Expert answer:GB530 Unit 2 Assignment Brand Extension Marketing
Solved by verified expert:Please review the rubric attached. And build the assignment as a continuation of my attached Unit 1 assignment. As the product is discussed and identified via my unit 1 assignment.
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Assignment Grading Rubric
Course: GB530
Unit: 2
Points: 100
Assignment 2 Brand Extension Marketing Plan
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 Course Documents, complete and submit the following components
of your Marketing Plan.
Unit 2: Identifying and Assessing Marketing Opportunities 2.0 SITUATION ANALYSIS
Write a 1-paragraph summary of the current situation – write this section after completing the following
sections of the Situation Analysis, but put it in this order.
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 Chapter 8 of 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
•
•
What are the benefits that are important to your customer base?
What needs to they have and how do you know this?
2.1.3 Market Trends
•
Identify and explain at least three trends that will influence how your customers view your product.
These should be trends going on in the industry or the environment; these are trends that your
company/product can respond to in some way. Remember: Trends are long term; fads are short term.
2.1.4 Market Growth
•
•
•
Is the market growing, static, or diminishing? What are the growth trends?
What is the evidence? What research are you using to determine market growth?
How will you address the market if it is growing, static, or diminishing?
Copyright Kaplan University
Assignment Grading Rubric
Course: GB530
Unit: 2
Points: 100
2.2 SWOT Analysis (refer back to Chapter 2 of your Kotler text for a thorough explanation of a SWOT
analysis)
2.2.1 Strengths: List and describe at least three positive internal aspects that add value.
2.2.2 Weaknesses: List and describe at least three negative internal aspects that place you at competitive
disadvantage.
2.2.3 Opportunities: List and describe at least three opportunities external to your business that will lead to
your success.
2.2.4 Threats: List and describe at least three threats external to your business that will threaten your success
(Note: It is common to include unexpected acts of nature, government and regulatory concerns, and
competition in this section of the SWOT).
2.3 Competition
•
•
•
•
Describe your competition.
Why will customers prefer your product?
How will you compete with your competition and win?
What is the marketing mix (price, place, promotion, product, you know them as “the 4 P’s of Marketing”)
of at least one of your competitors?
2.4 Product Offering
•
•
What are the current products you offer?
How will your new product fit in with existing products? Is there a good fit between them?
2.5 Keys to Success
List and describe at least three factors that will determine your success.
2.6 Critical Issues
•
•
How will you leverage your SWOT strengths and opportunities to your advantage?
How will you lessen the impact of your SWOT weaknesses and threats?
Tips
The guide you should use for all Marketing Plan Assignments is in Course Documents.
The Kotler and Keller text is extremely helpful to you when completing your ongoing weekly Assignments.
During each unit of your class, a new component of the Marketing Plan will be due.
Submit your response to the above questions into the Unit 2 Dropbox.
Copyright Kaplan University
Assignment Grading Rubric
Course: GB530
Unit: 2
Points: 100
The components of your Brand Extension Marketing Plan for Unit 2 are evaluated using this rubric.
Unit 2 Brand Extension Marketing Plan Assignment Rubric Criteria
Possible
Points
Situation analysis (one-paragraph summary of the current situation).
5
Market summary (target customers; projections for growth).
5
Market Demographics (demographics, geographics, and
psychographics).
10
Market needs (what benefits are important and what are your customer
needs?).
5
Market trends (identify and explain at least three trends).
10
Market growth (describe the growth of the market and provide evidence).
5
SWOT Analysis (strengths, weaknesses, opportunities and threats).
15
Competition (describe competition; describe marketing mix of a main
competitor).
10
Product offering (listing of the products you now offer and explanation of
how the new product fits with these).
10
Keys to success (three factors that will determine your success).
5
Critical issues (leveraging SWOT strengths and weaknesses).
5
Writing/style (clarity of expression; spelling; grammar).
15
Total
100
Copyright Kaplan University
Running Head: Brand Extension Marketing Plan
1
Brand Extension Marketing Plan
Kaplan University
GB530 Unit: 1
Bryan May
Running Head: Brand Extension Marketing Plan
2
Introduction
Starbucks has expanded from a coffee café in Seattle, Washington to one of the leading company
in the world. The company has over 50,000 stores located across different countries. The
company’s mission is to be one of the most respected and recognized brands in the world. The
company has established its brand name in their store locations. The stores have expanded to
include a discount or grocery stores. Starbucks’ marketing mix comprises of pre-bottled
Frappuccino drinks. The company is planning to establish a new brand extension that will greatly
help them venture into the drink-mix markets. The mix will be referred to as “Starbucks
Refreshers Strawberry Lemonade Mix”. The mix will be convenient, easy to use and of great
taste. The drinking mix will start with strawberry flavor but could branch out into different
flavors as the popularity of the brink mix expands (Mason, 2013).
The drink mix would be easy to use with the portable liquid container. The target market for the
drink would include busy people, conscious people, and consumers who travel a lot. The
SRSLM will be a good drink for them owing to its portability.
One of the keys to the success of SRSLM would be that the company would continue to develop
new flavors of the drink mix. This will ensure that the company is ahead of its competitors.
However, the company would need to branch out and distribute the drink mix into other markets
such of department, grocery and convenience stores (Mason, 2013).
Market summary
Running Head: Brand Extension Marketing Plan
3
The target customers for the company include 55% females and 45% females. The average age is
30 and earns around $60,000 a year. Most of the Starbucks are usually university students and
drink around 40 cups of coffee a week.
Market Demographics
The profile for the Starbucks customers includes the following geographic, demographic and
behavioral factors.
Demographics – most of the Starbucks’ customers include intelligent people. These customers
are located in areas that have wireless internet. The Starbucks’ customers are working class
people and need a quick coffee break away from offices. The customers usually visit the
Starbucks’ stores from six to eighteen times a month.
Geographic – since its establishment, the company has grown internationally to over 3,000
locations worldwide. Starbucks has established stores over twenty countries (Wu, 2013). These
countries include Germany, United States, Europe, and Australia. The company has established
stores in all major cities in the United States and plans are underway to expand to other
countries. For instance, the company is planning to open a store in Ethiopia.
Market needs
The company provides its customers with good specialty drinks and coffee with a friendly
atmosphere. The company intends to combine their coffee with the customers’ busy lifestyle
(Wu, 2013). The company provides the customers with special brewed drinks and coffee. Its
employees are friendly and welcoming people.
Marketing growth
Running Head: Brand Extension Marketing Plan
4
The coffee market is growing by bounds and leaps. According to statistics, over 100 million
people drink coffee daily. In the last few years, the coffee industry has grown by 10 percent;
Starbucks is estimating their revenue to grow to over 10.5 million in fiscal 2018. The company
has expanded its store to countries such as Brazil, China, and Russia to increase its market
shares.
Level of competition
The Starbucks face stiff competition in the coffee industry. Its current competitors include
McDonald’s, Dunkin Donuts, Krispy Kreme Donuts and Tim Horton’s (Wu, 2017). McDonald’s
has even introduced the smoothies and coffee lattes. Tim Horton’s is a major competitor of
Starbucks in the northeast. Horton sells donuts, pastries, and coffees and hence maintains stiff
competition with Starbucks. Therefore, the company needs to keep improving their marketing
strategies in order to ensure its successfulness in the market.
However, customers prefer Starbucks for its high-quality coffee. The company offers various
versions of Italian espresso. The company also sells Frappuccino, which is a rare drink. The
company can successfully compete with other companies by continually expanding their market
and introducing a new line of products to the public (Wu, 2013).
Running Head: Brand Extension Marketing Plan
5
References
Mason, A., Cole, T., & Goza, N. (2017). STARBUCKS: A CASE STUDY OF EFFECTIVE
MANAGEMENT IN THE COFFEE INDUSTRY. Journal of International Management Studies,
17(1).
Wu, H. C., & Wu, H. C. (2017). What drives experiential loyalty? A case study of Starbucks
coffee chain in Taiwan. British Food Journal, 119(3), 468-496.
Wu, C. L. (2013). The Research of Brand Image, Experiential Marketing, Customer Satisfaction
and Customer Loyalty-Example of Starbucks Coffee.
…
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