Product-Brand Strategy

Marketing Plan: Product-Brand Strategy

 

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Student teams are tasked with developing a new product concept.It is important that all team members have input in developing the new product concept to ensure their full buy-in and participation. So, please ensure that the ideas of all team members are identified and evaluated before the team decides on the new product idea to develop further.(NOTE: fields are expandable.)

 

  1. Idea Generation: Brainstorm potential product concepts with the whole team.

All team members are encouraged to state their new product concepts, which are then included in the list. Do not evaluate the concepts yet – a free flow of ideas often generates new and unexpected ideas. (There is no limit to the number of ideas.)

PRODUCT CONCEPTS

1.
2.
3.
4.
5.
6.

 

  1. Screening & Evaluation: Evaluate and compare product concepts to reach agreement on the product concept to develop for the market.

All team members participate in assessing the market attractiveness of the new product concept. For this project, please weight the ability of each concept to satisfy two important criteria in new product success:

  1. Significant point of difference (clear differentiation from other brands)
  2. Market size / attractiveness (target market is large enough to be profitable)

For each concept, please allocate one to three “+” symbols for positively satisfying the criteria, or one to three “” symbols for not satisfying the criteria.

PRODUCT CONCEPT POINT OF DIFFERENCE (+/-) MARKET ATTRACTIVENESS (+/-)
1.    
2.    
3.    
4.    
5.    
6.    

 

 

 

 

  1. Select Product Concept: After weighing options, teams must agree on one product concept to pursue. In the case of disagreement among team members, please refer to your team contract – you should have agreed on how you will resolve disagreements among team members. If the disagreement is not resolved, team members should vote on the concepts and select the concept with the most votes.
Product Concept:  

 

 

 

 

 

 

 

 

  1. Physical Product:Briefly describe the product features and rationale (reason) for your decision.
  FEATURES RATIONALE
Appearance:  

 

 

 

 

Ingredients:  

 

 

 

 

Packaging (functional):  

 

 

 

 

Differentiation:  

 

 

 

 

 

 

 

BRANDING

 

  1. Brand Name: Brainstorm potential brand names with the whole team.

 

Possible Brand Names
1.
2.
3.
4. 
5.
6.

 

Choose the team’s top three brand names. Compare the brand names by considering qualities of good brand names.For each brand name, allocate one to three “+” symbols for positively satisfying the criteria, or one to three “-“ symbols for not satisfying the criteria.

 

Criteria

 

1.

TOP 3 NAMES

2.

 

3.

1. The name should suggest the product benefits.      
2. The name should be memorable, distinctive, and positive.      
3. The name should fit the company or product image.      
4. The name should have the ability to be legally protected.      
5. The name should besimple.

 

     

 

Final choice of brand name:

 

Explain why you chose this brand name:

 

 

 

 

  1. Brand Personality: Consumers may form emotional connections with brands they admire or feel a personal connection with. Briefly describe a set of human characteristics associated with the brand (eg. rebel vs conformist; young vs mature; elite vs mass market; innovative vs functional; etc.)

 

 

 

 

  1. Brand Elements: Briefly describe some of the branding decisions you make to attract or satisfy your target market.

 

  DESCRIPTION RATIONALE
Brand images / designs  

 

 

 

 

Brand colours  

 

 

 

 

Font styles  

 

 

 

 

Packaging design  

 

 

 

 

 

  1. Competitor Analysis: Briefly describe the product and brand of one (1) key competitor. Describe the key competitive advantage(s) your brand has over the competition.

 

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