This Competency Assessment assesses the following outcome(s):
GB530-1: Assess specific marketing opportunities.
Brand Extension Marketing Plan
Introduction: The Assessment in this module is to complete a component of a Brand Extension Marketing Plan for one new product on the behalf of an existing for-profit organization. Using the Marketing Plan Guide found in Course Documents, complete and submit the following components of your Marketing Plan.
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 “brand extension.” You are adding a product to an existing company’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 Assessment. Find “brand extension” 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!
1.0 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 “new to the company” 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 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 Marketing Plan submission along with reviewing the rubric.
Key Questions to Answer:
Once complete with identifying your new product for a new market along with addressing the outlined questions, continue by identifying and assessing marketing opportunities.
Identifying and Assessing Marketing Opportunities
2.0 SITUATION ANALYSIS
Write a 1-paragraph summary of the current situation – write this section after completing the following sections of the Situation Analysis, but put it in this order.
2.1 Market Summary
(Write this section after completing 2.1.1, 2.1.2, 2.1.3, 2.1.4, and 2.2)
In a 1–2 paragraph summary, address:
2.1.1 Market Demographics (refer to Chapter 8 of your Kotler text for helpful definitions/explanations).
2.1.2 Market Needs
2.1.3 Market Trends
2.1.4 Market Growth
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.
2.2.3 Opportunities: List and describe at least three opportunities external to your business that will lead to your success.
2.2.4 Threats: List and describe at least three threats external to your business that will threaten your success (Note: It is common to include unexpected acts of nature, government and regulatory concerns, and competition in this section of the SWOT).
2.4 Product Offering
2.5 Keys to Success
2.6 Critical Issues
Minimum Submission Requirements
If work submitted for this competency assessment does not meet the minimum submission requirements, it will be returned without being scored.
Plagiarism is an act of academic dishonesty. It violates the University Honor Code, and the offense is subject to disciplinary action. You are expected to be the sole author of your work. Use of another person’s work or ideas must be accompanied by specific citations and references. Whether the action is intentional or not, it still constitutes plagiarism.