Introduction: The assessment in this module is to complete a component of a Brand Extension Marketing Plan for one new product on the behalf of an existing for-profit organization. Using the Marketing Plan Guide found in Course Documents, complete and submit the following components of your Marketing Plan.
You need to first assume you have the role of a marketing manager for one new (currently not available) product on the behalf of a real, for-profit organization. Consider this a “brand extension.” You are adding a product to an existing company’s product line. This product may be introduced on a local, regional, national, or international scale.
It is very important that you fully comprehend what a brand extension is before you begin your assessment. Find “brand extension” in your Kotler text and make certain you understand the definition. Brand extensions fall into two categories: line extension and category extension. Be sure to understand the difference. Reading this section in your text will be extremely helpful to you!
1.0 Give careful thought to your selection. Remember that the proposal is for a new product for a new market. Extend the brand name into a new product offering. In other words, offer a “new to the company” product. Companies may do this by buying an existing product, by importing a new product and putting their name on it, or by developing their new product to compete in the market.
Be sure to follow the Brand Extension Marketing Plan directions contained in the guide located in the Course Documents area. It is important to address each question/segment to receive maximum points. Remember that a fully executed marketing plan contains a significant amount of detail! You can also find a good Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text. Chapter 2 – summary of CH2 – Marketing Management – Chapter 2: Developing Marketing Strategies – StuDocu
Be sure to thoroughly address each of the following questions in your Marketing Plan submission along with reviewing the rubric.
Key Questions to Answer:
- What is the brand name of your for-profit business/organization?
- What is the new product, not currently in existence, that will generate revenue for which you will prepare a marketing plan and strategy during this class? Give the product a name and briefly describe it.
- Lookup “brand extension” in your Kotler text and describe whether your product is considered a line or a category extension.
- How will you acquire information to prepare your marketing plan during this class? What research will you undertake? Be specific.
- Will your new product be marketed domestically or globally? Why?
- Describe the key customer market (i.e., who are you targeting?).
Once complete with identifying your new product for a new market along with addressing the outlined questions, continue by identifying and assessing marketing opportunities.
Identifying and Assessing Marketing Opportunities
2.0 SITUATION ANALYSIS
Write a 1-paragraph summary of the current situation. Write this section after completing the following sections of the Situation Analysis but put it in this order.
[Keep the outline numbering and main headings in your plan but delete all advice and content prompts and questions from the plan. Address all those elements but omit the questions and direction prompts.]
2.1 Market Summary
(Write this section after completing 2.1.1, 2.1.2, 2.1.3, 2.1.4, and 2.2)
In a 1 – 2 paragraph summary, address:
- What are your target customer groups? Why?
- What are your projections for the growth of this market?
2.1.1 Market Demographics (refer to Chapter 8 of your Kotler text for helpful definitions/explanations). Marketing Management – Chapter 8 (slideshare.net)
- Carefully define the demographic profile of your target market.
- In a similar fashion, define the geographic target area you are choosing.
- What are the behavior factors that will influence your decision-making?
- Define the values and lifestyles (psychographics) of your target market.
2.1.2 Market Needs
- What are the benefits that are important to your customer base?
- What needs do they have and how do you know this?
2.1.3 Market Trends
- Identify and explain at least three trends that will influence how your customers view your product. These should be trends going on in the industry or the environment; these are trends that your company/product can respond to in some way. Remember: Trends are long term; fads are short term.
2.1.4 Market Growth
- Is the market growing, static, or diminishing? What are the growth trends?
- What is the evidence? What research are you using to determine market growth?
- How will you address the market if it is growing, static, or diminishing?
2.2 SWOT Analysis (refer to Chapter 2 of your Kotler text for a thorough explanation of a SWOT analysis) Chapter 2 – summary of CH2 – Marketing Management – Chapter 2: Developing Marketing Strategies – StuDocu
2.2.1 Strengths: List and describe at least three positive internal aspects that add value.
2.2.2 Weaknesses: List and describe at least three negative internal aspects that place you at a competitive disadvantage.
2.2.3 Opportunities: List and describe at least three opportunities external to your business that will lead to your success.
2.2.4 Threats: List and describe at least three threats external to your business that will threaten your success (Note: It is common to include unexpected acts of nature, government and regulatory concerns, and competition in this section of the SWOT).
- Describe your competition.
- Why will customers prefer your product?
- How will you compete with your competition and win?
- What is the marketing mix (price, place, promotion, product, you know them as “the 4 P’s of Marketing”) of at least one of your competitors?
2.4 Product Offering (refer to your Kotler text to make certain you understand these terms)
- What are the current products/features/benefits you offer?
- How will your new product fit in with existing products? Is there a good fit between them?
2.5 Keys to Success
- List and describe at least three factors that will determine your success.
2.6 Critical Issues
- How will you leverage your SWOT strengths and opportunities to your advantage?
- How will you lessen the impact of your SWOT weaknesses and threats?
- Where is your product in the product life cycle and why? Refer to your Kotler text for a definition of a product life cycle.
- Be sure to review the Competency Assessment Rubric to understand the criteria on which you will be evaluated.
- The guide you should use for your Brand Extension Marketing Plan is in Course Documents.
- The Kotler and Keller text will be extremely useful to you when completing components of your Brand Extension Marketing Plan. Be sure to review the Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text. Marketing Management (2-download) (stiperdharmawacana.ac.id)