1. A company has four choices when it comes to developing existing brands. Describe what they are and suggest three to four specific brand development ideas to help Wicks and More take advantage of their existing brand equity. (Your answers are expected t

Instructions: Please read the following case and answer question related to the case.

In 2007, Beckey Neal and Kim Neal opened a candle and gift shop in Tupelo, MS, selling their hand-poured candles. Over the course of seven years, Wicks and More grew to a multi-million dollar company, selling candles in more than 3000 boutiques and fine department stores throughout the United States. Wicks and More candle shop features a wide variety of candles, from simple scented candles to highly ornate candles that are used for decorations. Wicks and More shop also features candleholders, incense, and candle-lighters of all kinds.

There are four major uses for candles. The first is to serve a functional purpose, providing light when the electricity goes out. Many people keep stocks of candles on hand just for those times. Second, candles are used for decorations. Third, candles can be burned to provide a romantic environment. Scented candles add to the experience of the warm glow of a candlelit bedroom. Other candles provide the perfect light for a romantic dinner. Fourth, candles are used as part of religious ceremonies.

The company provides the demographic information for Wicks and More’s current target market. Far more women buy candles than men. A typical customer is at least 20 years old. In terms of psychological characteristics, candle buyers tend to have a strong sense of fashion and decor. Many enjoy home decorating. Wicks and More’s customers have enough disposable income to shop for nicer home decorations. Many are affluent, though it is not unusual for a middle class income shopper to come into the store. People with lower incomes who want candles for power outages tend to buy them at Wal-Mart or a discount store.

Wicks and More have been in business for quite a few years now, and the company believes a more effective marketing program might help them build a stronger company.

1.      A company has four choices when it comes to developing existing brands. Describe what they are and suggest three to four specific brand development ideas to help Wicks and More take advantage of their existing brand equity. (Your answers are expected to incorporate the discussion on iSnack 2.0 case)

i Snack 2.0 case; which is your answers are expected to incorporate the discussion on it)