Step-2: The allocated growth strategies are: Multibranding (Current product at current price range) and New Brand (New product line but high-end entry). Considering the needs, wants and demands of the Ethiopian market and the allocated growth strategies, two product development ideas are washing machine and high-end streaming device for TV. Step- 3+4: The first extension has higher potential in the new market. So, I would suggest to use the Multibranding growth strategy and introduce washing machine in Ethiopian market.3 factor Analysis Washing Machine High-end Smart Streaming Device Favorability9-The price of current washing machines ranges from BDT 10,000 to BDT 35,000. So, the price is quite affordable. Since these are not premium products, these can be distributed extensively. Since washing machine is able to leverage the actual associations the most, I am assigning a higher score. 7-According to my survey, Singer is perceived to be an affordable brand by the people. Introducing a high-end streaming is against this actual association. Since this will be a premium product, distribution has to be selective. Since eco-friendly inverter AC is not able to leverage these associations, I am assigning a lower score. Consistency9- The parent brand, Singer is one of the most popular name in consumer electronics and home appliances industry. Washing machine is a popular home appliance. So, it is under the boundary of the parent brand.8-The popularity of streaming devices as a consumer electronics is increasing. Therefore, it is also within the boundary of the parent brand. However, people associate Singer with home appliances more. So, I assigned a lower score here.Strong8- According to Statista Market Forecast (n.d.), “Revenue in the Washing Machines segment amounts to US$619m in 2021. The market is expected to grow annually by 5.60% (CAGR 2021-2025)”.Compared to the streaming device segment, washing machine has a slower growth rate. But, the revenue is much higher. So, I am assigning a higher score here.7.5- According to Statista Market Forecast (n.d.), “Revenue in the Smart Streaming Devices segment amounts to US$4m in 2021. The market is expected to grow annually by 32.05% (CAGR 2021-2025)”.Although the market will be growing rapidly, the revenue is much less compared to the washing machine segment. So, I am assigning a slightly lower score here. Total 26/30 22.5/30
Answer to the Question No.1(B) After analyzing two alternatives, I have suggested introducing a new washing machine brand in the Ethiopian market. Ethiopians prefer quality home appliances at an affordable price. The brand personality trait of Singer is competence. Keeping this is mind, I am designing the brand elements.