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Brand Extension Marketing Plan
Introduction: 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.
It is very important that you fully comprehend what a brand extension is before you begin your assessment. Find “brand extension” in your Kotler text and make certain you understand the definition. Brand extensions fall into two categories: line extension and category extension. Be sure to understand the difference. Reading this section in your text will be extremely helpful to you!
Give careful thought to your selection. Note: You must submit your selected brand extension to your instructor for prior approval. Remember that the proposal is for a new product for a new market. Extend the brand name into a new product offering. In other words, offer a “new to the company” product. Companies may do this by buying an existing product, by importing a new product and putting their own name on it, or by developing their own new product to compete in the market.
Be sure to follow the Brand Extension Marketing Plan directions contained in the guide located in the Course Documents area. It is important to address each and every question/segment in order to receive maximum points. Remember that a fully-executed marketing plan contains a significant amount of detail! You can also find a good Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text.
Be sure to thoroughly address each of the following questions in your Marketing Plan submission along with reviewing the rubric.
Key Questions to Answer:
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 (i.e., who are you targeting?).
Once complete with identifying your new product for a new market along with addressing the outlined questions, continue by connecting with the customer.
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.
Minimum Submission Requirements
Proper notification of any Resubmission, Repurposing, or Reworking of prior work per the Purdue Global Student Coursework Resubmission, Repurposing, and Reworking Policy Resource.
This assessment should be a Microsoft® Word® (minimum 500 words) document, in addition to the title and reference pages.
Your paper must be written in Standard English and demonstrate exceptional content, organization, style, grammar, and mechanics.
Your paper should provide a clearly established and sustained viewpoint and purpose.
Your writing should be well ordered, logical, and unified, as well as original and insightful.
You should paraphrase the material and use in-text citations to justify your discussion. Avoid using quotations. Ensure you are properly paraphrasing from your sources. For a refresher on paraphrasing, view this short video on paraphrasing and explore the additional resources prior to starting your assessment. You can access tutorials, how-to videos, tutoring services, and more by visiting the Academic Success Center.
You must use scholarly, high quality, and current Purdue Global Library sources in addition to your course materials. Peer-reviewed academic articles, articles published in journals, textbooks, and library resources found in the “ProQuest ABI/Inform Collection” database from the Library are examples of high-quality resources.
Respond to the questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. Your paper should be highly organized, logical, and focused.
Be sure to include references for all sources and cite them using in-text citations where appropriate. Use your textbook, the Library, and/or the Internet for research. Your sources and content should follow current APA citation style. Review the writing resources for APA formatting and citation found in Academic Tools. Additional writing resources can be found within the Academic Success Center.
Your paper submission should:
include a title page;
be double-spaced; and
be free of spelling or punctuation errors.
If the work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned for revision. If the work submitted does not meet the minimum submission requirements by the end of the term, you will receive a failing score.