Assignment on Building a New Brand

Brand Management (MKT 416)

Section: 01

Submitted To:

MD. ANAMUL HOQUE

Assistant Professor
Department of Business Administration
East West University

Submitted By:

Atikul Hasan Rakib 2016-2-10-122

Mohd. Imtiaz Karim 2016-2-10-219
Asifur Rahman 2016-1-10-023
Prantick Dutta 2016-2-10-111
Letter of Transmittal
April 7, 2019
Md. Anamul Hoque
Department of Business Administration
East West University
Rampura, Dhaka.

Subject: Request for acceptance of the Term Paper

Dear Sir,
We are pleased to submit the report that you asked for and gave us the authorization to work on
“Mount Olympus” to develop the brand. We tried our level best to work on it carefully and
sincerely to make the Term Paper informative as much as possible
Though we are in the learning curve, in this Term Paper we have tried to make a good combination
of learning from the course. If there are any mistakes and clarification required and the query
needed regarding this Term Paper will be gratefully acknowledged.
In the circumstances stated above, we sincerely hope this Term Paper will fulfill the requirements
advised by you for the course MKT416. Lastly, we would be gratified if you would allocate some
of your valuable time to examine this assignment.
Sincerely Yours,
Asifur Rahman
…………………
Prantick Dutta
………………...
Atikul Hasan Rakib
………………...
Mohd. Imtiaz Karim
………………
 Acknowledgment

First, we would like to thank the almighty because of the successful completion of this term paper.
We would like to thank our honorable faculty Assistant Professor Md. Anamul Hoque for
providing us with the opportunity to work on this term paper and gain experience.

We also thank all our group members & friends who inspired us & helped us to build confidence
and put us in a deep concentration to carry on our course work and supported us at the end with
great excellence.
We lastly would like to express our appreciation to our East West University, and we are eventually
grateful to the University and its excellence that works for education encourages us and creates
knowledge, as knowledge is power.
 Executive Summary
Brand management is the analysis and planning on how a brand is perceived in the market.
Developing a good relationship with the target market is essential for brand management.

We have created and developed a brand “Mount Olympus “ which is a theme park based on
world-famous Greek mythology. The theme park will convey the elements and environments of
different mythical characters and incidents. The park will offer each and every facility people
expect from a park and the park will exceed the consumers expect. Mythological theme based park
is an absolutely new concept in our country.

The target market of Mount Olympus ranges to 2-60 years of age so we can include kids, teens,
parents and even grandparents. The income level would have to be middle to the upper class -
$6,000 annual income or above - since park tickets are not very much expensive. The theme park
is not a gender-specific product, and ethnicity will also not affect the plan. The park aims to satisfy
people's needs for relaxation, need for refreshment and need excitement.

Mount Olympus is the 1st theme park in Bangladesh which will give it a very strong position in
the consumer's mind automatically as a market leader. Our environment is fully different from the
other parks which will also help the consumer to recall the brand.
Table of Contents
Introduction ................................................................................................................................... 7
Methodology .............................................................................................................................. 7
Sources of information ................................................................................................................ 7
Opportunity Analysis ...................................................................................................................... 9
SWOT ANALYSIS .................................................................................................................... 9
Category Analysis ..................................................................................................................... 13
Competitor Analysis ................................................................................................................. 14
Target Market Analysis................................................................................................................. 15
What are Demographics? .......................................................................................................... 15
Demographic Segmentation ................................................................................................... 15
Demographic ............................................................................................................................. 15
Psychographic Profile ............................................................................................................... 16
Story Telling Approach............................................................................................................. 17
Brand Positioning Strategy ........................................................................................................... 18
Area of differentiation............................................................................................................... 18
Brand Development ...................................................................................................................... 22
Application of Brand Sense Theory .......................................................................................... 26
APPENDIX ................................................................................................................................... 31
 Introduction

As we all are the students of business administration, we need to do many courses including
major courses. Being a student of marketing, we are doing a Brand Management course in this
running semester.
In this course, we have learned about Brand Management from our honorable teacher Md.
Anamul Haque has given us an assignment on Brand Development. By doing research, we have
created a brand and developed it.

Methodology

This report was prepared solely based on information collected through online interviews &
analysis of collected data. To have a better understanding of the topic we took help from reference
books.

We also collect information through the internet. With the collected raw information, we analyzed
and tried to determine several factors. We interpreted our findings presented them in the research
paper.

Sources of information: Primary and secondary sources.

• Primary Source: Primary source were randomly selected individuals. The

following factors were considered to collect information.
➢ Sampling Method: Convenient Sampling
➢ Information collection instrument: Structured questionnaire for the
respondents.
➢ Sample Size: 40 individuals
 • Secondary Source: Secondary information was collected from the internet.
Analysis of information: Statistical technique through Google Survey was used to
analyze the collected data. Average was used here.

Presentation of information: Collected and calculated information is presented in

graphical forms.
 Opportunity Analysis
Mount Olympus is the country’s very first theme park which is based on Greek Mythology. The
park has a huge chance of achieving success in the market. The window of opportunity for Mount
Olympus is limitless. The park is situated in Aftabnagar, Dhaka a place which is a very convenient
location due to the available transportation and calm environment. The people of this era are
always at some kind of pressure and frustration from their carrier/education, So, they need some
refreshing parks or places for recreation and refreshment which is a very big opportunity for us.
The theme of Greek mythology on which the park is built is a unique and outstanding concept and
the park is the country’s first-ever theme park which makes the Mount Olympus market leader.
For being the market leader or the first mover the park will make a place in the consumer's mind
which ensures a huge door of opportunity for us.

SWOT ANALYSIS
SWOT analysis (or SWOT matrix) is a strategic planning technique used to help a person or
organization identify strengths, weaknesses, opportunities, and threats related to business or
project planning. Users of a SWOT analysis often ask and answer questions to generate meaningful
information for each category to make the tool useful and identify their competitive advantage.
SWOT has been described as the tried-and-true tool of strategic analysis.

Strengths and weaknesses are frequently internally-related, while opportunities and threats
commonly focus on the external environment. The name is an acronym for the four parameters the
technique examines:

Strengths: Mount Olympus has several strengths that can contribute to its success.
• 1st Theme Park: Mount Olympus will grab people’s attention due to its status as the 1st
Theme Park of Bangladesh and it will position itself as the market leader which will
definitely help the park getting more visitors, various advantages including FMA.
• Convenient Location: Location is a huge factor in visiting a park. People tend to visit
parks in convenient locations that are not far from their location, have an available and
pocket-friendly transportation system, a bit far from the densely populated area and have a
fresh and clean environment. The location also enables the park to engage visitors from
 cities near Dhaka. Mount Olympus has all the features of a convenient location which
makes it an ideal place for having fun, enjoinment, and refreshment.

• Convenient Pricing: Mount Olympus has come up with logical pricing with the help of
market research about the target customer’s income and their propensity to spend on
entertainment/refreshment.
 • Uniqueness: Mount Olympus is a park which is one & only of its kind in Bangladesh.
• Big market Size: Mount Olympus has a target market that ranges from child to old
although the young students are considered as the most valuable market. The big market
ensures a big profit.
• Facilities: Mount Olympus has all the facilities people want. The park offers food court,
locker room, changing room, parking zone, slow and less adventurous rides for the older
people along with the special Greek mythology-based rides.

Weaknesses: characteristics of the business that place the business or project at a disadvantage
relative to others. Everything has some weakness including Mount Olympus.

• Seasonal Fluctuations: Fluctuation of numbers of visitors can be troublesome in off-

seasons.
• Lack of knowledge: Many well-educated people from our county is not aware of the Greek
mythology.
Opportunities: elements in the environment that the business or project could exploit to its
advantage. The park has a huge chance of achieving success in the market. The window of
opportunity for Mount Olympus is limitless due to many reasons which are :

• People’s Interest: General people have a huge interest in going to a theme park.
Theme park refers to the type of parks which are based on one or more than one
theme. This type of park is common abroad but rare in our country. So, people have
a common interest and curiosity about the theme.

• Mythical Theme: Mount Olympus is based on Ancient Greek Mythology which

is very interesting and enjoyable and appreciated by people from all around the
world. The target market has acceptability for this park. Our research shows that
around 35% of the people love mythology,15% Likes them and only 5% don’t
like them. Since the majority of people like mythology, they will definitely visit
 the park.

Threats: elements in the environment that could cause trouble for the business or
project.

• Cultural Difference: Certain people might raise voice against Greek mythology-
based park. Extremist groups can cause turbulence and people can dislike the park
• Political Problems: Unstable political conditions might hamper the business.

Category Analysis

Mount Olympus is an amusement park based on Greek mythology. People will come here to enjoy
their free time and amuse their selves.
Competitor Analysis

Mount Olympus is the first theme park of Bangladesh, It Is the very first and the king of only of
the amusement park category inside Bangladesh. In spite of being the only one in this

segment, Mount Olympus has some tough competitors who have a good market share. The Fantasy
Kingdom, Safari kingdom are two major competitors and there are many apart from them. The
student's community has a preference for a fantasy kingdom.

Our competitor list is large but their positioning is not up to the mark compared to our unique
theme-based approach. Fantasy kingdom and Nandan park are popular but they have to go through
a poor positioning or me-too type. Most of them are focused on the rides but we offer something
more, Mount Olympus guarantees maximum satisfaction through our guided offerings.

As a market leader and the first theme park, Mount Olympus has a huge price benefit positioning.
We can charge premium pricing at any time. People will surely visit us even if we raise the price
because we are the real deal.
 Target Market Analysis
What are Demographics?
Demographics describe who we are as individuals, for example: ethnicity, age/generation,
gender, income, marital status, education, and homeownership. These and other
characteristics categorize us without describing our personality. Many demographic
characteristics cannot be changed and are directly related to our physical being. A recognized
definition is: "The characteristics of human populations and population segments, especially
when used to identify consumer markets".

Demographic Segmentation

Demographic segmentation is extremely important to all marketing departments since the data
is easily available and does drastically affect buying patterns. Age, income, gender, ethnic
background and family life cycle are all important factors of demographic segmentation. The park
is going to use an age range of 2-60 years of age so they can include kids, teens, parents and even
grandparents. The income level would have to be middle to upper class - $6,000 annual income or
above - since park tickets are not very much expensive. The theme park is not a gender-specific
product, and ethnicity will also not affect the plan.

Demographic segmentation is very much important before launching a new thing. We did a survey
before giving the brand name. Our total respondents were 40 and most of them are interested in
going to a theme park. Age of the group people are in between 16-26. So, in this regard we can
say that most of our respondent are young and their family income is good. They Spend less than
8000TK per month for their recreation purposes. And their family income is average 40,000 per
month. One of the most important things is that most of them are male and they are preferring to
visit with their friends. So, they are interested to go in that type park like theme park.
Psychographic Profile:

Psychographics is the study of people’s attitudes and interests, often studied in conjunction with
typical demographic data to build more complete profiles of target markets and audiences.

Psychographic data expands upon demographic data by providing information about consumer
lifestyles. Information about consumer attitudes, interests, and opinion (AIO) provide an
opportunity to develop fuller and more complete consumer profiles.

Psychographic segmentation divides buyers in to groups based on variables such as activities,

interests, opinions, lifestyle, values, personality, and social class.

In our survey we see that most the people are belongs to upper class and upper middle class. They
are interested to go in good place where they can get refreshment. We come up with the concept
of Theme park where we can give most their needs. Like:

• Refreshment
• Convenient location
• Reasonable Price
• Water world
• Foods
• Calm and Quite Place
• Swimming Pool
• Rides etc.

So, we can say that by this kind of theme park can meet or can fulfill the target customer demand.
We see that their family income is good and average annual income $6,000 that means 40,000TK
Average per month. They can Easily manage their time even they have no money problem and our
theme park that will give discount for student. They are ready to spend more money on rides. They
prefer to go with their friends. On our survey we see that 65% of our total respondents visit a park
with their friends most of the time.
Story Telling Approach
As, we know that our target market is young people. Sometimes Young people get frustrated by
their educational pressure. They want to remove or reduce their pressure. Aftab Nagar is place
where every people can get calm and quite place like- Mountain Olympus park. In this park
they will get swimming pool where they can swim and can get them fresh. Location is one the
important things. East West University is situated at Aftab Nagar which is great for students.
They can easily go for their refreshment. Not only East West University but also colleges are
situated around the Aftab Nagar. So easily Students as well as general people can reach the
theme park. As we know that most of the people when they think about a park, first
consideration is location. Refreshment is another thing and they will get it by the theme park.
Street food is another important thing. They can get street food in this park as well. And our
target markets want this kind of food. In our survey where we can see that age in between 16-26
years are higher than other group of people. Those people are interested to go theme park. Our
total respondents were 40 and all of them are interested to go theme park because they are ready
to get lots of facility. Specially students will get discount by showing student identity card. Even
discount not only for entry but also for all rides as well.
 Brand Positioning Strategy

Area of differentiation: Mount Olympus is being differentiated in many ways.

Utility differentiation: we have differentiated our park in several ways. Mount Olympus is the
first theme park in Bangladesh. We have added some special rides which will entertain our
customers more and we named each section by following the Greek god & goddess which will
attract our consumer. Our special attractions are:

• Throne of Zeus: This ride is named after Zeus, the king of the Greek Gods. It is a
very high altitude Roller Costar ride which gives the consumers a full site of the park.

• Poseidon's parliament: Poseidon was the god of the sea. All of the water-based rides
including swimming pool and water slide is included here.

• The underworld of hades: Hades was the god of the dead and the underworld, this
ride will be a scary tunnel ride.

• Ares's Arena: Named after the Greek God of War, here everyone will fight a war
with counterfeit guns and swords which will be connected in 3d simulation effect.

• Athena's Auditorium: Goddess of Intelligence and wisdom. Here Different

Documentaries and scientific shows will be shown.

• .Chamber of Apollo: Named after God of Music. Dance, Music and live concert will
be held there.

• Labyrinth of Minotaur: The wall will be like a puzzle; people will enter from one
side and will come out from another direction.

• Sword of Hercules: A large sword will be attached in big stone, there will be 30
seconds time within which the one who pulls out the sword will get all the rides free.

• We will have some rides which will be slow and less adventurous so, that older
people can enjoy some.

• We will provide the consumers Changing room, Lockerroom, and Parking slots.

• A lifeguard will be present near every aquatic ride.

Brand Experience: For brand experience, we have focused on our survey in which we found
that

people are not that much concern about prices being high, all they want is clam, joyful
environment and healthy delicious food. By focusing on our survey we have decided to give our
consumer a high-class, healthy, joyful experience with delicious food which will enchant them to
visit us again.
Brand Personality: Brand personality is an important term of branding. Every brand has its own
personality. By following Aker’s model we found the characteristics of our brand.

Excitement Sophistication Ruggedness

daring, trendy, upper class tough, western

exciting, cool,
young, unique, up-
to-date

This shows that our brand has an exciting, sophistication, ruggedness personality and it will help
us a lot to get consumers.

Key positioning: Mount Olympus is the 1st theme park in Bangladesh which will give it a very
strong position in the consumer's mind automatically as a market leader. Our environment is
fully different from other parks which also help the consumer to recall the brand.

Blue ocean strategy: While making the Blue Ocean strategy out survey helped us a lot

if we look at this survey we can see 95% of people want to visit a theme park. Our core
competitors are Fantasy kingdom, Nondon Park, Sishu par, Sishumela, And Dream Holiday
Park. All of them are basic parks which make our targeted section less competitive. Besides that,
most of them are targeting the kids whereas our target market is the teenage group which will
create a completely new market.
 Brand Development
Brand Elements: Brand elements used to express/represent and identify/differentiate the brand.
The consistent use of Brand Elements in all marketing programs helps communicate the Brand
Character to the marketplace. The brand name, logo, slogan, jingle, and packaging style are all
examples of Brand Elements. To establish our brand, we have chosen the following elements for
our brand:

1. Brand Name: “Mount Olympus” is the mythical home of the gods in Greek mythology.
We established our theme park name based on the theme of Greek Mythology. It’s a
‘memorable’ criteria of brand elements. Because it can be easily recalled.

2. Brand Logo:
This is our brand logo. It reflects a strong brand image. The logo contains Brand Name, Brand
Slogan, the theme of the mountain, an iconic logo of the Greek warrior, and also the Brand Color.

3. Brand Slogan: To match with our concept, we have kept our slogan as “Heaven Within
Earth”. It conveys a strong message to its customers that you can feel the heaven before
your actual death. So, if anyone is seeking for real refreshment, they have to visit our theme
park.

1. Brand Color: For the color, here we choose brown. We choose brown because it reflects
the theme of ancient times. That time everything was as black and white. So here we used
a mixer of black, white, and brown.

2. Brand Character:
This is Zeus, the king of Greek gods. We believe that picking Zeus as a brand character will bring
up success. Here Zeus looks like an old guy, smiling face, with lots of power, energetic, and a bold
character. In Greek mythology, Zeus (Jupiter in Roman mythology) was the king of heaven and
Earth and of all the Olympian gods. He was also known as the god of justice.

3. Brand Jingle:

“Don't be late, Run run run

Visit Olympus for ultimate fun”

This is our jingle. We believe this jingle will help our prospects to recall our brand easily.
Sometimes we forget the brand but we can recall its jingle.

4. Brand Packaging:
This is a nice shopping bag made with hard paper. This is totally recyclable. It is not harmful to
the environment because it made of paper, not plastic. This bag normally used in our food court
for delivering food and also for other necessaries. We have kept its design very simple. In the bag,
we have put our Brand name, slogan, and logo nothing else. So that customers can easily
understand our brand elements.

Mix and Match

Brand Elements Name Color Logo Character Slogan Jingle Packaging

Choice Criteria
Memorability

Meaningfulness

Likability

Transferability

Adaptability

Protectability
Application of Brand Sense Theory

1. Sight: As our business is a theme park. So, customers' very first requirements are sight. All
of them are want to please their eyes. For pleasing their eyes, we have to offer very
beautiful scenarios, Greek illustrations, natural views, flower gardens, high tech
infrastructure, etc.
2. Taste: People will visit here for refreshment purposes. So that besides refreshments we
also offering tasty dishes. For that, there will be a food court on our own. Here they can
taste these foods.
3. Touch: Although, it is a service-based brand here we are also providing a sense of touch.
Here we arranged very high-tech rides. Customers can touch it, feel it. Also, our tangible
items like entry tickets, foods, rides equipment, etc.
4. Smell: Before biting the foods, customers can smell it. The smell is a very important sense
for food-related items. All we love to smell the foods before taking it. A good smell of food
can raise our appetite. Again, there will be a garden around our park. It will contain lots of
flowers that customers smell the real fragrance. All we love flowers, we love the good
fragrance. We feel fresh when we smell the fragrance of a flower.
5. Hearing: We are also attaching our customers with hearing sense. There will be a 9D film
hall named “Athena's Auditorium”. Here we will present Greek documentaries, goddess of
intelligence, and wisdom. All the videos will be presented at 9D motion films. And 9D the
best technology that is the best possible technology in motion films.
 Brand Sense
Sight

Hearing Touch

Smell Taste

Pricing Strategy

Price is a unique attribute that gives a vibe of the quality of a product. All we think good product
charges a high price. Revenues for our theme park will be generated from a variety of sources, but
primarily from the ticket price. The number of guest admissions also represents the volume from
which other sources of revenue are derived like food and beverage, merchandise and games.

Ticket & Package:

 1. Mount Olympus

Regular Tickets:

• Adult: Entry = Tk. 350

• Kids (below 4'): Entry = Tk. 200
• Adult: Entry + All Rides (7 rides) = Tk. 700
• Kids (below 4'): Entry + All Rides Once (7 rides) = Tk. 450

Family Package (4 Persons):

Entry + All Rides Once + Lunch/Dinner = Tk. 3200

2. Poseidon's Parliament (Water section

Regular Ticket:

Adult: Poseidon's parliament Entry + All Rides = Tk. 700

Kids: Poseidon's parliament Entry + All Rides = Tk. 700

*Note: Poseidon's parliament Ticket includes Mount Olympus Entry*

Family Package (4 Persons):

Poseidon's Parliament Entry + Mount Olympus Entry & All Rides Unlimited + Lunch/Dinner =
Tk. 3800

3. Throne of Zeus (Roller Coaster)

Regular Ticket:

Adult only: 200 tk

4. Combo Packages

Mount Olympus & Poseidon’s Parliament Entry + All Rides + Throne of Zeus + Lunch/Dinner =
Tk. 1400 (1 Person)

Channel Strategy

We will buy all our rides equipment’s from China. Because of the good qualities of the product at
an affordable price. And most importantly, china produces new and amazing types of rides.

Our food court’s raw materials will be bought from Karwan bazar and other fast food materials
will be bought from the renowned seller. We are highly concern about food quality. So, fresh foods
will be delivered to our customers.
Leveraging Secondary Association

There are so many options to leverage a brand. From that, we have chosen very few leveraging
strategies that might leverage our brand to be in limelight.

1. Joint promotion partnership: We will collaborate with university clubs. So, those who
come with club references will get a special discount. And this co-branding will be very
good for reaching our target consumer.

2. Multiple partnerships: we will sponsor in business competitions, sports tournaments, and

national days in Bangladesh.
References:

https://www.researchgate.net/publication/282251180_Museums_as_Theme_Parks_-
_A_Possible_Marketing_Approach

https://www.google.com/search?q=theme+park+idea&rlz=1C1GCEU_enBD827BD828&oq=theme+park
+idea&aqs=chrome..69i57j0l5.13048j0j7&sourceid=chrome&ie=UTF-8

https://www.travelchannel.com/interests/amusement-parks/articles/top-10-amusement-parks

https://www.latimes.com/travel/themeparks/la-trb-32-best-theme-park-2016-20151228-story.html

https://edition.cnn.com/travel/article/future-theme-parks/index.html

https://www.history.com/topics/ancient-history/greek-mythology

https://www.britannica.com/topic/Greek-mythology
 APPENDIX

We are the students of East West University and as a part of our BBA program, we are doing
the course of Brand Management. For the need of the course we need to conduct a survey about
a new BRAND. The topic of the survey is a THEME PARK Named “Mount Olympus”. We are
going to take your suggestion and opinion. We are ensuring that the data will be used only for
educational purposes. It would be our pleasure if you could spare a few minutes and share your
experience.

1) Gender-

a) Male b) Female
2) Age-
a) 16-26 years old b) 27-37years old c) 38-48 years old
d) 49-59 years old e) 60-70 years old f) More than 70 years old
3) Education-
a) SSC b) HSC c) Under Graduate
d) Graduation e) others _____________________ (Please Specify)
4) Profession-
a) Student b) Private Employee c) Business Person
d) Govt. Employee e) Others ________________ (Please Specify)
5) Family monthly income (TK)-
a) 20,000-30,000 b) 31,000-40,000 c) 41,000-50,000
d) 51000-61,000 e) Above 60,000
8) What is your hobby?
a) Reading b) Cooking c) Traveling

d) Watching movies e) Chatting on social media

f) Tasting different food g) others________ (Please Specify)

10) On an average, how much do you spend on visiting park per month?
a) Less than 2000TK b) 2,000-8,000 TK c) 8,000-12,000 TK

d) 12,000-20,000 TK e) More than 20,000 TK

11) With whom do you visit in park most of the time?
a) Family b) Friends c) colleagues
d) Girlfriend/ Boyfriend e) Husband/Wife
12) What factors do you consider when you visit in park or place?
a) Taste/ Food quality b) Price c) Convenient location
d) Hygiene environment e) Quick service

f) Others (Please Specify)

14) Which of the following park have you visit in the past 3 months?

a) Shafari Park b) Nandon Park c) Shishu Park

d) Fantasy kingdom e) others………..

14) what comes in your mind first when you think about a park?

a) refreshment b) location c) Price

d) Fun

15) Which Kind of rides do you prefer for OLD Persons?

A) Risky B) Safe and Enjoyable C) Adventures d ) Tracking

16) Do You have any idea About Hercules?

A) YES B) NO

17) Which kind of social media Do you like most?

A) Facebook B) YouTube C) Twitter D) Instagram

18) When do you prefer for watching TV?

A) 8am-12pm b)12pm-4pm C) 8pm-12am D) 12am-4am

19)Which kind of place do you like most?

A) Noisy B) Overcrowded C) Calm and quite D) others……………

20) Would you be interest in going to a theme park?
A) YES B) No

21)Do you think theme parks are expensive?

A) YES B) NO
22) What do you spend the most money on in a theme park?
A) Food and Drinks B) Souvenirs C) Fast Track D)
OTHERS………………….

22) Which day would you rather go there?

A) during the week holiday B) Saturdays C) Friday D) During School Holiday
23) where do you find out the most information?
a) Social Media B) Websites C) Books D) Others