[SOLUTION] Brand Extension Marketing Plan
In this assignment, you will be assessed based on the following Outcome:GB530-3: Develop strategic marketing plans.This week you will complete and submit an entire Brand Extension Marketing Plan (BEMP) on the behalf of an existing for-profit organization.Using the Marketing Plan guide found in Course Documents, you will now put it all together. Be sure to review the Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text.1.0 Executive SummaryIn 46 paragraphs, summarize your Brand Extension Marketing Plan. Be sure to include:ProductBenefitsTarget marketsCustomer needsValue propositionSales projectionsWhen you project to break-evenYour keys to success2.0 Situational AnalysisWrite a 1-paragraph summary of the current situation2.1 Market Summary(write this section after completing 2.1.1, 2.1.2, 2.1.3, 2.1.4, and 2.2)In a 12 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 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 thevalues 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 TrendsIdentify 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.
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