Brand Extension Marketing Plan Essay

5773 words - 24 pages

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Running head: BRAND EXTENSION MARKETING PLAN

The Cooler Cooker

Unit 6 Final Project

Tanya Dabney

Marketing Management, GB530.04
Dr. Jerry Haenisch, PhD
May 27, 2011

1.0 Executive Summary
The “Cooler Cooker” is the most recent innovation that has great potential to generate revenue for Lakeland, “the home of creative kitchenware”. The Cooler Cooker is a product that will be an answer to household families, single parents, chefs, culinary students, and anyone who prepares hot meals whether at home, in restaurants, or in a cafeteria. The cooler cooker will perform and prepare meals as any other cooking pot or pan. The beauty behind this product is although it ...view middle of the document...

Another bonus of the product is it will come in a variation of sizes allowing consumers the ability to utilize the product as a lunch container. Exceptional customer service is delivered from the initial acquisition process to the technical aspect. All products are strong and durable to withstand rapid wear and tear to aid in the life span.
Market research indicates there is a great demand for the Cooler Cooker. The target consumer for this product is chefs, culinary institutes, and households as there is a growing market for this product. There is very little competition for this product since competitors do not offer a comparable function as the cooler cooker. Competitors do offer some of the features, such as microwaveable and dishwasher safe products and the convenience of storage in the refrigerator or freezer, as well as size variation. However what sets this product apart from its competitors is the capability offered. The product has a significant impact in safety if the market does present more competitors, the product is still expected to maintain its market share with its innovative and convenience features.
The Cooler Cooker’s value proposition would be safety, user friendly, practicality, and durability. This includes the fact that products perform the same functions as the competition yet the possibility of the outer core of the product being hot to the touch is non-existent. The cooler cooker would be offered in local retail stores such as Target, Wal-mart, and Kmart for affordability and easy access. It would also be offered via on-line for convenience as well as easy access. Additional products would be offered the second year.
Key marketing objectives are to sustain quarterly growth positive and stable. The marketing mix that has been established will produce an increase in brand awareness as well.
An expected quarterly increase of .5 percent in profit margins will be monitored closely as will customer sales and costs to ensure we do not exceed our budget. A primary financial objective is to achieve sales revenues of $500,000, with a breakeven point being achieved at $375,000.
The Cooler Cooker’s keys to success would be that Lakeland would continue to develop and expand additional products in order to keep ahead of competitors. Lakeland would need to branch out and distribute the Cooler Cooker into other markets, such as retail grocers and pharmacies. Lakeland could advertise their product by offering demonstration to potential customers on-site at prospective retailer. This would help customers to develop an interest in their new product.

2.0 Situation Analysis
Lakeland is in the introductory stages on implementing its newest brand extension product, the Cooler Cooker. Lakeland products have developed strong demand and household name since its inception in 1963. Effective marketing of this new product will be essential to the continuance in the tradition of the company’s demand...

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