GB530-unit 3

Brand Extension Marketing PlanIntroduction: 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.Using the Marketing Plan Template/Outline found in Doc Sharing, complete and submit the following components of your Marketing Plan.TIPThe guide you should use for all Marketing Plan assignments is in Doc Sharing.The Kotler & Keller text, is extremely helpful to you when completing your ongoing weekly assignments.During each unit of our class, a new component of the Marketing Plan will be due.Unit 3 Marketing Plan: Connecting with the Customer3.0 MARKETING STRATEGY3.1 Mission (review “mission” in Chapter 2)Establish the fundamental goals for the quality of your business/product offering and customer satisfaction.Define your business/product offering.What are your fundamental goals? (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.)State the value proposition. Be sure to look up this term in your Kotler text if you don’t fully understand it.3.2 Marketing ObjectivesInclude 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.Remember that your objectives need to be quantifiable. In other words, objectives need to have a base point, end point, and time frame so you can research to see if you have reached your benchmarks or if your plan needs adjustment.3.3 Financial Objectives: Skip this section for now. You will do this later.3.4 Target Markets (refer again to Chapter 8 of your Kotler text to make sure you fully understand what is meant by target market segments)Identify the specific target market segments you have defined. What are the market niches you hope to capture? Describe.Include the rationale behind why these are the optimal target marketing segments. Be specific.Submit your response to the above questions into the Unit 3 Assignment Dropbox.