Brand Extension Marketing Plan
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
Use format and answer questions below.
Marketing Plan: Connecting with the Customer
3.0 MARKETING STRATEGY
3.1 Mission (review “mission” in Chapter 2 of the Kotler & Keller Marketing Management text)
Establish the fundamental goals for the quality of your business/product offering and customer satisfaction.
Define your business/product offering.
What are the fundamental goals? (Fundamental goals are those that you would like to achieve with your new product, either as an individual product or as part of the overall company mission. These are directional goals that provide the overall strategic direction for management planning.)
State the value proposition. Be sure to look up this term in your Kotler text if you do not fully understand it.
3.2 Marketing Objectives
Include a sentence or two about each of the following:
What are your specific marketing objectives?
Market share: what is your growth objective by quarter?
Market penetration: how do you plan to gain a share in this market?
Awareness: how do you plan to gain awareness for your product?
Customer acquisition: how do you plan to grow your customer base?
Identify a specific, measurable market share and size.
Remember that your objectives need to be quantifiable. In other words, objectives need to have a base point, end point, and timeframe so you can research to see if you have reached your benchmarks or if your plan needs adjustment.
3.3 Target Markets (refer again to Chapter 9 of your Kotler text to make sure you fully understand what is meant by target market segments).
Identify the specific target market segments you have defined. What are the market niches you hope to capture? Describe.
Include the rationale behind why these are the optimal target marketing segments. Be specific.