Gb530 unit 3 assignment and discussion

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.

 

Using the Marketing Plan guide found in Doc Sharing, complete and submit the following components of your Marketing Plan.

 

Unit 3 Marketing Plan: Connecting with the Customer

 

3.0  MARKETING STRATEGY

 

3.1  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 Objectives

 

Include 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.

 

1

 

 

 

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 understandwhat 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.

 

 

 

 

 

 

The components of your Brand Extension Marketing Plan for Unit 3 are evaluated using this rubric.

Unit 3 Brand Extension Marketing Plan Assignment Rubric

 

 

Criteria

Possible

 

 

Points

 

 

 

Mission

Established fundamental goals for the quality of your business

5

 

offering and customer satisfaction

 

 

 

 

 

Defined your business/product offering

5

 

 

 

 

Defined your specific goals for this planning period

5

 

 

 

Objectives

Set specific marketing objectives

5

 

 

 

 

Included market share, market penetration, awareness, and

10

 

customer acquisition plan

 

 

 

 

 

Identified a specific, measurable market share and size

10

 

 

 

Target Markets

Identified the specific target market segments

10

 

 

 

 

Included the rationale behind why these are the optimal target

10

 

market segments

 

 

 

 

Content,

Clear business writing. Spelling and grammar are acceptable

15

 

 

 

 

2

Grammar, etc.

Introduction: Connecting with the best target market segments is a constant marketing challenge. American Express has a long history of understanding how best to use the marketing mix. VALS is a well known psychographic classification system. VALS is a tool used to explain the relationship between personality traits and consumer behavior. It uses psychology to analyze the dynamics underlying consumer preferences and choices.

Key to effective marketing management in a global context is keeping up with current events. As outlined in Unit 1, you need to find a current event topic that interests you and relates to the material we are discussing. You can find an article from the Internet, the Webliography, Kaplan Library or any other reliable source. Remember that Wikipedia is NOT considered a credible source. NOTE:  The article you find must have been written within the past 90 days. Check the Extra! Extra! tab as a starting point for your research