In 4–6 paragraphs, summarize your Brand Extension Marketing Plan. Be sure to include:
Product
Benefits
Target markets
Customer needs
Value proposition
Sales projections
When you project to break-even
Your keys to success
2.0 Situational Analysis
Write a 1-paragraph summary of the current situation
What are your target customer groups? Why?
What are your projections for the growth of this market?
2.1.1 Market Demographics (refer to 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 (refer to your Kotler text to make certain you understand these terms)
What are the benefits that are important to your customer base? What needs do they have?
Include both customer needs and the customer value assessment.
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.
Full Answer Section
Customer Needs & Value Proposition: Our target customers value [value 1] and [value 2]. Our product delivers these values through [unique feature 1] and [unique feature 2]. This combination creates a compelling value proposition that solves a specific problem for our customers.
Sales Projections & Break-Even: We project to achieve [sales target] within the first year, reaching break-even in [ timeframe]. This is based on [brief explanation of sales assumptions].
Keys to Success: Our success hinges on [key factor 1], [key factor 2], and [key factor 3]. We will achieve this through [specific action for each key factor].
Situational Analysis Summary
The current market landscape for [broad product category] is experiencing [brief description of current market situation - e.g., rapid growth, consolidation]. This presents an opportunity for our brand extension product because [explain how your product addresses the current market situation].
Please Note: To complete the remaining sections (2.0 to 2.2.2) of your marketing plan, you'll need to replace the bracketed information with specifics of your brand extension product and conduct further research using your Kotler text or other marketing resources.
Here's a breakdown of what each section entails:
- 2.1 Target Market: Define your target customer's demographics (age, income, location), geographic reach, buying behaviors, and psychographics (values, lifestyles).
- 2.1.2 Market Needs: Identify your target market's needs and desired benefits through customer research and value assessment.
- 2.1.3 Market Trends: Describe 3 long-term trends impacting the industry or environment, and how your product aligns with these trends.
- 2.1.4 Market Growth: Analyze market growth using research and explain your strategy based on its growth trajectory (growing, static, or shrinking).
- 2.2 SWOT Analysis: Identify your brand extension's strengths, weaknesses, opportunities, and threats based on internal and external factors.
By completing these sections, you'll develop a comprehensive brand extension marketing plan that considers your target market, market trends, and your competitive landscape.
Sample Answer
Brand Extension Marketing Plan Summary
Product: [Insert your Brand Extension Product Here] (descriptive and enticing name)
Benefits: We will offer [list 3 key benefits] that address the unmet needs of our target customer. Our product will be [unique selling proposition] compared to existing options.
Target Markets: Our primary target market includes [demographic 1] and [demographic 2]. We also see potential in the [demographic 3] market. These groups all share a need for [customer need] which our product addresses effectively.