Principles of Marketing - Brand Extension Report

Course - BA (Hons) Marketing

Executive summary

Colgate is introducing a new brand extension, Colgate Sugar-free chewing gums, to the market. The product is a functional chewing gum that is good for oral health and provides fresh breath. It is sugar-free, has a refreshing spearmint flavour, and is coated to protect teeth. There are also potential risks associated with the brand extension, such as the potential for dilution of the Colgate brand and increased competition in the chewing gum category.

Table of Contents

• Executive summary
• Introduction
• Methodology
• Findings
• Conclusion
• References

Principles of Marketing - Brand Extension Report

Learning outcome 1: Demonstrate knowledge of STP marketing planning process.
Learning outcome 2: Identify the key components of the marketing environment.
Learning outcome 3: Identify research requirements to begin to solve a business/marketing problem in a company.

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Introduction

This report will be including a brief discussion about the chosen brand Colgate and the brand extension product as Colgate sugar-free gums. Internet projects will expand understanding of the brand values and what is the potential target market of the organization for the new product. There will be an analysis of the new target market and what are the trends which are suitable for the new expansion product for stop and explanation of the new product in a competition would be analyzed for detailed elaboration.

Methodology
The research for this report was carried out by conducting a thorough analysis of secondary data. The data was collected from online available sources and information through various articles and blogs, related to the project (Pandey and Pandey, 2021). The research was thorough and provided a comprehensive overview of the chosen bran expansion project. However, it should be noted that the data may not be sufficient to definitively justify all of the conclusions drawn in this report. Additional research may be necessary to further validate the findings.
 
Findings

Existing brand and Brand Values

A brand is a name, term, design, symbol, or other feature that distinguishes one seller's product from those of others (Kumar and Nayak, 2019). It is essentially the face of a company or product, and it is intended to create a lasting impression on the consumer.
Colgate is a well-known brand in the oral care industry. The brand was first established in 1806, and it has since become a household name. Colgate is known for its high-quality oral care products, including toothpaste, toothbrushes, and mouthwash (Colgatepalmolive, 2022). Brand extension is the practice of using a successful brand name to launch a new or modified product in a new category.
The brand values of Colgate are centered around providing consumers with high-quality, effective oral care products. The brand is committed to using safe, effective ingredients and to promoting good oral hygiene practices. Colgate also prioritizes sustainability and social responsibility in its business practices(Colgatepalmolive, 2022).

Kapferer's Brand Identity Prism is a model that can be used to analyze the various components of a brand's identity. The model includes six components: the physical aspect, the personality, the culture, the relationship, the self-image, and the reflection (Submitter and Ross, 2020). By analyzing these components, a brand can gain a better understanding of its identity and how it is perceived by consumers.

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Description of the Target Market
The target market for Colgate Sugar-free chewing gums would include individuals who are interested in maintaining good oral health, as well as those who are looking for refreshing and breath-freshening chewing gum(Kanodia, 2020). This target market could be defined by several demographic, psychographic, and behavioural factors.

Demographically, the target market for Colgate Sugar-free chewing gums could include individuals of all ages who are interested in maintaining good oral health. This could include children, teenagers, adults, and seniors(Kanodia, 2020).

Psychographically, the target market could include individuals who are health-conscious and who prioritize maintaining good oral hygiene. This could include individuals who regularly visit the dentist, who brush and floss regularly, and who are interested in using products that support good oral health.

Behaviorally, the target market could include individuals who chew gum regularly, as well as those who are looking for a breath-freshening option(Kanodia, 2020). This could include individuals who chew gum to freshen their breath, to stay focused, or for other reasons.

The target market for Colgate Sugar-free chewing gums could include a wide range of individuals who are interested in maintaining good oral health and who are looking for a functional and refreshing chewing gum option(Kanodia, 2020). This target market could be further defined and refined through market research and analysis using tools such as Mintel and TGI.

STP analysis
The STP (segmentation, targeting, and positioning) marketing planning process is a valuable tool for defining and targeting a specific market for a product or brand (Zulfikar and STP, 2019).

Once the target market has been identified through segmentation, the company can use targeting to focus its marketing efforts on this specific group of consumers. This may involve developing marketing campaigns and messaging that are specifically tailored to appeal to the target market(Zulfikar and STp, 2019). Finally, through positioning, the company can position its product in the minds of consumers in a way that sets it apart from competitors and makes it the preferred choice for the target market.

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Analysis of the New Market
The political, economic, social, technological, environmental, and legal factors that can impact Colgate Sugar-free chewing gums. For example, political factors such as government regulations on sugar content and trade agreements can impact the company's ability to sell the product in certain markets(Siripipatthanakul and Sixl-Daniell, 2021). Economic factors such as GDP growth and consumer spending on oral care products can impact the demand for Colgate Sugar-free chewing gums. Social factors such as shifts in consumer attitudes towards sugar and oral health can impact the demand for the product. Technological factors such as the development of new sugar-free sweeteners can impact the product's competitiveness. Environmental factors such as climate change and natural disasters can impact the company's supply chain and operations. And legal factors such as food safety regulations and advertising laws can impact Colgate's marketing and sales of the product(Siripipatthanakul and Sixl-Daniell, 2021).

Using Ansoff's Grid, we can evaluate Colgate Sugar-free chewing gums' current situation and identify potential growth opportunities. For example, Colgate could potentially grow by selling the existing product in new markets, such as expanding into emerging markets or entering new distribution channels. Colgate could also potentially grow by developing new flavours or forms of the product for existing markets, such as introducing a sugar-free chewing gum with a unique coating that protects teeth. And Colgate could also potentially grow by developing new products for new markets, such as introducing a line of sugar-free candy or other oral care products that support good oral health(Siripipatthanakul and Sixl-Daniell, 2021). Overall, there are several potential growth opportunities for Colgate Sugar-free chewing gums, and the company can use Ansoff's Grid to evaluate these opportunities and develop a strategic plan to pursue them.

Explanation of the New Product
The new product that Colgate is introducing is Colgate Sugar-free chewing gums. This product is a functional chewing gum that is good for oral health and provides fresh breath. It is sugar-free, has a refreshing spearmint flavour, and is coated to protect teeth.
Tauber's Brand Extension Options is a framework that can be used to analyze the potential benefits and risks of a brand extension. In the case of Colgate's Sugar-free chewing gums, the brand extension could potentially provide several benefits (Joshi, 2019). For example, the new product could help to leverage Colgate's strong brand equity and recognition in the oral care industry. It could also help to increase the company's revenue and market share in the chewing gum category.

There are also potential risks associated with the brand extension. For example, the new product could potentially dilute the overall brand equity of Colgate if it is not well-received by consumers(Joshi, 2019). It could also lead to increased competition in the chewing gum category and potentially lower profit margins for the company.

Competition
Competitor analysis is a crucial aspect of any brand extension strategy. In the case of Colgate's Sugar-free chewing gums, several key competitors should be considered(Joshi, 2019). These competitors include Happydent, Orbit, and Big Babol, which are all well-known brands in the sugar-free chewing gum category.

Conclusion
Colgate's new brand extension, Colgate Sugar-free chewing gums, has the potential to be a successful addition to the company's product portfolio. The product offers unique features, such as a sugar-free formula and a tooth-protecting coating, that could differentiate it from competitors and make it appealing to consumers.

FAQ: Marketing Strategy and Research

Q: What is the STP marketing planning process?
Q: What are the steps involved in the STP process?
Q: What are the benefits of using STP?
Q: What are the key components of the marketing environment?
Q: How do I research a business/marketing problem?
Q: How do I identify research requirements for a business/marketing problem?

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