You now need to select an existing brand (ideally choose one of the brands from CWK1 assignment) and develop an idea for a new brand extension e.g. Dove toothpaste. This is partly a creative exercise, but it must be based on thorough research into:1. The current values of the brand being extended2. The current target market of the brand being extendedThis will involve academic research, secondary research and competitor research in store. It may also involve small scale primary research to establish whether your new brand extension finds acceptance with your chosen target market. However, for this assignment, marks will be awarded for the results of the primary research, not a full description of the process of carrying it out.Conducting the Research1. Academic ReadingYou need to ensure that you have read, at the very least, chapters 6, 9 and 10in Brassington and Pettitt’s “Essentials of Marketing”Also use WARC to find articles on (or related to) the topic of brand extensions – e.g. …• Young L (2011) “How to use segmentation effectively”• WARC News 23 January 2013 “Brand extensions favoured by shoppers”• WARC News 16 August 2010 “Novelty, clear benefits key for brand extensions”• D. Aaker (1990) Brand Extensions: The Good, the Bad and the Ugly2. Secondary ResearchYou will need to make reference to appropriate Mintel reports as well as the company’s website and press articles about the existing brands. You should also try to find information about the brand’s values and existing target market.3. Competitor ResearchYou will need to look at the existing products in the new suggested market to ensure that your new brand could compete effectively (e.g. with Dove toothpaste you will need to consider Colgate and Aquafresh)Writing the ReportThe report needs to justify why your brand extension will be successful, so you need to consider the following:1. How it fits with existing brand values2. How it fits with the existing target market or the new target market3. How it can compete with its new competitors