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Explanation & Answer length: 3 pages.
Enhanced Marketing Principles (MK351) Step 1 Choose a New Product Choose a product from the following list of winners of the 2021 BrandSpark New Products Awards. The 2021 BrandSpark Canadian Shopper Study is one of Canada’s most comprehensive shopper trends and behaviour surveys. More than 18,000 Canadians vote on the latest new beauty, health, personal care, food, beverage, and household products in 66 different categories. When it comes to what Canadians are looking for, the survey revealed that: • • • 67% of Canadian shoppers surveyed look for new products that will “make my life easier.” New product benefits that resonate with most Canadians include health, taste, effectiveness, and convenience. 79% appreciate when manufacturers make products more environmentally friendly, and 37% are willing to pay more for these products. 1 Choose From Product choices are VERY specific For example, if you choose “Aveeno Oak Milk Blend Hair Mask”, you must complete your project on that specific product, not any Aveeno product. .For example, if you choose “Garnier Express Retouch”, you must complete your project on that specific product, not any Garnier product Your project should be based on the marketing of your product in CANADA only. 2 Step 2 Prepare the Written Report
Question 1 = 3 Marks Develop an understanding of branding in terms of: ✓ Brand name. Does your product have a strong brand name? Justify why/why not. You need to reflect on your entire brand name, not only part of it. ✓ Brand Positioning. What makes your product better or different than your competition? What are your major features (be specific) that support your competitive difference? ✓ Brand development. If your brand adopted a co-branding strategy, what would that mean? Given an example of a cobranded product for you and explain why the co-branding opportunity makes good strategic sense for your brand.
Question 2 = 3 Marks Develop a complete target group profile for your brand including Demographics (gender, age, ethnicity, income, education, and occupation) and Psychographics (consumer attitudes, personality, interests, opinions, and activities). Your target group profile should reflect the Canadian consumer. It should be very detailed and specific to your specific brand choice (not the entire brand). It should reflect the consumer for the very specific product that you have chosen. It is important to develop a very detailed, specific target group, both demographically and psychographically, as that profile will dictate your marketing communication/advertising/promotion choices. 3
Question 3 = 2 Marks Explain how you would use the concept of a Brand Ambassador for your product. Name a possible brand ambassador and explain why this person would be a good choice for your brand.
Question 4 = 8 Total Marks Develop an advertising strategy for your new product for 2021. Include the following: What is your overall key advertising objective? Rationalize why you have chosen that objective. How would you communication that objective to your target group? 1 Mark What is the key message that you want to deliver in your advertising? What message do you want the consumer to remember after seeing your advertising? What are the specific references to your brand’s features/competitive advantages? 1 Mark What execution style do you recommend using in the delivery of your message? Why did you choose that particular style of execution? Describe how you would relate that style in an ad. 1 Mark Choose 1 advertising medium you would use to deliver your message? Using factual, statistical information (sourced online) explain why your advertising medium would be effective against the target group that you have selected. If choosing social media, you must be very specific in terms of the platform (Facebook, Instagram etc.) Your factual, statistical data should be specific to your medium and/or social media platform. 3 Marks Explain how you could use Public Relations as an effective communication tool to increase your brand’s awareness. Given specific references to the Public Relation tool you would use and why? 2 Marks 4
Question 5 = 4 Total Marks Choose 1 Trade Promotion tool that would be the most appropriate for stimulating sales of your new product, at retail, with the target group you described in Question 2. Justify your choice. Why and/or how would it be effective against the target group that you have described? Provide factual substantiation for your choice base on your target group. 5
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