Question;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 guide 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 4: Marketing Plan - Developing Strong Brands3.5 Positioning (refer to Chapters 9 and 10 of your Kotler text)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?3.6 Strategies: Skip this Section.3.7 Marketing Mix (refer to Chapters 12, 14 & 18 for help with this section)ProductWhat makes your product different from the competition?What gives your product more value than the competition?PriceHow 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?PlaceHow 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?PromotionWhat 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?3.8 Marketing Research (refer back to Chapter 4 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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