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How will you determine what price to charge for your product

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Brand Extension Marketing Plan

Introduction: The Assignment in this unit 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. Also, be sure to review the Sample Marketing Plan (Pegasus Sports International) in Chapter 2 of your Kotler text.

Marketing Plan - Developing Strong Brands

Describe how your product/service meets the need(s) of your target market segments.

Describe how you are different from your key competition. What is the most distinguishing feature of your new product?

Product

What makes your product different from the competition?

What gives your product more value than the competition?

Price

How will you determine what price to charge for your product?

How will go determine what your product is worth?

How will your pricing strategy set you apart from your competition?

Place

How do you plan to distribute your product? Do you have alternative delivery methods in mind? If so, describe in detail.

Will you take responsibility for distribution, or will you reply on an outside firm? How will you decide?

Promotion

What kind of promotional tools will you use? Describe in detail.

How will you determine what promotional tactics will work best?

With a limited promotional budget, how do you plan to gain market share?

How will you go about evaluating the results of your promotional campaign?

Marketing Research (refer back to Chapter 4 of your Kotler and Keller text for help with this section).

What type(s) of marketing research to you think will work best to get you the information you need to make informed decisions?

How will you evaluate whether the research is providing you with the results you need?

Will you conduct the research yourself, or hire an outside firm? Explain why

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Reference no: EM131781188

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len1781188

12/26/2017 12:14:24 AM

• Place: Stated how you plan to distribute your product. 9 • Place: Identified whether you will be responsible for distribution, or an outside firm, and why. 9 • Promotion: Described what promotional vehicles are best to gain customer share for your product. 9 • Promotion: Described how you will evaluate the success (or failure) of your promotional objectives. 9 • Described in detail the kinds of marketing research you feel will be most effective and how you will evaluate the results. 10 • Clear business writing. APA formatting, Spelling, and grammar are acceptable. 19 Total 120

len1781188

12/26/2017 12:14:08 AM

Unit 4 Brand Extension Marketing Plan Assignment Rubric Criteria Possible Points • Describe how your product/service meets the need(s) of your target market segments. 10 • Product: Clearly stated what makes your product different from the competition and your most distinguishing feature. 9 • Product: Clearly stated what gives your product more value. 9 • Price: Stated how you will set the price of your product. 9 • Price: Stated how you will determine what your product is worth. 9 • Price: Stated how your pricing strategy will set you apart from the competition. 9

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