Question Brand Extension Marketing Plan

Brand Extension Marketing Plan

Introduction: The major project in this course is to complete 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 Doc Sharing, complete and submit the following components of your Marketing Plan.

Tip

The guide you should use for all Marketing Plan assignments is in Doc Sharing.

• The Kotler & Keller text is extremely helpful to you when completing your ongoing weekly assignments.
• During each unit of our class, a new component of the Marketing Plan will be due.

Unit 2: Identifying and Assessing Marketing Opportunities

2.0 SITUATION ANALYSIS

Write a one-paragraph summary of the current situation – write this section after completing the following sections of the Situation Analysis, but put it in this order.

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)

• 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 to 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, 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 back to Chapter 2 of your Kotler text for a thorough explanation of a SWOT analysis)

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 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 (e.g., it is common to include unexpected acts of nature, government and regulatory concerns, and competition in this section of the SWOT)

2.3 Competition

• Describe your competition.

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