Brand Marketing Strategies- Quarter Project
1. Purpose: /or men's contemporary clothing, men's and/or women's active wear, shoes, accessories, or cosmetics and beauty. The team will then create a NEW brand (product, retailer, service or event) in that category after studying 2 strong existing major competitors, again in that category. All categories and/or product must be approved by instructor.
Brand Management Strategies is intended to advance the students experience, understanding and critical thinking regarding the importance of building brand equity within the marketing and business environment. The quarter-long project, divided into two parts, will be to work in a team of 3-4 persons. The team will first research and present a complete brand analysis of an existing product category such as denim, surf, skate, swim, junior apparel, women's and
Treat this project as a business pitch to a potential investor looking to get into this market. Sell us on why your brand is the solution to their investment strategy.
There will be an oral presentation, written report and "prototype" or visual representation.
The Team Project has 2 parts:
1. Project Part 1: Identifying and Understanding the (2) Competitors to your NEW brand.
2. Project Part 2: Create the Branding strategy for your NEW brand by taking advantage of the competitive opportunities your competition presents.
2. Assignment Objective:
• Research and present a complete marketing analysis of two existing competitive brands to your NEW brand in the following areas: a product, retail store, service or event.
• Develop the new brand identity and positioning by creating the name, logo, slogan and/or brand mantra and "prototype" along with key associations needed for your brand strategy.
• Develop the brand and business opportunity for your new brand to successfully compete against your (2) competitors using all the brand knowledge and strategy you have researched and learned.
PROJECT PART 1: Identifying and Understanding Your Brand Competitors
Objective: Your team will identify 2 successful brands that would be competitors to your new brand and do a complete analysis of these two brands as they relate to your new brand. Is there a product category that you feel passionate about and are thinking of pursuing in the future? Examples could be denim, surf, skate, swim, apparel, active wear, shoes, accessories, cosmetics and beauty or entertainment. Your two competitive brands must be approved by the Instructor.
Project Outline:
The team will research each competitor using the following outline, completing one outline for each competitor. Each outline will be 7 to 10 pages in length.
1. Brand Review
a. Brand and product description
b. Brand Name, Motto, Logo, Slogan and/or Jingle, Colors and other Identity Elements (Analyze. Think about their most famous or infamous brand symbols as well as how they use your senses to communicate)
c. Brand History (summarize in 3 paragraphs or less)
d. Brand relationship to Corporate Parent, if applicable
e. Brand Objectives (Customer, Sales, Market Share, etc. in bullet points)
2. Positioning: Competitive Analysis of Brand Strengths
Positioning means identifying and establishing the right brand identity and brand image, which become the heart of the marketing strategy. Positioning is "the act of designing a company's offer and image so that it occupies a distinct and valued place in the mind of the consumer."
a. Create the Brand Resonance Pyramid in detail using specific unique attributes and benefits
b. Core Brand Associations and Values via a Mental Map
c. Evaluate the 6 Brand Identity Criteria Elements (Memorability, Meaningfulness, Likability, Transferability, Adaptability, Protectability) of each brand (use WHY and HOW).
d. Craft a working brand positioning statement: To_____ (target market), ________ (brand) is the _____ (category) ____ that provides _______ (key benefit).
3. Brand Strategy
a. Identify target customers (demographic, psychographic, and behavioral). Use descriptive words that portray emotion and show behavior. How and where do they spend their time? How do they use your product category? Who are they REALLY, using your knowledge of customer insight?
b. What is the brand mantra? Include, as per the example in the PPT and in the book:
i. Emotional modifier
ii. Descriptive modifier
iii. Brand function
c. Brand Personality: 7-9 adjectives
d. Leveraged Secondary Associations: Spokespersons, Sponsorships, Branded Entertainment, Co-branding, etc.
e. Business Opportunity: Do Brand Benefits and Attributes support current Brand Image and Future
Objectives? What are the brand's greatest weaknesses and strengths? Evaluate future potential and customer loyalty, using brand extensions, customer and communication programs, etc.
4. Competitive Positioning create ONE chart with both competitors included. Compare and contrast the POD's and POP's. This CHART should be the LAST item in PART 1.
5. Field Research 10 surveys with 10 questions each will be conducted on each competitor. The results of the surveys will be analyzed in the written report for each competitor using pie charts, bar charts, etc. with relevant customer comments and insight. This needs to be done at the beginning of the project.
6. Written Report Showing Full Analysis of Competitor Brands Industry Standards - Professionalism. Report is well organized with through, thoughtful and convincing writing. All research in this section must be footnoted (MLA format), work cited page and include at least three independent resources for each competitor.
PROJECT PART 2: Development of the Marketing Plan & Presentation of your new Brand
Objective: Create a NEW Brand for a product, retail store, service or event. Develop the brand identity and create the name, the logo, the look, the slogan and the "prototype". The marketing plan includes unique brand positioning, the business objectives and specific product and marketing strategies necessary to compete against your 2 competitors from part 1. Your team will write a 6 to 8 page written report and create a "prototype" based on the following outline. Project Outline for New Brand:
1. Your New Brand
a. Create your Brand Identity Elements (name, term, sign, symbol, design, packaging, color, character, spokesperson and/or combination of). Verify availability of your new brand name (using www.uspto.gov and www.godaddy.com)
b. Illustrate and justify your Brand Identity Elements using the 6 criteria for brand elements (as relevant.)
c. The description of the Product, Retailer, Service or Event
d. Development of prototype
2. Brand Objectives
a. Define your Business Opportunity and your justification
b. Brand Position: Create your Brand Mantra, Brand Promise, Brand Personality, and Positioning Statement
c. Create your Brand Resonance Pyramid and Mental Map with Brand Core Values
3. Customer Analysis
a. Create a concept board or PP slides of your primary target customers that goes beyond demographics to show their values, behavior, AIO in visuals and text.
4. Competitive Analysis
a. Include your competitors in a chart that highlights the POP's and PODs of each Brand
b. Develop a pricing strategy that will make your competitive with your (2) competitors
5. Communication to Customers (45 points)
a. Which Leveraged Secondary Associations will you use? Why?
b. How will you market at touch points?
c. Create a professional jingle and slogan that can be used in your communication tool to promote your brand strategies. Video is preferred.
Oral Presentation
Each group will give a PowerPoint presentation and demonstration using the "prototype" and their creative execution. The objective is to present a brand and prototype/visual representation that could successfully compete against your 2 competitors in the market.
The Oral Presentation Power Point should include elements of the following key concepts:
a. Description of Brand
b. Brand Identity Elements with relevant justification from criteria
c. Brand Objectives
d. Customer Analysis
e. Competitive Analysis
f. Communication