Brand Extension Marketing Plan

4134 Words Dec 13th, 2009 17 Pages
Running 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, “the home of creative kitchenware.” Lakeland products have developed strong demand and this will be the driving force behind this particular product. Lakeland was initially a kitchenware provider but has extended its brand to offer a wide range of products that fulfill consumers entertaining, storage, cleaning and gifting needs.

The Recipe Modifier appeals to virtually any individual that cooks at home using recipes. This product eliminates one of the major challenges of cooking with a recipe. It removes all the guessing out of cooking where
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In addition, there is very little competition in this market, thus it leaves room for Lakeland to command the market share with the introduction of this new product.

2.1.1 Market Demographics
The average Recipe Modifier consumer is comprised of the following demographic geographic and behavioral factors:

Demographics • Individuals who cook at home • The “traditional household” families, single parents, and singles. • Individuals with strict diets. • The educational background needed for this product is not extensive. • Low to high household income. • Consumer market that is interested in making amendments to recipes to feed their target amount.

Geographics • Countries where at least 90% of the homes have kitchens worldwide.

Behavioral Factors (Psychographics and Lifestyle considerations) • Cooks using recipes • Internet savvy to be able to use the internet version and features of the product • The target consumers like trying new and/or a variety of cuisine and recipes • Individuals who are frustrated with making recipe adjustments that result in the food not tasting the way it should.

2.1.2 Market Needs
Lakeland’s Recipe Modifier will provide its consumers with an intuitive product that will take all the guessing out
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