25 May Question Brand Extension Marketing Plan
Question
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 4: 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.
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