12 May WHAT MAKES YOUR PRODUCT DIFFERENT FROM THE COMPETITION?
Kotler, P & Armstrong, G. (2006). Principles of Marketing (11th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. 0-13-146918-5.
Marketing Plan – Developing Strong Brands
3.5 Positioning (refer to Chapters 9 and 10 of your Kotler text)
Describe how your product/service meets the need(s) of your target market segments.
Describe how you are different from your key competition. What is the most distinguishing
feature of your new product?
3.6 Strategies: Skip this Section.
3.7 Marketing Mix (refer to Chapters 12, 14 & 18 for help with this section)
Product
What makes your product different from the competition?
What gives your product more value than the competition?
Price
How will you determine what price to charge for your product?
How will go determine what your product is worth?
How will your pricing strategy set you apart from your competition?
Place
How do you plan to distribute your product? Do you have alternative delivery methods in mind?
If so, describe in detail.
Will you take responsibility for distribution, or will you reply on an outside firm? How will you
decide?
Promotion
What kind of promotional tools will you use? Describe in detail.
How will you determine what promotional tactics will work best?
With a limited promotional budget, how do you plan to gain market share?
How will you go about evaluating the results of your promotional campaign?
3.8 Marketing Research (refer back to Chapter 4 for help with this section)
What type(s) of marketing research to you think will work best to get you the information you
need to make informed decisions?
How will you evaluate whether the research is providing you with the results you need?
Will you conduct the research yourself, or hire an outside firm? Explain why.
components of your Brand Extension
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