Reference no: EM133682937
Homework: Brand Extension Marketing Plan
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. Also, be sure to review the Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text.
Marketing Plan - Developing Strong Brands
I. Positioning (refer to Chapters 10 and 11 of your Kotler text).
1) Describe how your product/service meets the need(s) of your target market segments.
2) Describe how you are different from your key competition. What is the most distinguishing feature of your new product?
II. Marketing Mix (Describe the 4 P's)
A. Product
1) What makes your product different from the competition?
2) What gives your product more value than the competition?
B. Price
1) What price will you charge and how will you determine what price to charge for your product?
2) How will you determine what your product is worth?
3) How will your pricing strategy set you apart from your competition?
C. Place
1) How do you plan to distribute your product? Do you have alternative delivery methods in mind? If so, describe in detail.
2) Will you take responsibility for distribution, or will you rely on an outside firm? How will you decide?
D. Promotion
1) What kind of promotional tools will you use? Describe in detail.
2) How will you determine what promotional tactics will work best?
3) With a limited promotional budget, how do you plan to gain market share?
4) How will you go about evaluating the results of your promotional campaign?
III. Marketing Research (refer back to Chapter 4 of your Kotler and Keller text for help with this section).
1) What type(s) of marketing research do you think will work best to get you the information you need to make informed decisions?
2) How will you evaluate whether the research is providing you with the results you need?
3) Will you conduct the research yourself, or hire an outside firm? Explain why.