Marketing Plan: Product-Brand Strategy
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.)
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
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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:
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 (+/-) |
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Product Concept: |
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FEATURES | RATIONALE | |
Appearance: |
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Ingredients: |
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Packaging (functional): |
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Differentiation: |
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BRANDING
Possible Brand Names |
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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 |
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TOP 3 NAMES
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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.
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Final choice of brand name:
Explain why you chose this brand name:
DESCRIPTION | RATIONALE | |
Brand images / designs |
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Brand colours |
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Font styles |
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Packaging design |
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