Brand Extension Marketing Plan BEMP
Complete the given below sections.
1. Positioning -
Describe how your product/service meets the need(s) of your target market segments.
Describe how you are different from your key competition.
Identify your most important distinguishing feature.
2. Marketing Mix -
Each area of the marketing mix should include enough information for department managers to understand your strategy for the product. They will need to make detailed operating and tactical plans to reach your strategy for each area.
Product -
If an Executive were to ask you "What is the product?" - What would you say?" Then provide the features, perceived value, and benefits to the consumer.
This builds on 2.4 and expands to give a full description of the product.
What makes your product different?
What gives your product more value?
How will this product be of benefit to your target market segments?
Price -
Connect your target market and value proposition to price.
How will you set the price?
Select price objective, determine demand, estimate costs, analyze competitor's price
Select a pricing method, select the final price, say how you can adapt the price.
NOTE: Remember if you are offering both wholesale and Retail you will need a Price point for both distribution methods.
Place -
Connect your target market and value proposition to place.
Will you use push or pull and why?
Channel Design Decisions - Remember the whole channel - not just retail!
E-Commerce Marketing Practices
Retailing and/or Wholesaling
Note: How will your product move from manufacturing (Source) to the final user? - If a Service - where/how will the service be performed?
Promotion -
Establishing Objectives - what is to be accomplished?
Choosing Messages and Vehicles - What is the message you want to get across to the target market - what are the best vehicles/mediums to be used to reach the target market?
Evaluating the Results
What is the full Distribution - from Factory to Retailers? (or distributors if b2b)
What is the message you want to get across to the audience? Remember you are developing the communication strategy - what message and why - what mediums do the target market use to receive information about this area of their consumption? This would not include various tactics. The tactics (unless specifically needed as part of the strategy) are developed by department managers as part of their operating plans.
3. Marketing Research
What will be the objective of the research (what do you want to know)?
What will be the scope of the research (what types of research will be utilized and to how broad of an audience)?
When will the research be implemented? You will likely want to include some ongoing research to support your CRM (Customer Relationship Marketing) initiatives.
Attachment:- Assignment Files.rar