Last Chance with the plan to expand its product line wants to enter into the soft drink beverage market. With the new product Spicy Cola the company wants to grab the market with its difference in the product feature. The company primarily targets the Australian supermarkets in Class A category and is not expected to be in direct competition with the similar player of the market like Pepsi and Coca Cola. The new product from Last Chance is mainly targeted towards the young generation for its trendy, cool and active nature and taste of the drinks.
This product differentiation from the company is expected to have huge potential in the market for its unique taste. This research is mainly concerned with the development of the branding plan for the product. For finding the drawbacks of the product qualitative research survey was conducted amongst sample customer to understand the need of the product and its packaging for a proper implementation of the strategy in accordance to the mood, taste and color of the soft drink. The branding plan describes each and every aspects of the launch process from brand name, logo, target market, positioning strategy, pricing strategy, promotion and advertisement and packaging design for Spicy Cola to brand equity management system for the evaluation of the product success after the launch in the market. Rationale for brand name & brand mantra Building a brand name and brand mantra are one of the essential dimensions of product development process. Building a powerful brand name can even name the whole category of products like Xerox refers to photocopy category (Marconi & American Marketing Association, 2000, p. 4). Last Chance needs to develop a strong brand name for its Soft drinks in the market so that customers are more familiar to the product and can recognize the difference from its name. On the other hand brand mantra depicts the features of the product with a short phrase. The phrase gives the idea to the customer the position in the market and the target market which can influence the group to be more attracted towards the product (Keller, 2008, p. 144). The new soft drink from Last Chance was named as ‘Spicy Cola’ which clearly depicts its difference from the other players with its ‘SPICY’ flavor and also gives the impression in the mind of the people about its trendy, cool taste from the name which was mainly targeted towards the young generation. Brand elements and attributes Brand element is the nature of the product offered by the company and general information about the product with its characteristics and features (Keller, 2008, p. 163). It is the product features which make them different from others in the competitive market. With more relevance with the market need and the character of the product the more successful a brand can be in the market. Spicy Cola with its trendy, cool style refers to the friendly, free nature of the young generation. The black color and candy smell of the drink was perceived to be for both the genders and for all the age group of 12 to 30 and for all the cities. The sparkling cinnamon taste can be consumed at any point of time by the people. The design which was selected after the research survey also suits the identity of the product features which has a great potential to grab the market share in the cold drink beverage industry. Target Market Identifying the target audience can help the company to launch its product in a more successful manner. The primary and the secondary target market are needed to be identified by Last Chance in accordance to the product features and properly implement its strategy to the market to increase sales