This is a group assignment so only 3 parts are to be done those are: Market situation, brand inventory and Target market and positioning strategy should come up to 1200 words. We have chosen MILKLAB as the company. need 15 references in total
MMK280 – Brand Management T2, 2020 Assignment 2 – Brand Audit and Sustainable (long term) Strategic Brand Development – Plant Based drinks* of the Freedom Foods Group DUE DATE AND TIME:Week 10, Thursday 24 September 20.00 (8:00pm) Melbourne Time GROUP ASSIGNMENT:Group of 2 or 3 – preferably from the same seminar but not mandatory. Cross campus groups are permitted. * Groups can choose one brand from the Plant Based drinks category WORD LIMIT:Up to 3500 words PERCENTAGE OF FINAL GRADE:40% HURDLE DETAILS:Not applicable Learning Outcome Details Unit Learning Outcome (ULO) Graduate Learning Outcome (GLO) ULO 1: Analyse, adapt and apply fundamental marketing and brand theories and frameworks to different contexts. GLO1: Discipline-specific knowledge and capabilities ULO 2: Understand and reflect on how brand theories and frameworks can be developed and effectively leveraged to improve business and/or personal outcomes. GLO1: Discipline-specific knowledge and capabilities GLO6: Self-management GLO8: Global citizenship ULO 3: Develop and communicate a narrative for an organisation that builds on brand research and conveys effective strategic outcomes. GLO1: Discipline-specific knowledge and capabilities GLO2: Communication ULO 4: Understand the strategic importance and sustainability of branding in different environments and contexts. GLO8: Global citizenship ASSESSMENT FEEDBACK Students who submit their work by the due date will receive their marks and feedback on CloudDeakin prior to the examination. DETAILED ASSIGNMENT INSTRUCTION The major focal assessment task of the unit is the brand project. To complete this project, you are essentially undertaking a ‘brand audit’. A brand audit is a comprehensive examination of a brand involving activities to assess the health of the brand, uncover its sources of brand equity and suggest ways to improve and leverage that equity. Specifically, the brand audit consists of two activities: Brand Inventory and Brand Exploratory. The purpose of the brand inventory is to provide a complete, up-‐to-‐date profile of Freedom Foods Brand https://freedomfoods.com.au/ and how they are marketed and branded. For the purpose of the assignment, groups are required to choose a single brand from the Plant based drinks category of Freedom Foods. The relevant brand elements of your chosen brand must be identified and evaluated, as well as the supporting marketing program. This information should be summarised both visually and verbally (Try to relate various theories and concepts of brands and brands management to conduct your Brand Inventory). The brand exploratory section is all about what the consumers think of the brand. This is a research activity designed to identify potential sources of brand equity (using the CBBE model). Limit your group’s insight and reflections on the brand exploratory part of the project to secondary sources of information only. You are not required to conduct primary surveys of consumers for the brand exploratory section. However, you are required to design two questions for a survey which measure brand equity and brand personality. It essential that you apply and evaluate each component of the CBBE framework and other relevant theories, concepts. The ultimate aim is to assess its sources of brand equity and suggest ways to improve and leverage that brand equity in the future. This trimester, the focal brand is: · Freedom Plant Based Category – see page 3 The objectives of the project are to: · To raise brand awareness and increase brand equity for the plant based drinks brand · To ensure long term sustainability of the brand and its brand equity through the development of a diversified IMC program. Please choose one (1) brand from this category Please paste the following table on the title page of your assignment * 100% is the highest contribution. All members of the group must agree to the % allocation First name and Surname Student Id Sections contributed to and completed including editing % Effort contributed – the base is 100* e.g., John Smith e.g. 12345678 Market situation, brand inventory, recommendations. All members provided feedback throughout. 100 Page 352-358 provides an example of a Brand Audit for Rolex watches – this may give you an insight into how to write a brand audit. However, please follow the structure outlined below and in the rubrics, as additional information is required. Please note, all relevant graphs, tables and images must be in the body of the case study report NOT in an Appendices – this is standard business practice. Approximate word count is provided but this is a guideline only. The percentage allocation and word count is based on the complexity of the section. Report Structure # Topic Explanation Percentage Mark Word count is an approximate only 1 Introduction 1.1. Brand Background – Company perspective 1.2. Brand Vision Provide a brief introduction to Freedom Foods. Discuss the company’s origin, history, and current brand portfolio. Clearly state the name of the brand chosen State Freedom foods vision, goals and objectives 5% (approx. 200 words) 2 Market Situation 2.1. Market Description (this is the external market not the target market) 2.2. Competitive Situation Analyse the market/industry by using key statistics like size and growth of the market, industry trends, any macro factors in the PESTEL (Political, Economic, Social, Technological, Environmental and Legal) environment which may have an impact on the industry (only address relevant factors) Identify the key competitors of your chose brand – (you must clearly identify the frame of reference) 10% (approx. 650 words)* 3 Brand Inventory 3.1. Brand name 3.2. Logo 3.3. Slogan (only include brand inventory which is relevant to the organisation) Evaluate the brand elements such as brand name, logo, slogan, character, jingles etc. (only assess those brand elements that are relevant to your chosen brand) What does each of these brand elements intend to convey to the target market? In your response, comment on the extent to which these brand elements are designed to appeal to the target market. 10% (approx. 300 words) 4 Target Market and Positioning Strategy 4.1. Description of the Target Markets 4.2. Point of Parity 4.3. Point of Difference 4.4. Brand Mantra Describe the current target market of your chosen brand (an assumption is fine), its segmentation variables/bases taking into consideration the target market potential. What are the key points of parity and points of difference? Include a perceptual map of your brand versus its key competitors - placing each of these brands on a two dimensional perceptual map of key attributes or benefits. Develop the company’s brand mantra? You are to develop the brand mantra 10% (approx. 250 words) 5 Marketing Mix 5.1. Product 5.2. Price 5.3. Place/Logistics 5.4. Promotion (IMC) 5.5. Competitor Analysis Describe and evaluate the 4Ps which are currently implemented by Freedom foods for your chosen brand. Provide a table comparing each of the 4Ps to key competitors’ strategies (this table is not included in the word count). Do not include your chosen brand in this table. 10% (approx. 500 words) 6 Brand Exploration 6.1. Brand Identity 6.1.1. Brand Salience 6.2. Brand Meaning 6.2.1. Brand Performance 6.2.2. Brand Imagery 6.3. Brand Responses 6.3.1. Brand Judgements 6.3.2. Brand Feelings 6.4. Brand Relationship 6.4.1. Brand Resonance Explore and critically evaluate the brand-building blocks established with existing brand elements and marketing programs. In your response also provide a summary of the key points using a graph of the CBBE framework. 20% (approx.. 800 words) 7 SWOT Analysis (This should be a summary of the previous sections) Not included in the word count In a SWOT Table, identify the key internal strengths and weaknesses of the brand and its marketing programs that enhance/hinder brand building. Identify external opportunities that can be leveraged and threats that need to be mitigated to improve brand’s positioning and market performance. Present a summary of the SWOT Analysis that presents a clear picture of the key factors that need to be considered and will feed into the recommendations that will be made in the next section Please ensure you present the SWOT in a table format not in a narrative. 5% (not included in word count) 8 Sustainable (long term) Strategic Brand Recommendations What strategies do you recommend (including rationale): · To raise brand awareness and increase brand equity for the plant based drinks brand · To ensure long term sustainability of the brand and its brand equity through the development of a diversified IMC program How would these new sustainable brand strategies create strong, positive and unique associations that will resonate with target market more effectively? Ensure your recommendations flow from the SWOT analysis. 15% (approx. 700 words) 9 Evaluation Briefly outline how you would measure the effectiveness/success of your strategic brand recommendations? 5% (approx. 100 words) 10 Survey Questions (not included in word count) Develop survey questions to measure 1) Consumer-based Brand Equity and 2) Brand personality for your chosen brand. Please remember to base your questions on pre-existing items/scales (refer to Lecture 3). Please include the reference in your reference list. 5% (not included in word count) References * No Appendices are required, all tables and graphs should be embedded in the body of the project (not included in word count) Please use the Harvard Style Referencing Harvard style of referencing Use a variety of sources of information to write your report, including: · Trade magazines and business publications · Reference to company sources, including their products, marketing and education material (brochures, advertisements, websites, etc.) · News, reports and blogs on the chosen brand · Government website such as Australian Bureau of Statistics website: www.abs.gov.au for key Australian demographic statistics · Academic journal articles*, books, and practitioner journals *You must cite at least 5 journal articles Do NOT use Wikipedia, answers.com, tutor2 and other ‘personal opinion’ or social networking websites as references. Do NOT contact the company to gain any cooperation from them. 5% (not included in word count) Group Agreement Content (this form is available in Cloud Deakin) The group agreement is optional but submission is highly recommended based on previous trimesters. Most employment requires cooperation with others, and almost all marketing positions require functioning as a part of a group. We use group assignments to teach skills to make groups function – we seek to instill good group working skills and attitudes among the graduates of this unit. Your group leader is required to submit a group agreement on Cloud Deakin by Thursday 5 August @ 20:00 (8:00 PM) AEDT. We will follow the agreement when mediating disputes. When there is no agreement, the tutor/unit chair will make a ruling – students will not