BRAND EXTENSION MARKETING PLAN
Jennifer L. Scott
GB 530: Marketing Management
December 4, 2012
Brand Extension Marketing Plan for Snyder’s-Lance Inc.
1. Executive Summary
The following marketing plan forms the basis for the introduction of an innovative new product by Snyder’s-Lance Inc. This analysis allows me to outline the best strategies to follow for the achievement of the company’s strategic goals. “Pretzel Abobodas” will be marketed as a unique flavored pretzel that targets the Hispanic consumer, while striving to reinforce the company’s focus on wanting to penetrate the Hispanic market. The marketing strategies will hopefully enable our company to reach a market size of an estimated 2,000,000 Hispanic Consumers (targeted) with forecasted sales growth prospects of 5% over the next 3 years ($450,000 profits), while satisfying the needs if the unserved market of consumers. Success will be reflected by a sizeable capture of market shares within this market, while strategically positioning the company as a market leader in the salty snacks segments of the industry. Company Description
Snyder's-Lance manufactures and markets snack foods throughout the United States and internationally. The Company's products include pretzels, sandwich crackers, potato chips, cookies, tortilla chips, restaurant style crackers, nuts and other snacks. Snyder's-Lance has manufacturing facilities in North Carolina, Pennsylvania, Iowa, Indiana, Georgia, Arizona, Massachusetts, Texas, Florida, Ohio, and Ontario, Canada. Products are sold under the Snyder's of Hanover, Lance, Krunchers!, Cape Cod, Jays, Grande, Tom's, EatSmart Naturals, Archway, O-Ke-Doke, Padrinos, and Stella D'oro brand names along with a number of private label and third party brands. Products are distributed widely through grocery and mass merchandisers, convenience stores, club stores, food service outlets and other channels. Pretzel Abobodas will bring an entirely unique salty snack experience to its consumers. It will present itself as a healthier snacking alternative to consumers while providing the great taste of authentic Abobodas, which is a top Hispanic flavor preference. The strategic role of Pretzel Abobodas is centered on three objectives: * To be the market leader in innovative product introductions and successful product launches * To strengthen and satisfy the needs of Hispanic consumers and families * To become the market leader in the functional salty snacks category with increased market shares Situational Analysis
The U.S. Hispanic population is the largest minority segment and is growing at a dramatic rate towards ethnic plurality, which has already occurred in the most populous states and is beginning to occur among the U.S. baby population. The future U.S. economy will depend on Hispanics by virtue of demographic change and the social and cultural shifts expected to accompany their continued growth. Hispanics exhibit distinct product consumption patterns and are not buying in ways that are the same as the total market. In forecasts of future consumption growth, the Hispanic share is significantly greater than that of non-Hispanics. The evidence for the distinctiveness and sustainability of Hispanic culture is convincing and implies a future American culture with a strong Hispanic flavor preference. Snyder’s Of Hanover Pretzels provide a healthy snacking option for consumers. There are many varieties and flavors of pretzels across the U.S. market but there have been no flavors produced for the Hispanic Market. 2.1 Market Summary
My target customer group is the Hispanic Market. The Snyder’s of Hanover Brand is a nationally recognized brand among American Households. Snyder’s Pretzels dominate market share and the numbers continue to grow. While the numbers do continue to grow, the Hispanic Market has some great potential because we have not been able to...