Term paper on: Brand Management

Course: MKT 416

Section: 1

Submitted to:

Md. Anamul Hoque Rubai

Senior Lecturer

Department of Business Administration

East West University

Submitted by:

Arafat Rauf

Submission Date: 27/7/2011

Executive summary

As we are the students of the course named BRAND (MKT 416) so we the group members all got the opportunity clarify our understanding related to the particular course by this assignment which is given by our course our course instructor Md. Anamul Hoque Rubai.

The brand or the product we going to work with is a relaxation drink which and we have named it as “Holistic Relaxation Drink” which refers that by having this drink consumers will be in a balance state of mental, physical and spiritual. Our product logo indicates spiritual satisfaction of human body, physiological satisfaction and the last fresh leap indicate the mental satisfaction of a customer. That means when customer will drink must feel cool. And the blue circle indicate peace, hopes and physically sense. That means all of the three satisfactions will circle in the logo. Our focus would be on quality, taste and uniqueness. By the attributes and other benefits the drink will be able to possess higher position in the beverage industry. We have chosen a relaxation drink to launch because it would be the first one in its category so there are no competitors and positioning and differentiating would be easier for us. By having this drink our consumers will get reduction of stress and exhaustion, Increased focus and decreased fatigue, balanced mood in their mind set, tiredness will be lessened, promotes sound sleep. The strength is we are the first introducer of this kind of drinks, the weakness will be as we are the first launcher new competitors will be rising over time, our opportunity is we are going to launch it for the first time and if we get desired result in positioning in local market then we would be able to do business worldwide, Threat would be substitute o four products. Our product target market is the people who are aged from 18-50.Our positioning strategy is it is the first relaxation drink in Bangladesh and our differentiating strategy is it’s an ANTI-ENERGY drink and its benefits which are unavailable with other beverages. Our Leveraging Strategy will be done through Sporting, cultural or other event, Celebrity spokesperson (through endorsement advertising), other third-party sources (through awards and reviews)

This is the overview of our product or brand “Holistic Relaxation Drink” we have worked with for the academic purpose of the course MKT 416

Introduction

The name of our product is “Holistic Relaxation Drink”. It is a unique

product in our country because of its exceptional ingredients and also

because we are going to introduce this kind of drinks for the very first time

in Bangladesh.

Mission Statement

“Holistic Company” focuses on quality, taste and uniqueness. By the

attributes and other benefits of this drink we will be able to possess higher

position in the beverage industry. Our drink will make the consumer feel

refreshed and at the same time relaxed.

Rationale for selecting this product

In Bangladesh relaxation drink is totally a new kind of drink or product for

the consumers. The causes behind for choosing or selecting a relaxation

drinks are-

Though there are various kinds of drinks already available in

Bangladesh like soft drinks, beverages, energy drinks but there is no

relaxation drink been introduced till the recent date.

So we don’t have any direct or any other kind of competitors in

Bangladesh.

It would be easy to position our product in the beverage industry.

It would be easy to position our product in the mind of the consumers.

There is a wide scope for differentiating the product among all others.

Holistic Relaxation Drink

Benefits:

By having this drink our consumers will get

Reduction of stress and exhaustion

Increased focus and decreased fatigue

Balanced mood in their mind set

Tiredness will be lessened

Promotes sound sleep

Who Should Take Holistic Relaxation drink?

Basically the people who needs to calm their mind and mood and feel

relaxed

On the go mothers

Busy women like homemakers or professionals

Students

Busy men who belongs to any profession

The people who need a break from their daily hectic schedule

Ingredients

L-Theanine

L-Threonine

Vitamin B12

Vitamin B6

GABA

Passion Flower Extract

Acai Extract

MAYOCLINIC-as a reference

Relaxation drinks contain ingredients such as theanine and melatonin, which

are purported to reduce anxiety or induce or encourage sleep. These two

ingredients are "generally considered as safe" by the U.S. Food and Drug

Administration. However, the FDA doesn't strictly regulate dietary

supplements like these, which is why you should always talk with your

doctor before trying any supplement. (And children and women who are

pregnant or nursing probably shouldn't partake of relaxation drinks.

SWOT analysis

SWOT analysis is the assessment of the internal strengths (S), internal

weaknesses (W), external opportunities (O), and external threats (T)

affecting an organization or a brand. It is a basic element of the marketing

plan and is used to make projections for the proposed marketing activities.

Typically the analysis seeks to answer two general questions: Where is the

organization now? And, in what direction is the organization headed?

Factors studied in order to answer these questions are the social and political

developments impacting on marketing strategy, competitors, technological

advances, and other industry developments.

Strength of the brand:

Being first is the greatest strength for a newly launched product like

relaxation drink. Holistic Relaxation Drink is the first relaxation drink

in Bangladesh in its category.

The price will reasonable for target customers so it will be affordable

for them.

Our distribution network will cover most of the parts of Bangladesh.

The ingredients we have used are clinically tested and proven.

Weakness of the brand: As we are going to launch a new product still it is not known that to

what extent the brand will be positioned a desired.

The product is first in its category so competitors will be rising over

time.

The benefits which our consumers will get by having the drink they

are also similar with the side effects of different medicines which is

not good for their health as those are side effects.

Opportunity of the brand: Since relaxation drink will be first introduced by us so that is the

greatest prospect for us.

We believe our product packaging will be eye catching for the

consumers and sometimes attraction of the packaging makes people

buy a product.

Loosening of regulations from other factors will make the company

profitable.

If our strategies results in desired positioning in local market then

international trade would be a vast opportunity worldwide for us.

Threats for the brand:

We have tried our product on the sample and they have liked it but the

matter of thinking is that will the product be liked by the whole

population or the target consumers.

Being first is beneficial but not for the life time. Substitute products

can be a strong threat for the company.

New regulations can be negative side for trade.

Increased trade barriers will stop trading in outside the country and

also limit the profit scale.

Since the product is new we have to rely on the suppliers of our raw

materials and of our final product to the destination. If they perform in

a poor manner then that would bring devastating occurrence for our

brand.

Consumers will get confused in between energy drinks and Relaxation

drink.

Target market analysis: Segmentation

Making the Target market segmentation appropriately is very significant for

surviving in the competitive market. Proper segmentation will help our

product to be popular in Bangladesh. We have segmented our market in

terms of some sub segments. Based on the segmentation of the market we

will find the ultimate target customers of the product. Our focused segments

are-

Geographic segmentation

Geographically segmentation means, segmenting the market in terms

of geographical areas, cities, region, division and metropolitan areas.

Mainly our target customers are people who are living around and

within Dhaka and other busy districts.

Demographic segmentation

Demographic segmentation is done based on some degrees .Such as

age, income, educational level, gender, family status and religion. So

the product ‘Holistic relaxation drink’ also segmented their market

based on those degrees.

Age

Age is vital part of the demographic segmentation. As our

brand is a product, all types of young people and busy worker

will love to taste it and feel it. Our main customers are 18 to 50

aged people as they aged experience hectic and frantic

scheduled routine in their daily life.

Gender

For segmenting the market, the gender segmentation is much

more important for the marketers. In the world the popular

segmenting technique of the gender segmentation are male and

female. In Bangladesh, there are 51% of the people are male

and 44% of the people are female and rest of the people belongs

from other categories. All the busy restless people are our target

customers.

Income

Income is the most important factors of segmenting the market.

Customers have to spend their income for consuming a product.

So our brand ‘Holistic relaxation drink’ has segmented the

market in terms of the income ranges. According to income our

target customers are ranges from tk. 8000 to tk. 50,000 and

above (monthly).

Education

As the educational level is also considered as the segmentation

of the market, ‘Holistic relaxation drink’ also segmented its

market based on educational level. Our brand can evaluate in

proper way by the educated people because our educated target

customers are able to give us the right feedback.

Psychological segmentation

The psychological segmentation is done for the mental situations of

the customers which varies from person to person. It is really hard for

the marketers to find the appropriate target customers. So make task

easier there are some sub-segments which are-

Social Class

Life Style

Personality

The sub segments are describing below:

Social Class

Firstly we can divide the social class into four different classes

which are- lower class, lower middle class, upper middle class and

upper class. In Bangladesh majority people belongs from middle

class group. Our target customers are mainly middle class and

upper class people.

Life Style

A lifestyle is a bundle of behaviors that makes sense to both others

and oneself in a given time and place, including social relations,

consumption, entertainment and how they present themselves. A

lifestyle typically also reflects an individual’s attitudes, values or

point of view. The people who are maintaining above the middle

class lifestyle they are our targeted consumers.

Personality

For the purchasing decision the personality of the customers play the important role. As a marketer of the beverage product we have to think about the Personality of the consumer. As a beverage company we have to think the taste and sense of the markets, how much they interested to have such a drink

Brand elements: Mix & Match

BRAND NAME:Holistic Relaxation Drink

It is very important to choose an effective brand name of a product. Because it is so closely tide to the product in the mind of the consumer. A brand name that has been around for some time, and is seen as reputable, will generally develop customer loyalty. Consumers will purchase the brand name product because they trust the company. That’s why we have selected our products name is Holistic relaxation drink. Holistic means to bring together the body, mind and soul and have them work to the mutual support of each other. This brought about the concept of body, mind and spirit. Material matter, the body followed physical laws and immaterial matter the soul was dimensionless and immaterial.

Brand names can be extremely effective “shorthand” mean of communication. Holistic mean complete in word, but its internal meaning is to look at the self from a whole perspective and to understand the mind, body and spirit connection and the importance of balancing all aspects of one's life. Our product work for relaxation and without balancing the body, mind & sprit no one can be relaxed.

So, “Holistic” is the best and appropriate name for any relaxation drink & for this we select this name for our brand.

Logo:

At first we need to know what a logo is. It is nothing but also an iconic symbol or graphic mark. . A Logo is the mixture of both Semiotics and Rhetoric; however branding should be strong enough for the two elements to stand alone and communicate your brand image and remind customers of either your service or product. If you see our products logo you can see that three fresh green leaps are in the circle. Each of the leaps indicates different meaning. First one indicates spiritual satisfaction of human body. Second one indicates the physiological satisfaction and the last fresh leap indicate the mental satisfaction of a customer. That means when customer will drink must feel relaxed. And the blue circle indicate peace, hopes and physically sense. That means all the three satisfactions will circle by a boundary of peace in the logo.

Color:Green, Blue

The color of our Brand name, logo & bottle is the combination of green and blue. Green is the color of Relaxation. It symbolizes harmony, freshness, and fertility. Green has strong emotional correspondence with :

A new state of balance

Feel a need for change or growth

Freedom to pursue new ideas

On the other hand the color of blue is calming. It is the color of peace & friendship. Almost everyone likes some shade of the color blue.

Blue is considered beneficial to the mind and body. It slows human metabolism and produces a calming effect. Blue stimulates appreciation of music and the arts, opens the mind to realities beyond the physical senses, and creates peace of mind and harmony of spirit. ***Wondrous, heavenly blue soars above us. Look to it for peace, hope, and inspiration Blue is the color of the mind and is essentially soothing; it affects us mentally, rather than the physical reaction. The color blue reflect that

solitude and peace calm and relaxation to counteract chaos or agitation to open the flow of communication to broaden your perspective in learning new information

By using the color, we can easily differentiate the products from others.

Packaging

Slogan:

Holistic relaxation in a bottle

The product slogan offers instant product recognition andidentification. When a product is presented with its uniqueslogan and logo, consumers can more easily identify thespecific product and respond with increased confidence.

Yet the product slogan shouldn't just describe the product,it has to do much more than that. It has to convey value, buildbrand loyalty and generate confidence. Your product sloganwill have to stimulate curiosity, communicating an intelligentand impressive message. “Holistic relaxation of a bottle” it is the slogan of our product. It is a memorable phrases used in advertising campaign. The slogan makes different the brand from the others, our slogan also using our brand name, which is very helpful for a brand to be more popular that means the whole relax is only in a bottle.

Jingle

Jingles are musical messages around the brand. They are the extended musical slogans. Our jingle is given below:

Be first at work

It is the way of success.

Be first to play

It is the secret of perpetual youth.

Be first to read

It is the path of knowledge.

Be first to be friendly

It is the road to happiness.

Be first to meditate

It is the source of power.

And last

Be first to Drink HOLISTIC

It is the price of Relaxation.

Jingle conveys core product attributes through catch-phrase or choruses. We able to convey our core product attribute through our jingle.

Positioning

The first relaxation drink

Brand positioning is at the heart of the marketing strategy. It refers to the act

of designing the company’s offer and image so that it occupies a distinct and

valued place in the target customers’ mind. It means the finding the proper

location in the minds of a group of consumers or market segment. Superior

brand quality clarifies what a brand is all about, how it is similar to

competitive brands and why consumers should purchase it. Our strategies

are-

Target consumer-

18-50 year old peopleBusy professionals (men& women)StudentsHomemakersThe people who goes though daily hectic schedule

Dissimilarity with the competitor’s product-

We are selling different category product which is basically a drinks.

By ingredients we are selling different kind of products.

We are selling our product in the same region which is Bangladesh

without any competitors.

Both of our target markets are almost same but we are offering

different product.

Differentiation

Holistic relaxation in a bottle

 Product differentiation refers of developing unique product differences by its attributes, its packaging, its benefits or its way of using in the particular product with the intent to influence(increase) demand of the product, to Differentiation the brand in the mind of the target consume, to be the number one seller in the industry.

The product Holistic Relaxation Drink is an anti-energy drink and by having

this drink consumers will feel instant relaxation in their mind and body. As

we know there are enormous kinds of drinks are available in industry and

they are used by the consumers for different purposes. For example

consumers have soft drinks for diminish thirst or as a additive with a fast

food Item, hard drinks for creating mental excitement or create a state of

intoxication in the body and mind, Energy drinks for not to sleep those for

getting energy though they are exhausted and tired as they have to do lots of

work or for some other reasons. Getting energy means it excites your body

and brain, makes you awake, and makes you proactive.

But our product is totally different from all other beverages because it is

relaxation drink which can be also named as ANTI-ENERGY DRINK by its

attribute. By name it can be easily understood that it is definitely not for

getting energy on the contrary after having this drink the anxiety caused by

hard workings will be suppressed and a general sense of well-being will

come over.

It won’t leave consumers drowsy or tired, but everything will seem

manageable. Stress affects the body and mind. The drink works with body to

de-stress the mind, increase focus and balance the mood.

Leveraging Through Secondary Brand Association:

“Holistic relaxation drink” is the product we want to promote through

branding. Our product is of relaxing people in today’s busy life. Our brand

equity will be higher by linking our product to some other information in

memory that conveys meaning to consumers. In fact we will leverage our

brand through secondary brand association to boost the brand equity.

Our Leveraging Strategy will be done through:

Sporting, cultural or other event

Celebrity spokesperson (through endorsement advertising)

Other third-party sources (through awards and reviews)

Secondary Brand Association through Sporting, Cultural or Other Event:

Secondary brand association has its importance when consumers are not

aware of the new or upcoming brand. This leads to indifferent approach

from customer towards brand.

However, if consumers do not have knowledge of associating company than

there could be no knowledge transfer and cannot translate into benefit for the

brand. Even if the consumers have brand knowledge how much relevance it

holds for the current brand also has to be ascertained.

As our product is a relaxation drink, our target market will be the younger

portion of the society. To attract the target market we will organize some

musical events like concerts on different occasions such as friendship day,

Valentines day, Bangla New Year celebrations and many more. We will also

sponsor different sort of cultural events, talk shows in media. Because of

some private radio station, radio culture is popular in Bangladesh now. In

the prime time programs there will be an hour named as “HOLISTIC hour”.

People will get the opportunity to request for those songs through SMS that

they could not managed to listen in the entire day for work purpose.

We will also sponsor in Fantasy Kingdom Theme Park once in a month as

“Holistic Relaxation Day”. In those days whoever will enter the park will get

a drink free with entry coupon and will also be provided with raffle draw

coupons. Thus the name will become familiar to the customers.

Secondary Brand Association through Spokesperson:

We can add Bangladeshi Cricketer Tamim Iqbal as a spokesperson for

our Product. He is well known as a cricketer for Bangladesh. Tamim Iqbal

need to practice all day long for the betterment of his skills. That’s why

when he will go to sleep at night, this drink will help him to get relax and to

get charged up for the next day practice.

We can make him as a spokesperson to improve our brand equity.

This is a very reasonable match between our brand and the spokes

person.

Thus it will draw huge attention of the customer group.

Endorsing Tamim Iqbal will also help to shape the perception of our

brand.

Since, Bangladeshi Cricketer Tamim Iqbal has got strong

visibility; it will help mount our brand equity.

Secondary Brand Association through Third Party Sources:

We can reasonably associate our brand with Grameenphone.

Grameenphone is listed as one of the leading network operator in

Bangladesh. They have the maximum number of subscribers. We can use

their populararity to promote this drink. We will offer recharge card of BDT

300 for lucky winners, who will be selected on the basis of SMS. Code

numbers will be written in their bottles. Under certain conditions, we may

offer them even more than BDT 300 recharge card. Such as BDT 600 or

1200.

Through associating our brand with Grameenphone Ltd., it brings a greater

opportunity for our product and thus it will leverage the brand equity of

“Holistic relaxation drink”.

The enlisted producte sites of Grameenphone is considered with

importance.

It may open the door for expanding the product in almost every

district of Bangladesh.

It will attract people of every age and thoughts.

CONCLUSION

There are various ways to create brand equity. Brand elements offer many

alternatives style, logo, unique selling proposition etc. Then there are

marketing strategies aimed at product, price and distribution network. Here

focus is on product and its attributes, correct and convincing price structure,

and finally choice of product reaches consumer. Marketing communication

is also strategic with respect to build brand equity with choice of medium

(TV, radio, etc) and sales/consumer promotion. Here we tried to draw some

brand elements and brand knowledge from already developed brand, which

has already created impression in consumer’s mind, thereby leveraging

secondary brand association to create brand equity. We tried our best to

come up with right mix of all the strategies to convey right brand knowledge

to consumers. It has its challenges but overall success of secondary

association in building strong brand equity cannot be ignored. We tried to

convey all the necessary messages to promote this new brand. To get

consumer response we decided to attach with all the vital links of the

society. That is how we will take our brand “HOLISTIC RELAXATION

DRINK” to a success level.

This term paper is prepared with the respect to three-month course of Brand

Management (MKT 416), which is given by our course instructor Md.

Anamul Hoque Rubai. This term paper covers some important issues of

branding a tangible product. After a brain storming session and the

assistance of all group members we prepared this report.