GB530 Brand Extension Marketing Plan: Guide [ExcelTrack Version]
Introduction
Use this document as your “guide” to success. All Brand Extension Marketing Plan documents should use 1” margins, 12 pt. font, and
include a cover page and a reference page.
For the Brand Extension Marketing Plan Assignments in this class
you will not use the usual APA rules which require in-text citations as 1) no marketing plan ever uses direct quoting within its contents, 2)
we are making an exception due to the nature of a Marketing Plan Assignment and 3) you will
not
use double-spacing but instead you will use
this document’s formatting.
It is important that you write your Brand Extension Marketing Plan in
third person
(there is no “I” in a marketing plan), using your own words, and/or paraphrasing instead of direct quoting. Once deposited into the Dropbox for grading, Brand Extension Marketing Plan Assignments are submitted to Turnitin® for a potential plagiarism review, so it continues to be important for you never to use anyone else’s words verbatim.
For each of the Brand Extension Marketing Plan Assignments, you should list, on the reference page, all of the references you used when preparing your plan.
Again, you do not need to include the in-text parentheses noting references and timeframes
as normally required in our APA Assignments,
but you do need to use APA to format your references list. If you have any questions on this exception to using APA, let me know.
All the components of the Marketing Plan are assessed using the following:
Subject Mastery Rubric: Knowledge (Can define major ideas) or Comprehension (Can discuss major ideas) or Application (Can apply major concepts to new situations).
A MARKETING PLAN IS THE FOUNDATION FOR ALL MARKETING EFFORTS
Beginning your Brand Extension Marketing Plan: The Product Proposal
You will be completing multiple components of a Brand Extension Marketing Plan for one new product on the behalf of an existing for-profit organization. This guide provides an outline for the components.
As you begin your Assignment, you need to first assume you have the role of a marketing manager for
one,
new,
currently not available from your selected Brand Company, 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.
Think about your selection – the proposal is for a
New Product for a New Market of consumers! Extend the Brand Name into new product markets by offering a “new to the company” product.
Companies may do this by buying an existing product, or importing a new product and putting their brand name on it – or they develop their own product to compete in the new market.
M1 BEMP Proposal - What will your project be about?
Submit your response to the following questions as a Product Proposal:
· 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.
· Look up “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 (who are you targeting?)
1.0 Executive Summary
Is to be completed after all other sections have been completed and edited for Unit 6
1.0 Executive Summary
In 4–6 paragraphs, summarize your Brand Extension Marketing Plan. Be sure to include:
• Product
• Benefits
• Target market
• Customer needs
• Value proposition
• How you would market on a national and global level
• Show an understanding of other cultures, global relationships, and global dynamics in
the marketplace
M1 Identifying and Assessing Marketing Opportunities
(You can find a sample marketing plan in your Kotler textbook in Chapter 2)
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. Adderess 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 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 (refer to your Kotler text to make certain you understand these terms)
· What are the benefits that are important to your customer base? What needs do they have?
· Include both customer needs and the customer value assessment.
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: 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 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.
· 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)
· Product/features/benefits (we particularly care about benefits as these are from the perspective of the target market)
· Describe your
Brand Equity Model
and say how you will build brand equity for this product/service. [Find these models in the course textbook, and describe one you select from that discussion]
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.