Brand Extension Marketing Plan
Introduction: The assignment 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. You will be completing various components of the Brand Extension Marketing Plan throughout this course.
Assignment Details: In this unit, 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 â€œbrand extension.â€ You are adding a product to an existing companyâ€™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 major assignment. Find â€œbrand extensionâ€ 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 â€œnew to the companyâ€ 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 this rubric 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 Unit 1 Marketing Plan submission along with reviewing the rubric. Write your plan in an essay format instead of a question and answer.
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 â€œbrand extensionâ€ 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., whom are you targeting?).
- Will your new product be marketed domestically or globally? Why?
- The guide you should use for the Brand Extension Marketing Plan is in Course Documents under Course Resources in the left navigation area.
- The Kotler and Keller text will be extremely useful to you when completing your assignments. Be sure to review the Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text.
Directions for Submitting your Assignment
Compose your assignment in a WordÂ® document and save it as Username GB530 Unit 1 Assignment (Example: JSmith GB530 Unit 1 Assignment.doc). Submit your file by selecting the Unit 1 Assignment Dropbox.