Brand Extension Marketing Plan - Research Paper Example

Alisha Allen Brand Extension Marketing Plan Kaplan December 29, Brand Extension Marketing Plan 3.0 Marketing Strategy 3 Mission The main objective of the brand extension strategy is to reduce formalities associated with the launch of a new product (Berry, & Wilson, 2001). Thus, Clean-So aims to utilize existing Al-Mara brand, as a platform to launch a new product. Although Clean-So seeks to increase its sales, it is concerned with the quality of its products. Moreover, the company aims to meet the expectations of its customers by establishing a brand that meets their lifestyle.

The brand extension project is a twofold strategy aimed at utilizing existing resource to create utility.3.2 Marketing ObjectivesThe brand extension project aims to secure opportunities in the current market before our competitors identify them. By the end of the first Quarter, Clean-So aims to increase its market share by 40%. This is a stiff rate considering the competitive state of the current market. In order to achieve a successful market takeover, Clean-So will introduce a loyalty program whereby customers will earn redeemable royalty point for every purchase.

This will enable Clean-So to penetrate the already saturated market. Although Al-Mara is an established brand name, Clean-So Company will need to re-advertise its Al-Mara Creme and Soap. The adverts will mainly target women since Al-Mara is a female-oriented brand. The adverts will be launched through the social media and billboards in order to reach the target group. The Advertisement will be the basis for a strategic customer acquisition program (Stapleton, & Thomas, 1998). Alternative customer acquisition strategies will involve loyalty points program and free samples.

We expect an exponential market growth rate that attains stability in the second quarter. 3.4 Target MarketsTarget Market SegmentsClean-So Company is three-years old in the cosmetic industry and, therefore it is accustomed with market trends and changes. The company aims to concentrate its interests in a profitable market niche. Demographic factors and social classes define the current market. However, Clean-So hopes to surpass the demographic and lifestyle factors associated with the market.

In particular, the company aims to market its products to people from different age groups and income brackets. The target market (Lavington Green Village) has consumers from each of the identified category. Therefore, the company will rely on packaging and product differentiation to capture the target market. Moreover, the company aims to launch Al-Mara soap and cream under various fragrances and colors. This aspect of product presentation will cater for the taste and preferences of the target populations.

Rationale The choice of the target market complies with the company’s financial objectives and market share prospects (Kotler, & Keller, 2012). In addition, the market segment is defined by the current production capacity. The target market has an extended purchasing power and hence a sufficient market. Presumably, the market would facilitate future market developments and extensions. The market segment was also identified as a resource utilization strategy. This extension was aimed at increasing consumer’s awareness on the parent brand.

This is of particular interest since the company aims to launch additional products under the Almara brand name. ReferencesBerry, T., & Wilson, D. (2001). On Target: the book on marketing plans: How to develop and implement a successful marketing plan (3rd ed.). Eugene: Palo Alto Software. Kotler, P., & Keller, K.L. (2012). Marketing management. Upper Saddle River: Prentice HallStapleton, J., & Thomas, M. J. (1998). How to prepare a marketing plan: A guide to reaching the consumer market (5th ed.). Aldershot, Hampshire: Gower.