Brand Extension Marketing Plan

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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.

 

Sample Solution

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.

Market Growth: The athleisure market is booming due to:

  • 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.

Market Size and Growth Projections:

(Insert data here – Conduct market research to determine the size and projected growth rate of the athleisure market relevant to your target demographics and geographic area).

This information strengthens your market summary by providing concrete figures to support your observations on market growth.

Customer Needs:

Your understanding of customer needs is well-defined. You’ve identified the importance of functionality, style, comfort, and durability in athleisure wear.

Customer Value Assessment:

To further solidify your understanding of customer needs, consider incorporating a customer value assessment. This could involve:

  • 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).

By incorporating a customer value assessment, you gain deeper insights into your target market’s preferences, allowing you to tailor your product offering and marketing strategy more effectively.

 

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