Expert answer:GB530 Unit 5 Unit 4 Assignment Brand Extension Mar
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Extension Marketing Plan BEMP for my Starbucks product from. Please follow the attached Rubric (completely) and reference the attached assignments.
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Assignment Grading Rubric
Course: GB530
Unit: 5
Points: 160
Assignment 5 Brand Extension Marketing Plan
Over the past few weeks, you have developed most of the components of the Brand Extension Marketing Plan
(BEMP) on the behalf of an existing for-profit organization. This week you will complete and submit the Brand
Extension Marketing Plan BEMP.
Using the Marketing Plan guide found in Course Documents, you will now put it all together.
1.0 Executive Summary
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
4.0 FINANCIALS
TIP
Refer to Sample BEMP “Sample Marketing Plan” in Course Documents for assistance on this section. The
Financials Section contains some good examples for you to follow. Also refer to your Kaplan text sample
marketing plan at the end of Chapter 2.
Remember to submit ALL of the previous sections of your completed Brand Extension Marketing Plan
into the Unit 6 Dropbox! You are adding the following sections to what you have developed previously:
4.1 Break-Even Analysis
• Explain when you will break even.
• Include a break-even table/chart.
• Explain the break-even table/chart.
4.2 Sales Forecast
•
•
•
•
•
Include your sales forecast for the first year by month.
For the second and third years, include your forecasts by quarter.
Identify the risks you face.
Identify the most important components of sales performance.
Keep your chart(s) relatively simple and reduce the total number of categories so that your investors
can quickly discern the information. Again, refer to the Sample Marketing Plan in Course Documents
for assistance on this section.
Copyright Kaplan University
Assignment Grading Rubric
Course: GB530
Unit: 5
Points: 160
4.3 Expense Forecast
List your expenses for the following items for the next 3 years:
•
•
•
•
•
Website
Advertising
Printed Material
Development of retail channel
Other (list)
5.0 CONTROLS
•
•
•
•
How will you monitor expenses/revenue?
Identify what methods/reports and how often.
How will you assess marketing effectiveness?
How will you assess changes in the market environment?
5.2 Marketing Organization
•
Roles and Relationships in Your Marketing Functions (who will be responsible and who will
implement this Brand Extension Marketing Plan?).
5.3 Contingency Planning
•
Identify risks
•
How you will monitor risks
•
How you will adapt to adversity
Note: Go back through each section of your plan and make any appropriate revisions, based on the feedback
of your professor during each unit’s grading, and/or based upon new information you have discovered
throughout the process.
TIPS
•
•
•
The guide you should use for all Marketing Plan Assignments is in Course Documents.
The Kotler & 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 has been due.
Submit your completed Brand Extension Marketing Plan into the Unit 5 Assignment Dropbox.
The components of your Brand Extension Marketing Plan are evaluated using this rubric.
Unit 5 Brand Extension Marketing Plan Assignment Rubric Criteria
Copyright Kaplan University
Possible
Points
Assignment Grading Rubric
Course: GB530
Unit: 5
Points: 160
Executive Summary: 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, and your keys to success.
30
Situation Analysis: A 1-paragraph summary of the current situation.
Market Summary: Include target customers and projections for growth.
Market Semographics: Identify in some detail demographics, geographics,
and psychographics.
Market Needs: Discuss which benefits are important and your customer
needs.
Market Trends: Identify and explain at least three trends.
Market Growth: Describe the growth of the market and provide evidence.
SWOT Analysis: Strengths, weaknesses, opportunities, and threats.
Competition: Describe competition; describe marketing mix of a main
competitor.
Product Offering: Listing of the products you now offer and explanation of
how the new product fits with these.
Keys to Success: Three factors that will determine your success. Critical
Issues: Leveraging SWOT strengths and weaknesses.
15
Mission
Establish fundamental goals for the quality of your business offering and
customer satisfaction.
Define your specific goals for this planning period. Objectives:
Set specific marketing objectives
Include market share, market penetration, awareness, and customer
acquisition plan.
Identify a specific, measurable market share and size.
Target Markets: Identify the specific target market segments.
Included the rationale behind why these are the optimal target market
segments.
15
Copyright Kaplan University
Assignment Grading Rubric
Course: GB530
Unit: 5
Points: 160
Positioning: Describe how your product/service meets the need(s) of your
target market segments.
15
Marketing Mix:
Product: Clearly state what makes your product different from the competition
and your most distinguishing feature. Clearly state what gives your product
more value.
Price: State how you will set the price of your product. State how you will
determine what your product is worth. State how your pricing strategy will set
you apart from the competition.
Place: State how you plan to distribute your product. Identify whether you will
be responsible for distribution or an outside firm, and why.
Promotion: Describe what promotional vehicles are best to gain customer
share for your product. Describe how you will evaluate the success (or failure)
of your promotional objectives.
Marketing Research: Describe in detail the kinds of marketing research you
feel will be most effective and how you will evaluate the results.
FINANCIALS
Break-Even Analysis: Explain when you will break even. Include a breakeven
table/chart. Explain the break-even table/chart.
Sales Forecast: Include your sales forecast for the first year by month. For
the second and third years, include your forecasts by quarter. Identify the risks
you face. Identify the most important components of sales performance.
Expense Forecast: List your expenses for the following items for the next
three years: website, advertising, printed material, development of retail,
channel, and other (list).
40
Controls: How will you monitor expenses/revenue? Identify what
methods/reports and how often. How will you assess marketing effectiveness?
How will you assess changes in the market environment?
9
Marketing Organization: Roles and relationships in your marketing functions
(who will be responsible and who will implement this BEMP?).
8
Contingency Planning: Identify risks. How you will monitor risks? How you
will adapt to adversity?
8
Content, Grammar, etc.: Writing/style (clarity of expression; spelling;
grammar).
20
Total
160
Copyright Kaplan University
Running Head: Marketing Plan
1
Unit 3 Marketing Plan: Connecting with the Customer 3.0: Marketing Strategy
Kaplan University
Bryan May
10/31/2017
Running Head: Marketing Plan
2
3.1 Mission
The fundamental goals for the quality of the product offering:
Product – “Starbucks Refreshers Strawberry Lemonade Mix”
The fundamental goals of the company in promoting its product are to increase sales and achieve
sustainable competitive advantage in the market. In order to ensure increased sales of the
SRSLM, the company will have to use various marketing strategies including short-term, basic
and long-term activities in the field of marketing. However, the company will set fundamental
goals that are specific, measurable, achievable, realistic and time-specific. The goals will allow
the company’s management to effectively manage the marketing activities of the SRSLM and
hence ensure it successfulness in the market (Taecharungro, 2016).
The company will have to adopt SMART approach in order to achieve the SRSLM marketing
objectives.
Specific – the objectives of the product will be stated in a precise approach
Measureable – the company’s management will establish a way to check the product’s level of
success in the market.
Achievable – the company will ensure that the product’s objectives are reasonable
Realistic – strategies will be set in place to ensure that the product perform better in the market.
Running Head: Marketing Plan
3
Product offering – the SRSLM has a good tasting, flavorful and offered at a reasonable price.
The product’s flavor will attract many customers. The SRSLM uses environmentally friendly
materials. Its packaging will be made using recycles cardboard (Taecharungroj, 2016).
Goal formulation – in order to run a successful market for the product (SRSLM), the company
will have to establish a winning strategy. In other words, marketing objectives and goals of the
SRSLM will be clearly defined in order to reach the target customers. The company will conduct
thorough advertisement on the internet and on mass media with intent of reaching the consumers.
3.2 Marketing Objectives
Specific marketing objectives – In addition, the new product with increase the business market
positioning through expansion of drink division into retailer stores within a period of two years.
Market share – the Strawberry Lemonade Crystals will increase the business’ total market shares
over the next three years, with an expected 4 percent within four years.
Market penetration – currently the company’s market share is approximately 5 percent. The
Strawberry Lemonade Crystals will help the company to continue building on their business
image. The company would increase their brand reputation and name in the global market with
their new product offering.
Awareness – the awareness of the product will be promoted through internet and through search
engine optimization. In addition, ads will also be placed on websites in order to reach as many
customers as possible.
Customer acquisition – the product’s customer base will be expanded through line of advertising
such as television, billboards, posters, radio spots, cinema spots and print advertisement.
Running Head: Marketing Plan
4
Specific, measurable marketing share and size – the drink mix (SRSLM) will held approximately
$200 million sales within three years. the product’s market share will increase to 10 million units
globally by 2018.
3.4 Target Markets
Customer demographic – the new product will target busy working class, college students, health
conscious and sport enthusiasts
Geographic segment – the product will be offered in areas where customers want easy and fast
ways to make the mix drink on the go (Armstrong, 2015).
The demographic segment of the new product will include the customers who want easy and fast
product to use. Most of these customers are outdoor oriented, sports oriented people who do not
drink sodas; they are health conscious and hence look for good healthy drinks. SRSLM will be
better product for them (Wen, 2016).
Running Head: Marketing Plan
5
References
Taecharungroj, V. (2016). Starbucks’ marketing communications strategy on Twitter. Journal of
Marketing Communications, 1-19.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Pearson Education.
Wen, S. (2016). Marketing strategies: Starbucks in China.
Running head: MARKETING MIX AND POSITIONING
Unit 4 Brand Extension Marketing Plan: Marketing Mix and Positioning
Bryan May
Kaplan University
11/17/2017
1
MARKETING MIX AND POSITIONING
2
Positioning
Starbucks is a giant coffee chain, which targets customers who are willing to spend extra
in search for high-quality service and product. The company has been developed a significant
understanding of the different levels of customers who form the primary target for the company.
The company products are very specific to the different segmented market groups, which are
easier to engage considering the difference in preferences. Being successful as a business
organization requires a significant and critical focus on the ability of the organization to position
itself effectively so that it can be able to achieve the varying demands of the target market
(Dangelico & Vocalelli, 2017).
Starbucks has highly positioned itself as a highly reputable organization that focuses on
quality over quantity. This s important consideration has played a key role in improving the
market rating considering the high level of trust between the customers and the company.
Starbuck offers products, which are very much different from its competitors thus making it
unique and effective within the target environment. The unique nature of the company’s
engagement in the market has created a very significant environment where it has been able to
gain a competitive advantage in the market (Harrington, Ottenbacher, & Fauser, 2017).
Customer and employee satisfaction has played a significant role in shaping Starbucks as
an undisputed coffee chain store. Positive engagement leads to a significant environment where
it is very easy to have a better understanding of what needs to be considered within the
organizational environment. Customer satisfaction is directly influenced by employee
satisfaction, which must be taken into consideration in developing a clear operational
environment.
MARKETING MIX AND POSITIONING
3
Marketing mix
The marketing mix is an important strategy that focuses on how well a business venture
can obtain the best possible target market. Thus, it includes the famous 4Ps, which include
product, price, promotion, and place. Being in a position to develop well-focused marketing mix
creates a better environment where an organization can be able to achieve significant success.
Product
The product, in this case, highlights the goods and services that the company can provide
to the market. In effectively engaging its target market, Starbucks has used its company brand,
quality and a key focus on service delivery to build its high-level market engagement. The
company began its operation with a specific focus on coffee, but it has integrated other products
such as non-fat milk and cold blended beverages to diversify its operations and significantly
engage its broader target market. In expanding its product line, the company has significantly
focused on market demand and customers preferences, which has significantly informed the
decisions made by the company regarding the products to include on its menu (Meera Singh,
2012).
Price
This is the most important aspect of product development since it has a direct influence
on how the company can engage its target market. The pricing has to be right to attract customers
considering the competitive nature of the industry. The price of the products must be very much
proportional to the quality being delivered. Starbuck products are of slightly higher prices than
other coffee shops, but the quality was very high whereby the customers of the company can
MARKETING MIX AND POSITIONING
4
gladly spend extra coin to get a high-quality product. To Starbucks, the prices of its products
have not been an issue since it has already developed its brand around quality and thus it is
associated with high-quality products and top class service delivery. The prices of the company
products will, therefore, vary based on the quality although there is a standard quality, which is
employed to create a large focus on important elements within organizational pricing strategy
(Brooks & Simkin, 2011).
Place
A company is highly rated based on the ability to deliver goods ordered on time. Delivery
in this case is influenced by the distribution channel that has been put in place. The distribution
channel must be able to create an effective environment where it is very much easy to develop a
better environment where it would be very much possible to have a better understanding of what
needs to be done within company environment. Starbuck has put in place a flexible distribution
strategy, which is aimed at creating a better focus and engagement in the market. An external
company with close supervision to ensure that orders are delivered on time without significant
delay will handle the distribution(Harrington et al., 2017).
The distribution process, in this case, will include delivery to specific locations based on
the orders made. A flexible distribution strategy will ensure that many orders are delivered in a
single move. The company has also developed critical mechanisms where it can create an
understanding of specific times when orders are many to ensure that everyone receives their
orders based on the average time promised. Customer satisfaction is significantly influenced by
the ability of an organization to make deliveries based on its estimates, which are within the
customer suggested time (Zhenjia, 2012).
MARKETING MIX AND POSITIONING
5
Promotion
Considering the high-level engagement of the company and the target market considered,
it would be very important to ensure that organization puts in place strategic measures, which
will ensure that it can promote its products and service to its large target audience. The overall
engagement, in this case, creates a detailed environment where it would be possible for the
organization to improve its overall engagement in the market. Promotion, in this case, is done
through media and online platforms. The target population for the company includes young
people who are highly engaged in social media and thus significant focus on this consideration
will create a clear environment where the company will be highly engaged.
Marketing research
The key marketing research type that will be considered in this case will be five-step
marketing research. This type of research focuses specifically on a gap in the market which the
company can devise a mechanism on how to exploit the gap through proper consideration of
market opinion. Analyzing customer suggestions play a key role in ensuring that an organization
is only developed based on a crucial understanding of what needs to be considered within the
organizational environment (Lefebvre, 2013).
Exploiting the gaps in the market must be well informed by effective market analysis,
which puts into consideration important factors, which can be effectively engaged to provide a
clear operational environment. Understanding the market is a key aspect of any organization.
Starbucks has effectively focused on customer challenges in the market to ensure that it develops
a close-knit target market where it can be able to satisfy fully through the delivery of a wide
MARKETING MIX AND POSITIONING
range of products within the industry. Expanding service delivery should be based on effective
market research technique which plays a key role in seeking to solve a given issues in the
market.
6
MARKETING MIX AND POSITIONING
References
Brooks, N., & Simkin, L. (2011). Measuring marketing effectiveness: an agenda for SMEs. The
Marketing Review, 11(1), 3–24. https://doi.org/10.1362/146934711X565260
Dangelico, R. M., & Vocalelli, D. (2017). “Green Marketing”: An analysis of definitions,
strategy steps, and tools through a systematic review of the literature. Journal of Cleaner
Production. https://doi.org/10.1016/j.jclepro.2017.07.184
Harrington, R. J., Ottenbacher, M. C., & Fauser, S. (2017). QSR brand value. International
Journal of Contemporary Hospitality Management, 29(1), 551–570.
https://doi.org/10.1108/IJCHM-06-2015-0300
Lefebvre, R. C. (2013). An integrative model for social marketing. Journal of Social Marketing,
1(1), 54–72. https://doi.org/10.1108/20426761111104437
Meera Singh. (2012). Marketing Mix of 4P ’ S for C …
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