Brand Extension Marketing Plan Project Essay

3938 words - 16 pages

Unit 6: Assignment
Kaplan University
Brand Extension Marketing Plan Project
1.0 Executive Summary
Beachbody was created in 1998 by John Congdon and Carl Daikeler. Beachbody produces, markets and sells its home-based fitness and nutrition products through infomercials and its Team Beachbody coaches.
While Beachbody offers hundreds of fitness and nutrition products, they didn't have a product that helps underweight people put on weight. Beachbody will roll out a product called Mass Morph as a line extension to their Body Beast line. Body Beast already has a comprehensive line of supplements and a meal plan, but these do not currently contain a weight gainer. The product is a weight ...view middle of the document...

Before any product is ever launched, several test groups are try out the products first. These test groups are made up of a mix of Team Beachbody Coaches and everyday non-affiliated people. This allows Beachbody to fine-tune the products before introducing them to the public. Additionally, before introduced to consumers, Beachbody executives are a part of the test group, too. This shows its consumers that the products work, and the executives use the, too. This creates a value proposition for its customers—they deliver on what they promise.
The keys to success are developing new products to meet customer demand. Beachbody has an almost messianic following of customers who are eager to try their new products and fitness programs. By pairing customers with their own Team Beachbody Coach, a lot of customer service issues are avoided. These will ensure a profitable, sustainable company.
2.0 Situation Analysis
Beachbody is a well-established company offering home-based fitness and nutrition products. They possess a proven formula for helping its customers achieve success, as well as helping its coaches achieve financial freedom.

2.1 Market Summary
Beachbody has a good grip on who its customer base is, how to continually provide new products that cater to their needs, and how to service these customers.

Target Markets
Fitness-minded individuals who are looking for a challenging workout
Stay-at-home and work-at-home mom/dad who are looking for a business opportunity to supplement the family income
Financially-strapped individuals who can't afford a gym membership
The economy has forced people to watch their spending, look for additional ways to earn money, all while keeping happy and healthy.

2.1.1 Market Demographics

The profile for the typical Beachbody customer consists of the following geographic, demographic, and behavior factors:

Geographics
Beachbody has no set geographic target area. They utilize mobile, print, online and radio to delivery services. Coaches are in the United States only, but serve customers globally.
There are 1 billion people in the world who are at least considered overweight, and 800 million who are considered underweight. Beachbody wants to help not only these populations of underweight and overweight people, but to help all people lead healthier, fit lives.

Demographics
Beachbody wants to help families, single persons, young and old.
They cater to those who can't necessarily afford a gym membership or expensive supplements because their supplements are reasonably priced and their workout programs are home-based.

Behavior Factors
Users are willing to invest in a product that will save them money over time.
Users are looking for an alternative to costly gym memberships

2.1.2 Market Needs

Beachbody provides the community with challenging home-based workouts and nutritional supplements. Beachbody strives to provide the following benefits to its customers:
Fitness programs that...

Other Papers Like Brand Extension Marketing Plan Project

Product Strategy Study Guide Essay

1236 words - 5 pages marketer wants people to think - Brand Personality- human characteristics to the brand - Brand Image- what people think of the brand - Brand Awareness- # of people that know your brand - Brand Loyalty- repeat purchase activity, easier to get with high switching costs - Brand Equity- value of product beyond features/benefits - Brand Extension- leverages equity -New Product Development Steps- 1) Idea Generation - Brainstorming

Marriott Case Study

759 words - 4 pages NPV communication skills IRR income statement Brand Management cash and fluid analysis brand manager variance analysis product manager consumer goods Accounting packaged goods accounting sales promotion audit marketing tax advertising finance type of industry (i.e. placement) accounting software multi-tasking CPA General Management Skills Strategic Planning leadership strategic planning

Brand Building

2388 words - 10 pages framework for consolidating the number of brands and strengthening the role of individual brands. The third article Brand Extension: Enhancing and Fortifying Parent Brand Image by M S Balaji focuses on the strategy of brand extension, and the factors responsible for its success. It also discusses the fortification process of parent brand equity through its brand extension strategy. It observes that a majority of the marketing managers think

Marketing

1514 words - 7 pages marketing concepts associated with the marketing mix, branding and communications 3. Provision of implementation steps that are sufficiently clear and detailed for effective execution (- would your plan work?) 4. Presentation of your work in clear, compelling and relevant documents The Course Project The course project will involve you in developing an integrated marketing communications (IMC) plan for a brand of your choice. Integrating

Marketing of Discovery Point

1675 words - 7 pages Marketing of Discovery Point Contest page Discovery Point in couple sentences 2 SWOT analysis 2 PEST analysis 3 Answers from marketing questionnaire 4 Marketing objectives 10 Marketing programme 10 Promotion plan 11 Media Plan 11 Press release 12 Discovery Point in couple sentences Discovery Point is the home of RRS Discovery, the ship which was built to take Captain Scott on his first expedition to Antarctica. With

Brand Identity

5092 words - 21 pages its success. A high quality product is of no worth unless proper marketing is not applied to make it a brand. Suppose if the product is manufactured using good quality ingredients but it has no branded name, people will not trust on its authenticity only because it would have no proper marketing. Marketing makes an image of some specific product brand in the mind of the people and that’s why, people always prefer to utilize branded products

Maggi Term Paper

5843 words - 24 pages Repositioning Subject: Product And Brand Management ACKNOWLEDGEMENTWe hereby regard our sincere thanks to Prof...................., IMI New Delhi under whoseguidance this project was undertaken.We would like to thank our friends for their generous support and the respondents who gavetheir valuable piece of time for participating in the survey to complete the study. 2 3. TITLE: Maggi’s Brand Extension and Repositioning Subject: Product And Brand

Flare Fragrance

2562 words - 11 pages should be invested in more as young people make their phones as an extension of themselves. If we develop and implement the Savvy brand with a heavier push on digital marketing, Flare will see a significant increase in revenue, reaching the $7.5 million goal that has been set. Brief History Business Key Points Since its origin as a small manufacturer of women’s perfume in 1955, Flare Fragrances Company, Inc. has grown into the No.4

Marketing Management

5156 words - 21 pages , quality of marketing, brand equity and dirtribution network have direct bearing on marketing efficiency. They are important for new product introduction and brand extension, etc.. External Environment of Marketing. External factors are beyond the control of a firm, its suceess depends to a large extent on its adaptability to the environment. The external marketing environment consists of : a) Macro environment, and b) Micro

Develop a Markteing Communication Plan

3523 words - 15 pages process The Madam Tussauds project is a marketing role out of a new collection of boxing champions, which should be in progress in 4 month times. The role out could improve the awareness and could create more visitors The role out is very important, the marketing mix and promotion plan is in consideration (please feel free to see the first version attached) It is important to the company; because it is the first role out for all 9 locations

Brand In China

1021 words - 5 pages Brand Means to Consumers Strongly Agree Strongly Disagree 3 Brand Equity Brand Equity: 3 Approaches 1.  Customer Based Brand Equity (CBBE) 2.  Financial Brand Equity 3.  Employer Brand Equity CBBE Customer-based Brand Equity: Differential effect that brand knowledge has on consumer response to the marketing of that brand 4 Customer-Based Brand Equity (CBBE) Model Consumer Response to Marketing Brand Knowledge

Related Essays

Brand Extension Marketing Plan Essay

5773 words - 24 pages [pic] 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

Course Project Marketing Plan Essay

3487 words - 14 pages Table of Contents Course Project - Marketing Plan 1 1.0 Executive Summary 2 2.0 Situation Analysis 2 2.1 Market Summary 4 2.1.1 Market Demographics 5 2.1.2 Market Needs 6 2.1.3 Market Trends 6 2.1.4 Market Growth 7 2.2 SWOT Analysis 8 2.2.1 Strengths 8 2.2.2 Weaknesses 8 2.2.3 Opportunities 9 2.2.4 Threats 9 2.3 Competition 9 2.4 Product Offering 10 2.5 Keys to Success 10 2.6 Critical Issues 10 3.0 Marketing Strategy 10 3.1

Marketing Plan Term Project Essay

1024 words - 5 pages an income greater than $75,000. They tend to attract those who are very outgoing, authoritative, and fashion forward. The target social class is the upper middle class. Because the straight razor is such an old fashioned style of shaving there are very little substitutes in its niche market. Proctor and Gamble owns 80% of the much larger undifferentiated market with the brand name Gillette. Currently, The Art of Shaving is positioning itself to

Marketing Essay

4858 words - 20 pages perceptions. " * Take into consideration the competitive situation in which the extension is because the product is taken from several angles that is to say, its function, its utility qualities, but also the different variants marketing the brand. * To understand the brand extension in terms of consumer choice process by considering it as a special made concurrently between a product linked to a range associated with a brand and the