Reference no: EM133678355
Homework: Brand Extension Marketing Plan
In this homework, you will be assessed based on the following Outcome:
Evaluate methods for market segmentation, targeting and positioning.
Introduction: The homework in this unit 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.
Marketing Plan: Connecting with the Customer
I. Marketing Strategy
II. Mission (review "mission" in Chapter 2 of the Kotler & Keller Marketing Management text)
1. Establish the fundamental goals for the quality of your business/product offering and customer satisfaction. (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.)
2. Define your business/product offering.
3. Describe your goal formulation: What are your specific goals for this planning period?
III. Marketing Objectives
Include a sentence or two about each of the following:
1. What are your specific marketing objectives?
2. Market share: what is your growth objective by quarter?
3. Market penetration: how do you plan to gain a share in this market?
4. Awareness: how do you plan to gain awareness for your product?
5. Customer acquisition: how do you plan to grow your customer base?
6. 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.
IV. Target Markets (refer again to Chapter 9 of your Kotler text to make sure you fully understand what is meant by target market segments).
1. Identify the specific target market segments you have defined. What are the market niches you hope to capture? Describe.
2. Include the rationale behind why these are the optimal target marketing segments. Be specific.