands. Describe what they are and suggest three to four specific brand development ideas to help Wicks and More take advantage of their existing brand equity. (Your answers are expected to incorporate the discussion on iSnack 2.0 case)
(Snack 2.0 case; which is your answers are expected to incorporate the discussion on it)
Problem/s
Kraft Foods was presented with two problems, one in which was already addressed by Simon Talbot, Kraft's Director of corporate affairs. Since Vegemite sales were declining by almost 10% and it was clear that Talbot had to do something about it.
After the successful social media campaign, a new version of Vegemite was introduced and received well in the court of public opinion. This problem seemed to be under control until the announcement of the new name was released; hence problem number two.
After launching a ‘Name Me Campaign' Kraft received 48,000 different names for the new Vegemite product. Names such as ‘Cheesymite' spelled in different ways or ‘Vegemite Smooth' were among the popular consumer choices.1 Kraft decided to go with iSnack2.0 because the ‘i' signified a personalization with the product, ‘snack' because of the new association they wanted and ‘2.0' to identify as the second version of Vegemite.
This turned out to be a disaster after is official announcement during the 2009 Australian Football League Grand Final. The backlash was evident throughout social media and in Australian communities; it was clear that the name was not liked nor accepted. Mr. Talbot was faced with changing the name of iSnack2.0 due to the public outrage or holding steady in hopes that it was a temporary public
Attachment:- the_required_case.rar