Brand Extension Marketing Plan - Research Paper Example

Identifying and Assessing Marketing Opportunities Situation analysis Market Demographics Clean-So Company mainly focuses on the individuals staying in Lavington Green Village and its vicinity. The product also majorly targets the females in the area. This is because; Al-Mara is female product. The product also targets young girls and middle aged women. Decision making of the company will be influenced by changes in tastes and preferences of the females around the area. On the basis of psychographics, the product targets females who value class and high lifestyles (Kotler and Keller, 2009).

This is because; poor people might consider this as a luxurious product and hence, they might opt to purchase other products such as foodstuffs.Market NeedsLavington Green Village is an estate that is mainly made up of high class persons who live luxurious lives. Therefore, the customers mainly demand products that will improve their living standards or increase their lifestyles. Low class products do not have an impact on the market since the people already have the product. This is known from the statistics taken by Clean-So Company.

Market TrendsThe target market will have a number of trends which will affect the behaviour of customers in the market. Some of the trends include;Secondary market trends; these will be short term price fluctuations in the market which may last for only a few days or weeks. Under this trend, the prices may rise or may fall. This trend will affect the way in which the customers view the product because; customers may generalize a price increase to have affected all the products in the market (Winer, 2004).

Secular market trend; under this trend, customers are likely to change their tastes and preferences since the trend is long-term. Primary market trend; this trend will also influence the customers since it lasts for a year or more. Therefore, by at the end of one whole year the customers will have changed to other products (EconomyWatch, 2010).Market GrowthThe market is growing since; statistics show that there has been a continuous increase in the users of the products each year. The population also keeps on increasing and hence, the users of the products keep on increasing in number.

The growth trends observed includes cyclic and exponential trends. This is evidenced by the data which shows that the numbers of customers have been increasing exponentially. A growing market implies an increasing demand and hence; the company will address it by increasing the output.SWOT AnalysisStrengths; the company has three key strengths which include; it has a strong marketing unit and hence can attract a large number of customers. The company also has qualified and experienced employees.

Thirdly, it has the strength of being innovative and creative. However, the company also has weaknesses which include; poor internal audit unit, underutilization of some of its resources, and poor management of the long-term assets if the company.Opportunities; the opportunities include availability of customers and ready market, availability of natural resources and the potential to expand. Threats facing the company include; environmental disorders, unfavorable competition, and poor market make-up.

Market SummaryTherefore, to summarize information about the market, the targeted customers are females and the market growth is projected as being exponential. CompetitionThe competition will not be strong because there is no other similar product in the market. The customers prefer the company’s product because the product is unique and of high quality.Product OfferingThe product being offered in the market is referred to as Al-Mara and Soap and is a sweet smelling body deodorant meant for the females only.

Brand equity of the product will be built by advertising the product to the market.Keys to SuccessThe success of the company will be determined by factors such as; promotion of the product, the quality of the product and the level of competition in the market (Winer, 2004).Critical IssuesThe threats and weaknesses of the company will be minimized by working on the weak areas as a company. The management will also need to coordinate all employees to ensure that all weaknesses are minimized. The current situationCurrently the market is stable, and competition is also favorable.

ReferencesEconomyWatch (2010, November 23). Market Trend. EconomyWatch, 1(1). Kotler, P., & Keller, K. L. (2009). Marketing management. Upper Saddle River, N.J: Pearson/Prentice Hall. Winer, R. S. (2004). Marketing management. Upper Saddle River, NJ: Prentice Hall.