Knowing both the intended target audience and the current market can help brands adapt and grow to build brand equity. This means that effective communication professionals need to be able to examine data to determine if a redirection or brand extension is appropriate based on brand alignment, new or existing target audience interest, and market opportunities. In this assignment, you will assess two potential brand extensions for an organization to evaluate whether they are likely to lead to brand success or failure.
Cuckoo Cocoa is a small chocolatier company located in a small town. The company offers delicious creations such as truffles, chocolate bars, and boxed chocolates, all of which are made with organic, ethically sourced ingredients. Its target audience is local residents and tourists (who frequent the many ski resorts in the area) who are passionate about chocolate and the environment. Cuckoo Cocoa is well-known in the area for its high-quality offerings and sustainable practices. It is known for giving back to the community by sponsoring green spaces and hiking trails, and its mission is to share great-tasting, ethical, organic chocolate and cheer.
One of the company’s goals is to open two more locations in the region within five years. Because of its high-quality products and focus on giving back to the community, Cuckoo Cocoa has been promoted through interviews and various regional magazines and has received various regional awards, such as “Best Chocolatier.” It is also popular with tourists on social media.
Cuckoo Cocoa’s success has given the business confidence to fund one of two new product extension ideas in the coming fiscal year. The ideas are to:
Offer a new line of specialty coffee bean and cocoa powder products to expand its client base and product offerings
Offer T-shirts, keychains, and various other branded keepsake products aimed at the tourist population
Based on the target audience, mission, and goal of the company, recommend one of the two product extension ideas to Cuckoo Cocoa’s board of directors.
Specifically, you must address the following rubric criteria:
Target Audience Alignment: Evaluate how each product extension concept would likely be received by the target audience based on its demographics and psychographics.
Mission Alignment: Evaluate how each product extension concept aligns to the company’s mission.
Goal Alignment: Evaluate how each product extension concept aligns to the company’s goal.
Recommendation: Select one product extension concept to recommend. Use supporting evidence from your analysis to justify your recommendation.
Guidelines for Submission
Submit this assignment a 350- to 500-word Word document. Sources should be cited according to APA style.