GB530 Brand
\nExtension Marketing Plan: Guide <\/p>\n
Introduction<\/p>\n
Use
\nthis document as your guide to success. All Brand Extension Marketing Plan
\ndocuments should use 1\u00e2\u0080\u009d margins, 12 pt. font, and include a cover page and a
\nreference page. <\/p>\n
For
\nthe Brand Extension Marketing Plan assignments in this class you will not use the usual APA rules which require in-text citations as 1) no
\nmarketing plan ever uses direct quoting within its contents, 2) we are making
\nan exception due to the nature of a marketing plan assignment and 3) you will notuse double-spacing but
\ninstead you will use this document\u00e2\u0080\u0099s
\nformatting.
\nIt is important that you
\nwrite your Brand Extension Marketing Plan in third person (there is no
\n\u00e2\u0080\u009cI\u00e2\u0080\u009d in a marketing plan), using your own words, and\/or paraphrasing instead of
\ndirect quoting. Once deposited into the
\nDrop box for grading, Brand Extension Marketing Plan assignments are submitted
\nto Turnitin for a potential plagiarism review, so it continues to be important
\nfor you never to use anyone else\u00e2\u0080\u0099s words verbatim.
\nFor each of the Brand
\nExtension Marketing Plan assignments, you should list, on the reference page,
\nall of the references you used when preparing your plan. Again, you do not need
\nto include the in-text parentheses noting references and timeframes as normally
\nrequired in our APA assignments, but you do need to use APA to format your
\nreferences list. If you have any questions on this exception to using APA, let
\nme know.
\nAll the components of the Marketing
\nPlan are assessed using the following:
\nSubject Mastery Rubric: Knowledge (Can define
\nmajor ideas) or Comprehension (Can discuss major ideas) or Application (Can
\napply major concepts to new situations).<\/p>\n
A
\nMARKETING PLAN IS THE FOUNDATION FOR ALL MARKETING EFFORTS
\nBeginning your Brand Extension Marketing Plan: The Product
\nProposal
\nThe major
\nproject in this course is to complete a Brand Extension Marketing Plan for one
\nnew product on the behalf of an existing for-profit organization.
\nAs you begin your project, you need to first
\nassume you have the role of a marketing manager for one, new, currently not available from your selected
\nBrand Company, product on the behalf of a real, for-profit organization. Consider this a \u00e2\u0080\u009cbrand extension\u00e2\u0080\u009d:
\nyou are adding a product to an existing company\u00e2\u0080\u0099s product line.
\nThink about your
\nselection \u00e2\u0080\u0093 the proposal is for a New
\nProduct for a New Market of consumers! Extend the Brand Name into new product
\nmarkets by offering a \u00e2\u0080\u009cnew to the company\u00e2\u0080\u009d product.
\nCompanies may do
\nthis by buying an existing product, or importing a new product and putting
\ntheir brand name on it \u00e2\u0080\u0093 or they develop their own product to compete in the
\nnew market.<\/p>\n
Unit 1 BEMP
\nProposal – What will your project be about?
\nSubmit your response to the following questions as a
\nProduct Proposal:
\n\u00c2\u00b7
\nWhat is the brand name of your for-profit
\nbusiness\/organization?
\n\u00c2\u00b7
\nWhat is the
\nnew product, not currently in existence, that will generate revenue for which
\nyou will prepare a marketing plan and strategy during this class? Give the
\nproduct a name and briefly describe it.
\n\u00c2\u00b7
\nLook up
\n\u00e2\u0080\u009cbrand extension\u00e2\u0080\u009d in your Kotler text and describe whether your product is
\nconsidered a line or a category extension.<\/p>\n
\u00c2\u00b7
\nHow will you acquire
\ninformation to prepare your marketing plan during this class? What research
\nwill you undertake? Be specific.
\n\u00c2\u00b7
\nWill your
\nnew product be marketed domestically or globally? Why?
\n\u00c2\u00b7
\nDescribe the key customer market (who are you targeting?)<\/p>\n
1.0 Executive Summary
\nIs to be completed after all other sections have been completed and
\nedited for Unit 6 \u00e2\u0080\u0093 see end of this template for what you will complete in Unit
\n6.<\/p>\n
Unit 2 Identifying and Assessing Marketing
\nOpportunities<\/p>\n
(You
\ncan find a sample marketing plan in your Kotler textbook in Chapter 2)<\/p>\n
2.0 SITUATION ANALYSIS<\/p>\n
Write a
\none-paragraph summary of the current situation \u00e2\u0080\u0093 write this section after
\ncompleting the following sections of the Situation Analysis, but put it in this
\norder.<\/p>\n
2.1 Market Summary<\/p>\n
(write this section after completing 2.1.1,
\n2.1.2, 2.1.3, 2.1.4, and 2.2)
\nIn a one to two paragraph summary, address:<\/p>\n
\u00c2\u00b7
\nWhat
\nare your target customer groups? Why?
\n\u00c2\u00b7
\nWhat
\nare your projections for the growth of this market?<\/p>\n
2.1.1 Market Demographics (refer to your Kotler text for helpful
\ndefinitions\/explanations)<\/p>\n
\u00c2\u00b7
\nCarefully
\ndefine the demographic profile of your target market.
\n\u00c2\u00b7
\nIn a
\nsimilar fashion, define the geographic target area you are choosing.
\n\u00c2\u00b7
\nWhat
\nare the behavior factors that will influence your decision-making?
\n\u00c2\u00b7
\nDefine
\nthe values and lifestyles (psychographics) of your target market. <\/p>\n
2.1.2 Market Needs(refer
\nto your Kotler text to make certain you understand these terms)<\/p>\n
\u00c2\u00b7
\nWhat
\nare the benefits that are important to your customer base? What needs do they
\nhave?
\n\u00c2\u00b7
\nInclude
\nboth customer needs and the customer value assessment.<\/p>\n
2.1.3 Market Trends<\/p>\n
\u00c2\u00b7
\nIdentify
\nand explain at least three trends that will influence how your customers view
\nyour product\u00e2\u0080\u0093 these should be trends going on in the
\nindustry or the environment; these are trends that your company\/product can
\nrespond to in some way. Remember: Remember: Trends are long term; fads are
\nshort term. <\/p>\n
2.1.4 Market Growth<\/p>\n
\u00c2\u00b7
\nIs
\nthe market growing, static, diminishing? What are the growth trends?
\n\u00c2\u00b7
\nWhat
\nis the evidence? What research are you using to determine market growth?
\n\u00c2\u00b7
\nHow
\nwill you address the market if it is growing, static, or diminishing?<\/p>\n
2.2 SWOT Analysis(refer
\nto your Kotler text for a thorough explanation of a SWOT analysis)<\/p>\n
2.2.1 Strengths\u00e2\u0080\u0093
\nlist and describe at least three positive internal aspects that add value<\/p>\n
2.2.2 Weaknesses\u00e2\u0080\u0093
\nlist and describe at least three negative internal aspects that place you at
\ncompetitive disadvantage<\/p>\n
2.2.3 Opportunities\u00e2\u0080\u0093
\nlist and describe at least three opportunities external to your business that
\nwill lead to your success<\/p>\n
2.2.4 Threats\u00e2\u0080\u0093
\nlist and describe at least three threats external to your business that will
\nthreaten your success (e.g., it is common to include unexpected acts of nature,
\ngovernment and regulatory concerns, and competition in this section of the
\nSWOT)<\/p>\n
2.3 Competition<\/p>\n
\u00c2\u00b7
\nDescribe
\nyour competition.
\n\u00c2\u00b7
\nWhy
\nwill customers prefer your product?
\n\u00c2\u00b7
\nHow
\nwill you compete with your competition and win?
\n\u00c2\u00b7
\nWhat
\nis the marketing mix (price, place, promotion, product, you know them as\u00e2\u0080\u009cthe
\n4 P\u00e2\u0080\u0099s of Marketing\u00e2\u0080\u009d)
\nof at least one of your competitors?<\/p>\n
2.4 Product Offering(refer to your Kotler text to make certain
\nyou understand these terms)
\n\u00c2\u00b7
\nProduct\/features\/benefits
\n(we particularly care about benefits as these are from the perspective of the
\ntarget market)
\n\u00c2\u00b7
\nDescribe
\nyour Brand Equity Model and say how you will build brand equity for this
\nproduct\/service.<\/p>\n
2.5 Keys to
\nSuccess<\/p>\n
\u00c2\u00b7
\nList and
\ndescribe at least three factors that will determine your success<\/p>\n
2.6 Critical Issues<\/p>\n
\u00c2\u00b7
\nHow will you
\nleverage your SWOT strengths and opportunities to your advantage?
\n\u00c2\u00b7
\nHow will you
\nlessen the impact of your SWOT weaknesses and threats?
\n\u00c2\u00b7
\nWhere is your
\nproduct in the product life cycle and why? Refer to your Kotler text for a definition of
\na product life cycle.<\/p>\n
Unit 3 Marketing Plan: Connecting with the
\nCustomer <\/p>\n
3.0 MARKETING
\nSTRATEGY
\n3.1 Mission
\n\u00c2\u00b7
\nEstablish the
\nfundamental goals for the quality of your business\/product offering and
\ncustomer satisfaction.
\n\u00c2\u00b7
\nDefine your
\nbusiness\/product offering.
\n\u00c2\u00b7
\nWhat are your
\nfundamental goals? (Fundamental goals are those that you would like to achieve
\nwith your new product, either as an individual product or as part of the
\noverall company mission. These are directional goals that provide the overall
\nstrategic direction for management planning.)
\n\u00c2\u00b7
\nState the value
\nproposition. Be sure to look up this term in your Kotler text if you don\u00e2\u0080\u0099t
\nfully understand it.
\n3.2 Marketing Objectives
\nInclude a
\nsentence or two about each of the following:
\n\u00c2\u00b7
\nWhat are your specific
\nmarketing objectives?
\n\u00c2\u00b7
\nMarket share:
\nwhat is your growth objective by quarter?
\n\u00c2\u00b7
\nMarket
\npenetration: how do you plan to gain a share in this market?
\n\u00c2\u00b7
\nAwareness: how
\ndo you plan to gain awareness for your product?
\n\u00c2\u00b7
\nCustomer
\nacquisition: how do you plan to grow your customer base?
\n\u00c2\u00b7
\nIdentify a
\nspecific, measurable market share and size.
\nRemember that
\nyour objectives need to be quantifiable. In other words, objectives need to
\nhave a base point, end point, and time frame so you can research to see if you
\nhave reached your benchmarks or if your plan needs adjustment.
\n3.3 Financial Objectives: Skip this section for now. You will do this later.
\n3.4
\nTarget
\nMarkets(refer to your Kotler text
\nto make sure you fully understand what is meant by target market segments)<\/p>\n
\u00c2\u00b7
\nIdentify the specific target
\nmarket segments you have defined. What are the market niches you hope to
\ncapture? Describe.
\n\u00c2\u00b7
\nInclude the rationale behind
\nwhy these are the optimal target marketing segments. Be specific.<\/p>\n
Unit 4 Marketing Plan – Developing Strong
\nBrands <\/p>\n
3.5 Positioning (refer
\nto your Kotler text for definition of terms in this section)<\/p>\n
\u00c2\u00b7
\nDescribe how
\nyour product\/service meets the need(s) of your target market segments.
\n\u00c2\u00b7
\nDescribe how
\nyou are different from your key competition. What is the most distinguishing
\nfeature of your new product?<\/p>\n
3.6
\nStrategies:Skip
\nthis Section.<\/p>\n
3.7 Marketing Mix<\/p>\n
Product
\n\u00c2\u00b7
\nWhat
\nmakes your product different from the competition?
\n\u00c2\u00b7
\nWhat
\ngives your product more value than the competition? <\/p>\n
Price<\/p>\n
\u00c2\u00b7
\nHow
\nwill you determine what price to charge for your product?
\n\u00c2\u00b7
\nHow
\nwill go determine what your product is worth?
\n\u00c2\u00b7
\nHow
\nwill your pricing strategy set you apart from your competition?<\/p>\n
Place
\n\u00c2\u00b7
\nHow
\ndo you plan to distribute your product? Do
\nyou have alternative delivery methods in mind? If so, describe in detail.
\n\u00c2\u00b7
\nWill you take responsibility
\nfor distribution, or will you reply on an outside firm? How will you decide?<\/p>\n
Promotion
\n\u00c2\u00b7
\nWhat kind of promotional
\ntools will you use? Describe in detail.
\n\u00c2\u00b7
\nHow will you determine what
\npromotional tactics will work best?
\n\u00c2\u00b7
\nWith a limited promotional
\nbudget, how do you plan to gain market share?
\n\u00c2\u00b7
\nHow will you go about
\nevaluating the results of your promotional campaign?<\/p>\n
3.8 Marketing Research
\n\u00c2\u00b7
\nWhat type(s) of marketing
\nresearch to you think will work best to get you the information you need to
\nmake informed decisions?
\n\u00c2\u00b7
\nHow will you evaluate
\nwhether the research is providing you with the results you need?
\n\u00c2\u00b7
\nWill you conduct the
\nresearch yourself, or hire an outside firm? Explain why. <\/p>\n
Note:
\nDon\u00e2\u0080\u0099t forget that you need research to determine if you reached your Objectives
\nin 3.2<\/p>\n
Unit
\n5 Marketing Plan – Delivering Value<\/p>\n
4.0 FINANCIALS<\/p>\n
4.1 Break-even Analysis<\/p>\n
\u00c2\u00b7
\nWhen
\nyou will break-even?
\n\u00c2\u00b7
\nBreak-even
\nTable\/Chart
\n\u00c2\u00b7
\nExplanation
\nof the Break-even Table\/Chart<\/p>\n
TIP
\nHere
\nis a good example of a break-even analysis. This should assist you in your own
\ncompletion of this section. NOTE: You do not need to use the examples below \u00e2\u0080\u0093
\nlook online and use whatever break-even and sales forecast templates you wish
\nto use. <\/p>\n
NOTE: For annual
\nbreak-even analysis \u00e2\u0080\u0093 ensure you continue your analysis until your profit is 0
\nor positive. If you end a year with a negative income then that must be carried
\nover to the next year and added to Fixed Costs \u00e2\u0080\u0093 thus your break-even point
\nwill be further into the future. (Someone must pay for debts owed!) If you
\nconduct a monthly break-even then you must provide the number of months until
\nbreak even. This will correspond to your sales estimates.<\/p>\n
EXAMPLE: 4.1 Break-even Analysis<\/p>\n
First year sales revenue for XXX is
\nestimated to be $48,000,000. The average sales price is $100 per unit with the
\nvariable expense per unit at $75. This results in a contribution margin of $25
\nper unit. The sales volume in the first year is estimated to be 480,000 units. Estimated
\nfixed costs for the first year are $20,000,000. Using the contribution margin
\nmethod, estimated losses in the first year will be $(8,000,000). (Note: this
\ninformation is for internal use only.)<\/p>\n
YEAR 1<\/p>\n
TOTAL<\/p>\n
PER UNIT<\/p>\n
Sales (480,000 items)<\/p>\n
$48,000,000<\/p>\n
$100<\/p>\n
Less variable expenses<\/p>\n
$36,000,000<\/p>\n
$75<\/p>\n
Contribution Margin<\/p>\n
$12,000,000<\/p>\n
$25<\/p>\n
Less fixed expenses<\/p>\n
$20,000,000<\/p>\n
Net operating income<\/p>\n
($8,000,000)<\/p>\n
YEAR 2<\/p>\n
TOTAL<\/p>\n
PER UNIT<\/p>\n
Sales (1,200,000 items)<\/p>\n
$120,000,000<\/p>\n
$100<\/p>\n
Less variable expenses<\/p>\n
$90,000,000<\/p>\n
$75<\/p>\n
Contribution Margin<\/p>\n
$30,000,000<\/p>\n
$25<\/p>\n
Less fixed expenses<\/p>\n
$28,000,000<\/p>\n
Net operating income<\/p>\n
$2,000,000<\/p>\n
At this rate, breakeven will be
\nreached when sales reach 1,120,000 units: 28,000,000 \/ $100-$75 = 1,120,000
\nunits. This is estimated to take place in the second year. Break-even analysis
\nassumes per-unit wholesale revenue will remain at $100 average. Variable costs
\nare $75 per unit. <\/p>\n
BREAK EVEN<\/p>\n
TOTAL<\/p>\n
PER UNIT<\/p>\n
Sales (1,1200,000
\n items)<\/p>\n
$11,200,000<\/p>\n
$100<\/p>\n
Less variable expenses<\/p>\n
$84,000,000<\/p>\n
$75<\/p>\n
Contribution Margin<\/p>\n
$28,000,000<\/p>\n
$25<\/p>\n
Less fixed expenses<\/p>\n
$28,000,000<\/p>\n
Net operating income<\/p>\n
$0<\/p>\n
4.2 Sales Forecast: lst year by
\nmonth; 2nd and 3rd years by quarter
\n(refer
\nto your Kotler text)
\n\u00c2\u00b7
\nSales
\nforecast and timing \u00e2\u0080\u0093 include charts showing the following: Remember that some
\nproducts have sales cycles \u00e2\u0080\u0093 and whether you are planning for any growth in the
\nmarket for increased promotions.<\/p>\n
Year
\n 1<\/p>\n
Jan<\/p>\n
Feb<\/p>\n
Mar<\/p>\n
Apr<\/p>\n
May<\/p>\n
Jun<\/p>\n
Jul<\/p>\n
Aug<\/p>\n
Sep<\/p>\n
Oct<\/p>\n
Nov<\/p>\n
Dec<\/p>\n
Year
\n 2<\/p>\n
1st
\n Q<\/p>\n
2nd
\n Q<\/p>\n
3rd
\n Q<\/p>\n
4th
\n Q<\/p>\n
Year
\n 3<\/p>\n
1st
\n Q<\/p>\n
2nd
\n Q<\/p>\n
3rd
\n Q<\/p>\n
4th
\n Q<\/p>\n
\u00c2\u00b7
\nRisks
\n– this is a CRITICAL PART OF ANY MARKETING PLAN
\n\u00e2\u0080\u0093 so be sure to give this topic ample attention.<\/p>\n
\u00c2\u00b7
\nMost
\nimportant components of sales performance \u00e2\u0080\u0093 this is a CRITICAL PART OF ANY
\nMARKETING PLAN \u00e2\u0080\u0093 so be sure to
\ngive this topic ample attention.<\/p>\n
4.3 Expense Forecast<\/p>\n
List
\nyour expenses for the following items for the next three years:<\/p>\n
\u00c2\u00b7
\nWeb site
\n\u00c2\u00b7
\nAdvertising
\n\u00c2\u00b7
\nPrinted Material
\n\u00c2\u00b7
\nDevelopment of retail
\nchannel
\n\u00c2\u00b7
\nOther (list)<\/p>\n
5.0
\nCONTROLS<\/p>\n
\u00c2\u00b7
\nHow
\nwill you monitor expenses\/revenue? Identify what methods\/reports and how often?
\n\u00c2\u00b7
\nHow
\nwill you assess marketing effectiveness?
\n\u00c2\u00b7
\nHow
\nwill you assess changes in the market environment?<\/p>\n
5.2 Marketing Organization<\/p>\n
\u00c2\u00b7
\nRoles and Relationships in Your Marketing Functions (who will
\nbe responsible and who will implement this Brand Extension Marketing Plan?)<\/p>\n
5.3
\nContingency Planning
\n\u00c2\u00b7
\nIdentify
\nrisks in this plan strategy.
\n\u00c2\u00b7
\nHow
\nyou will monitor the risks?
\n\u00c2\u00b7
\nHow
\nyou will adapt to adversity and changes? What options will you have?<\/p>\n
Unit 6 Communicating Value<\/p>\n
1.0 Executive Summary
\nIn 4-6 paragraphs,
\nsummarize your Brand Extension Marketing Plan. Be sure to include:
\nProductBenefitsTarget marketCustomer needsValue propositionHow you would market
\n on a national and global levelShow an
\n understanding of other cultures, global relationships, and global dynamics
\n in the marketplace<\/p>\n
Go back
\nthrough each section of your plan and make any appropriate revisions, based on
\nthe feedback of your professor during each section grading and\/or based upon
\nnew information you\u00e2\u0080\u0099ve discovered throughout the process.<\/p>\n
Submit all of the sections for
\nyour final completed Brand Extension Marketing Plan<\/p>\n
References
\nHere is where you will include all the references you
\nused to prepare your marketing plan. Since a Business Plan is usually primary
\ninformation sources are not usual \u00e2\u0080\u0093 yet sources for data and direct quotes are
\nused.Do not use unverified sources such
\nas Wikipedia as it is not an acceptable graduate school reference. Do ALWAYS include our textbook and use APA
\nformatting when citing your references on this reference page.
\nKotler,
\nP. & Keller, K.L. (2012). Marketing
\nmanagement(14th ed.).Upper
\nSaddle River, NJ: Pearson Prentice Hall.<\/p>\n","protected":false},"excerpt":{"rendered":"
GB530 Brand Extension Marketing Plan: Guide Introduction Use this document as your guide to success. All Brand Extension Marketing Plan documents should use 1\u00e2\u0080\u009d 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 […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6159,6156,6158,6157,6154,6149,868,6148,6153,6155,6150,6152,6151],"tags":[6164,618,3782,6161,6165,6166,6160,6168,6167,6162,6163,3293,6169],"class_list":["post-13086","post","type-post","status-publish","format-standard","hentry","category-ae-essays","category-dissertation-homework","category-essay-assessment-brief","category-free-essay-examples-research-topic-ideas","category-in-1050-word-essay","category-in-a-page-paper-assignment","category-native-assignment-help","category-new-assignment-help-aus","category-uk-homework-study-bay-assignment-homework-help-homework-answers","category-uk-writings","category-us","category-write-my-essay-today-in-hours","category-6151","tag-assignment-write-a-page-essay-in-apa","tag-australia-essays","tag-bishops-writing-bureau","tag-help-for-assignment-master","tag-help-writing-week-discussion-post-responses","tag-instant-assignment-help","tag-masters-essay-service","tag-module-week-2-assignment","tag-online-assignment-prime-essays","tag-research-essay-pro-papers","tag-the-student-help-line-australia","tag-tropicalessays","tag-us-essays"],"_links":{"self":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts\/13086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/comments?post=13086"}],"version-history":[{"count":0,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts\/13086\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/media?parent=13086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/categories?post=13086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/tags?post=13086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}