SBL1300 Business Environments And Markets

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SBL1300 Business Environments and Markets
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Question:
Leadership And Value Creation Report

Description:

In Assessment 3, you were a marketing consultant recruited to identify an avenue for a new toy/ entertainment brand extension product line for your selected organisation. In that assessment you developed a greater understanding of the current Australian marketplace for toy/ entertainment items and identified potential opportunities and threats for toy/ entertainment brands to explore in the future. In this assessment (Assessment 4) you are tasked with working as a team to create a brand strategy for a new toy/ entertainment product launch.

Scenario:

You are the marketing team working for one of the following toy/ entertainment companies [please note: for this assessment you can select from one of the following companies: [LEGO Australia, Fisher Price Australia, LeapFrog Australia, Hasbro Australia], and you are launching a brand extension via a new toy/ entertainment product into the Australian marketplace. The toy/ entertainment product you are launching into Australia must be a new product line for the company – for example, Kellogg’s currently has Baked Twists in its Snack product line so you would not be adding to this existing product line but creating a new product line. This new toy/ entertainment product could be currently internationally based or new to the global/ Australian market.

[Please note: your new toy/ entertainment brand extension cannot be a new colour or graphic design of an existing product in the market e.g., you cannot bring out Rainbow coloured Lego Head. Students should discuss any product concerns with their tutor prior to progressing further with the assessment]

Task:

As a team of three, you will be required to work together to complete a comprehensive NPD Brand Strategy Business report for your new toy/ entertainment product offering that will be entering the Australian marketplace. Your report should address the following:

The marketplace background and key take-aways: Drawing upon the learnings from Assessment 3 – PESTELE/SWOT analysis, provide a detailed background overview of the Australian toy/ entertainment marketplace and emphasis the key takeaways that are critical for consideration in respect to the new brand extension product line. HINT: Make sure you emphasis here the market potential for the new toy/ entertainment item and the key aspects of the PESTELE/SWOT the product will address to aid the organisation to achieve growth in this category.

Stakeholders: Identify who are the key stakeholders of the business and what are their expectations in respect to this new product line launch.

Strategy and objectives: What is your business strategy, goals and objectives for the new toy/ entertainment product? Consider both marketing and financial objectives and present SMART objectives.

Product description: Describe the new toy/ entertainment product you are introducing into the Australian marketplace. Please ensure you are specific with your description. Consider features and benefits, need it fulfils etc.

Competitive environment: Here you need to outline the competitive environment of your market. It should include who are your competitors (direct/ indirect)? What market share do your competitors currently have and how cluttered is the marketplace? This should be a narrowed focus on the competitive environment presented in Assessment 3 – i.e., at the product line and not the organisation level.

Target market(s): Explain your market segmentation and targeting approach? Who will you target and why? How does this current target market view competitive offerings in the market? This section will define in detail the target market in which you will be marketing your new toy/ entertainment product towards and should outline how you conclude that this is the right target market for your product (think about how you will attract, retain and enhance relationships via the product offering). You should also state why this target market is going to use your product, and show what research has been conducted for you to form this conclusion…e.g., consumer decision making process, insights and research implications, do not rely on personal opinions. Personal opinions will attract deduction of marks.

Positioning strategy: Explain and justify what your positioning strategy will be.

Pricing strategy: what is your pricing strategy for your new toy/ entertainment product launch and ongoing presence in the marketplace? The price strategy is where you will describe your key pricing issues. It is a good idea to state whether you are taking a price penetration or skimming approach. If you think your key selling point is going to be the price, then explain that here. Be sure to include rough estimates of profit-margins, manufacturing costs and end consumer prices.

Future Directions: Thinking about the longevity of your new product, what future Services and/or CRM opportunities should your brand consider implementing next. Please consider the content of Week’s 11 and 12 in coming up with your suggestions.

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