Brand Extension Marketing Plan - 4774 Words

KAPLAN UNIVERSITY ------------------------------------------------- BRAND EXTENSION MARKETING PLAN Jennifer L. Scott GB 530: Marketing Management December 4, 2012 Brand Extension Marketing Plan for Snyder’s-Lance Inc. 1. Executive Summary The following marketing plan forms the basis for the introduction of an innovative new product by Snyder’s-Lance Inc. This analysis allows me to outline the best strategies to follow for the achievement of the company’s strategic goals. â€Å"Pretzel Abobodas† will be marketed as a unique flavored pretzel that targets the Hispanic consumer, while striving to reinforce the company’s focus on wanting to penetrate the Hispanic market. The marketing strategies will hopefully enable our company to†¦show more content†¦Although we do have a little bit of presence in these markets, there is not a single item flavor wise that is targeted for this market. 2.1.1 Market Demographics Geographic The geographic target area that I am choosing is the Houston Hispanic Market Area, San Antonio Area, Corpus Christi, and a few more highly populated Hispanic areas. Demographic The demographic profile of my target market is going to be Hispanic Family Households with children 18 years and under Behavioral Factors * Hispanics constitute one of the fastest-growing racial/ethnic groups in the United States * Family Gathers are traditional for birthday, holidays, weekends, etc. * Hispanics, African Americans and Asians consume more beer than any other race which is a great tie in with pretzels 2.1.2 Market Needs The product will cater to both Physiological needs (nutritional value) and Social needs (perception of a social, healthy snack) and strive to provide the following benefits to Hispanic Consumers: * Healthy Snacking Alternative for Parties and family gatherings. * Price * Top Brand Product * Items that will last stretch in the household * Great tasting product 2.1.3 Market Trends The current trends include a shift away from junk foods, a growing interest in healthier/beneficial products, and the trend for personalization through customization or seeking in a wideShow MoreRelatedBrand Extension Marketing Plan3442 Words   |  14 Pages 1 Brand Extension Market Plan – Unit 6 Hershey’s Sugar – Free Strawberry Syrup with Calcium Kaplan University GB530: Marketing Management Professor: Dr. Michael Mulnix Read MoreBrand Extension Marketing Plan4134 Words   |  17 PagesRunning head: Brand Extension Marketing Plan 1.0 Executive Summary The Recipe Modifier is Lakelands most recent innovation that has great potential to generate revenue for Lakeland, â€Å"the home of creative kitchenware.† Lakeland products have developed strong demand and this will be the driving force behind this particular product. 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