Success Case Study: Magnum Chocolates - Leveraging reputation to create a promising brand extension
Success Case Study: Magnum Chocolates - Leveraging reputation to create a promising brand extension, is part of GlobalData's Successes and Failures research. It examines the details of and reasons behind the success of Magnum Chocolates in the UK, a new range of premium chocolates from popular ice cream brand Magnum . It delivers the critical what?, why?, and so what? analysis to teach you crucial lessons that increase your chances of launching successful products.
Magnum is well-known for its ice cream range but has chosen to release a premium line of chocolates. This makes sense since the confectionery market in the UK registered a CAGR of 2.2% during 2010-15, and this is forecast to grow, with a CAGR of 2.6% predicted during 2015-20, creating strong opportunities for Magnum. Within the confectionery market, the largest segment in terms of overall volume is chocolate, accounting for a 68.2% share in 2016. Using its recognition as a fashionable brand, Magnum has succeeded in the chocolate market.
Examine various methods of brand extension, and remember that the extension must make sense to both consumers and the brand.
Aspirational lifestyle brands are important for consumers, and companies understanding what these mean to consumers is essential before moving into international markets.
Above all, quality claims must be substantiated in categories where premiumness and indulgence are important, such as chocolate.
Reasons to buy
Use GlobalData’s selection of successful and failed product launches and marketing campaigns from across the globe to inspire innovation.
Reduce the risk of failure by learning from brands/products that have under-performed: failed innovation can severely impact profit and reputation.
Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
Access valuable strategic take-outs to help direct future decision-making and inform new product development.