Brand Extension Marketing Plan
In 4–6 paragraphs, summarize your Brand Extension Marketing Plan. Be sure to include:
Product
Benefits
Target markets
Customer needs
Value proposition
Sales projections
When you project to break-even
Your keys to success
2.0 Situational Analysis
Write a 1-paragraph summary of the current situation
2.1 Market Summary
(write this section after completing 2.1.1, 2.1.2, 2.1.3, 2.1.4, and 2.2)
In a 1–2 paragraph summary, address:
What are your target customer groups? Why?
What are your projections for the growth of this market?
2.1.1 Market Demographics (refer to your Kotler text for helpful definitions/explanations)
Carefully define the demographic profile of your target market.
In a similar fashion, define the geographic target area you are choosing.
What are the behavior factors that will influence your decision-making?
Define the values and lifestyles (psychographics) of your target market.
2.1.2 Market Needs (refer to your Kotler text to make certain you understand these terms)
What are the benefits that are important to your customer base? What needs do they have?
Include both customer needs and the customer value assessment.
Market Summary
Target Customer Groups:
- Young professionals (22-35 years old): This group prioritizes health and fitness and seeks versatile clothing for various activities. Their disposable income allows them to invest in quality athleisure wear.
- Parents (30-50 years old): Balancing work and family life, these active parents need comfortable and stylish clothing for workouts and everyday wear.
- Increased focus on health and wellness: Consumers are prioritizing fitness and healthy lifestyles.
- Blurring lines between activewear and everyday fashion: Athleisure offers comfort and style, making it suitable for various occasions.
- Importance Rating: Ask your target audience to rate the importance of various attributes (functionality, style, comfort, etc.) on a scale (e.g., 1- not important at all, 5- extremely important).
- Benefit Segmentation: Group customers based on the benefits they value most (e.g., a segment prioritizing performance features, another valuing fashion).