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Brand Extension Marketing Plan

Evaluate methods for market segmentation, targeting and positioning.

Establish the fundamental goals for the quality of your business/product offering and customer satisfaction. (Fundamental goals are those that you would like to achieve with your new product, either as an individual product or as part of the overall company mission. These are directional goals that provide the overall strategic direction for management planning.)
Define your business/product offering.
Describe your goal formulation: What are your specific goals for this planning period?
3.2 Marketing Objectives

Include a sentence or two about each of the following:

What are your specific marketing objectives?
Market share: what is your growth objective by quarter?
Market penetration: how do you plan to gain a share in this market?
Awareness: how do you plan to gain awareness for your product?
Customer acquisition: how do you plan to grow your customer base?
Identify a specific, measurable market share and size.

Sample Answer

Market Segmentation, Targeting, and Positioning

Market Segmentation:

This involves dividing the market into distinct customer groups with similar needs, wants, and characteristics. Common segmentation bases include demographics, psychographics, behavioral factors, and geographic location. Effective segmentation allows for targeted marketing messages and product development tailored to specific customer segments.

Targeting:

After segmentation, a company chooses one or a few segments to focus their marketing efforts on. Targeting allows for efficient resource allocation and ensures messages resonate with the intended audience.

Full Answer Section

Positioning:

Positioning defines how a product or service is perceived in the minds of customers compared to competitors. This involves crafting a clear and consistent message that highlights the product’s unique value proposition and benefits for the target segment.

Business/Product Offering and Goals:

Business/Product Offering: (Replace with your specific product/service)

Example: We offer a new fitness tracker that uses cutting-edge heart rate monitoring technology and personalized fitness coaching features.

Fundamental Goals:

Improve Overall Health and Wellness: Empower users to make informed decisions about their fitness and well-being through data insights and personalized coaching.
Increase Physical Activity Levels: Motivate users to engage in regular exercise with engaging fitness programs and gamified features.
Enhance Customer Satisfaction: Provide exceptional customer service and a user-friendly experience to build brand loyalty.

Goal Formulation for Planning Period:

For this planning period (e.g., next quarter or year), we aim to:

Achieve a 20% market share within the high-tech fitness tracker segment.
Increase customer base by 30% through effective marketing campaigns.
Maintain a customer satisfaction rating above 90% based on user feedback and reviews.

Marketing Objectives:

Market Share: We aim for a 5% quarterly increase in market share within the high-tech fitness tracker segment, reaching a total market share of 20% within the planning period.

Market Penetration: To gain market share, we will utilize:

Influencer Marketing: Partner with fitness influencers to promote the product and its benefits.
Targeted Advertising: Utilize social media and search engine advertising platforms to reach our target audience.
Strategic Pricing: Offer competitive pricing with introductory discounts and bundled packages.

Brand Awareness:

Public Relations Efforts: Secure press coverage and product reviews in relevant fitness and technology publications.
Social Media Marketing: Create engaging content across social media platforms to generate excitement and build brand awareness.
Interactive Brand Experiences: Develop interactive elements and contests on social media to connect with potential customers.

Customer Acquisition:

Freemium Model: Offer a free tier with basic features alongside a premium tier with advanced functionalities to incentivize upgrades.
Referral Programs: Reward existing customers for recommending the product to their network.
Affiliate Marketing: Partner with fitness brands and websites to promote the product and earn commission on sales.

Market Size and Share:

Target Market: Adults aged 25-50 interested in health and fitness with a focus on technology-driven solutions.

Market Size: Based on industry research, the global high-tech fitness tracker market is projected to reach $25 billion by 2025.

Specific Market Share Target: Within this target market, we aim to capture a 20% market share, translating to a revenue target of $5 billion within the planning period.

By implementing these strategies and setting clear goals, we can effectively target the desired market segment, achieve strong brand recognition, and establish a loyal customer base for our innovative fitness tracker product.

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