Reference no: EM132923713

BMKT3003 Brand Management - Australian Institute of Higher Education

Learning Outcome 1: Identify and evaluate different approaches to brand management

Learning Outcome 2: Utilize the concepts and principles of brand management to improve brand equity and formulate brand strategy.

Learning Outcome 3: Analyze a wide range of branding problems and apply brand management concepts and principles to formulate solutions.

In this project, you will work in groups. These will be formed from week Two's class onward: therefore, it is vital that you attend these classes. Class-time will be available for groups to undertake some tutor-facilitated work on this project: refer to the Weekly Workshop Schedule in the unit outline for details. Beyond this, it is expected that groups work cohesively, constructively and extensively in their own time. A Group Charter will be issued for all members to agree, sign and work with. You are encouraged to attend the workshop on Referencing and Research Practice organized by AIH academic management team. You may also schedule a one-on-one workshop with the team by emailing Alison.

Content:
Your group would have to select a struggling Australian corporate brand to develop a brand revitalization strategy and a marketing communication plan to ensure better customer and stakeholder engagement. Your revitalization strategy and integrated communication plan need to be formulated considering the real life marketing environmental and situational analysis. The target of this assignment is to help the selected brand survive and generate better sales and customer loyalty. This plan or alternate branding strategy should help the struggling brand to re-surface and create stronger customer engagement, which in terms will result into higher sales and revenue generation.

After identifying a fading brand, you need to suggest a strategy to revitalize its brand equity. You need to suggest different strategies which you think may work best to revive the chosen brand. You can double check some real life brand revival strategy to see what approach did they take and what worked well for them. In writing the report you need to follow the following guidelines:

You may adopt the following sections in your report:

1. Executive summary: A summary of the entire assignment highlighting the chosen brand along with main aims and outcomes ( Ideally 500 words and in one page)
2. Background : A description and background about the brand and a general reflection on the flow of the entire assignment (300-400 words)
3. Situational Analysis
a. Market Competition: Identify the primary competitors of the brand, size of market they have, and how they are positioned. You may draw a table showing the comparative market position of your chosen brand and its competitors highlighting their sales trends and market share possession percentage. (200 words)
b. SWOT Analysis: Analyze the brand's strength and weaknesses, opportunities and threats in the current market environment in comparison to their competitors. (300 words)
c. Target Customer: You need to identify and describe the characteristics or profile of the current main target audience group for the brand and also the potential target audience group so that they can be targeted through the communication campaign after reviving the brand. (200 words)

4. Marketing Objectives: Clearly identify the sales and market share objectives for next three years for the chosen brand. This section needs to be brief and crisp, more like a vision. (200 words)

5. Brand Strategy: In this section, you may identify and explain some relevant branding theories and strategies that you need to consider while designing and developing a product. For example, brand assets, equity, positioning, extension analysis and more to understand the current position of the brand in the market All these explanations must be supported with academic references. (700 words)

6. Alternate Branding Strategy Formulation: After assessing the current position of the chosen brand, you need to suggest a comprehensive alternative branding strategy and relevant marketing program to successfully revive the brand. In this section you can draw tables, smart charts or other infographic representation to represent renewed brand element selection. You need to analyze and describe a detailed marketing program to communicate this brand revival. In about 1500 words, You can follow the guide:
a) Product: Detailed description of the product (branding, packaging, etc.) and compare it with the old version of the brand. Explain the new positioning strategy.

Highlight the product modifications. Have you suggested any change in packaging? Color? Name? Materials? Ingredients? You need to briefly explain these. On the other hand if you think, no changes is essential, please explain your reasons. Use lots of creativity here!

b) Pricing: In this section, you need to choose pricing strategy (e.g., skimming vs. penetration) and compare it to those of competitive products. Again, you can use a comparative chart here. Few important considerations here could be to check if the pricing strategy is aligned with the product positioning, if there is any pricing strategy modification required. All these need to be discussed considering the realistic context.

c) Distribution: Discussion on the current distribution strategy and if you would like to recommend any change. If so, you need to logically establish your plan.

d) Promotion: In this section, you should include a summary chart of the current promotional activities of the chosen brands ( i.e.- use of ATL and BTL advertising, use of digital media, sales promotions etc.) Make a chart comparing your chosen brand with the competitors' promotional activities to understand the market presence level of your brand. Then plan the changes and articulate the new promotional strategies. Finally, you need to craft a detailed communication plan to achieve the marketing objectives defined in point number 4. Based on the role profile of the customers and the potential target audiences, you need to decide what type of message, method, medium you will use to engage the current and potential customers.

7. Recommendations: Recommend some appropriate branding approaches i.e. it could be new extension or new positioning or actions that the brand may embrace and critically examine their effectiveness. (300 words)

8. Conclusion: In this section, you need to summarize your findings. Provide information on limitations that you faced while finishing this project. (250-300 words)

9. References: refer to the AIH Style Guide and referencing method to correctly reference material in the body of your report (in-text citations) and in the alphabetical Reference List. References may include subject notes, text books, journal articles, interviews, research articles etc.

10. Appendices: if appropriate.

Attachment:- Brand Management.rar