Discussion:
Brand Extension Marketing Plan Project
Introduction: The major project in this course is to complete a Brand Extension Marketing Plan for one new product on the behalf of an existing for-profit organization.
Project Assignment: As we begin our project here, 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 major assignment. 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!
Give careful thought to your selection. 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 or 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 Doc Sharing. It is important to address each and every question/segment in the rubric 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) of your Kotler text.
Be sure to thoroughly address each of the following questions in your Marketing Plan
What is the brand name of your for-profit business/organization? What is the new product, not currently in existence, that will generate revenue for which you will prepare a marketing plan and strategy during this class? Give the product a name and briefly describe it. Look up "brand extension" in your Kotler text and describe whether your product is considered a line or a category extension.How will you acquire information to prepare your marketing plan during this class? What research will you undertake? Be specific. Describe the key customer market (who are you targeting?) Will your new product be marketed domestically or globally? Why?