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This Competency Assessment assesses the following outcome(s): GB530-1: Assess specific marketing opportunities. Brand Extension Marketing Plan Introduction: The Assessment in this module is to comple
This Competency Assessment assesses the following outcome(s):
GB530-1: Assess specific marketing opportunities.
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!
1.0 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.
- Describe the key customer market (i.e., who are you targeting?).
- Will your new product be marketed domestically or globally? Why?
Once complete with identifying your new product for a new market along with addressing the outlined questions, continue by identifying and assessing marketing opportunities.
Identifying and Assessing Marketing Opportunities
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.
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 Chapter 8 of 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
- What are the benefits that are important to your customer base?
- What needs to they have and how do you know this?
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: 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 Chapter 2 of 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 (Note: It is common to include unexpected acts of nature, government and regulatory concerns, and competition in this section of the SWOT).
- 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
- What are the current products you offer?
- How will your new product fit in with existing products? Is there a good fit between them?
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?
- Be sure to review the Competency Assessment Checklist Rubric in order to understand the criteria on which you will be evaluated.
- The guide you should use for your Brand Extension Marketing Plan is in Course Documents.
- The Kotler and Keller text will be extremely useful to you when completing components of your Brand Extension Marketing Plan. Be sure to review the Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text.
Minimum Submission Requirements
- This Assessment should be a Microsoft Word (minimum 1600 words) document, in addition to the title and reference pages.
- 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.
- 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.
- A separate page at the end of your research paper should contain a list of references, in APA format. Use your textbook, the Library, and the internet for research.
- Be sure to cite both in-text and reference list citations were appropriate and reference all sources. Your sources and content should follow proper APA citation style. Review APA formatting and style resources found in the Writing Center accessed through the Academic Success Center within the Academic Tools area. (It should include a cover sheet, paper is double spaced, in Times New Roman 12-point font, correct citations, Standard English with no spelling or punctuation errors, and correct references at the bottom of the last page.)
If work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned without being scored.
Plagiarism is an act of academic dishonesty. It violates the University Honor Code, and the offense is subject to disciplinary action. You are expected to be the sole author of your work. Use of another person's work or ideas must be accompanied by specific citations and references. Whether the action is intentional or not, it still constitutes plagiarism.