===Topic: Tesla Smartphone- Marketing Plan (Marketing Strategy, Financials, Controls)
Pages and Word Count: 7 pages (1,925 words)
Reference: Any. (References not older than 10 years, PEER-REVIEWED ARTICLES.)
Text Book: Kotler, P. & Keller, K. L. (2016). Marketing management (15th ed.). Pearson Prentice Hall.
o Brand Extension Marketing Plan
o Introduction: The assessment in this module is to complete a component of a Brand Extension Marketing Plan for one new product on the behalf of an existing for-profit organization. Using the Marketing Plan Guide attached.
o You need to first assume you have the role of a MARKETING MANAGER for one new (currently not available) product on the behalf of a real, for-profit organization. Consider this a “brand extension.” You are adding a product to an existing company’s product line. This product may be introduced on a local, regional, national, or international scale.
o Product: Tesla Smartphone
o It is important that you write your Brand Extension Marketing Plan in third person (there is no “I” in a marketing plan), using your own words, and/or paraphrasing instead of direct quoting.
o Please refer to page 29-33 of the Textbook Marketing Plan Sample.
- Same format is important.
- It utilizes a lot of bullet point.
o It is very important that you fully comprehend what a brand extension is before you begin your assessment. Find “brand extension” in your Kotler text and make certain you understand the definition. Brand extensions fall into two categories:
- Line extension and
- Category extension.
Be sure to understand the difference. Reading this section in your text will be extremely helpful to you!
========================Please see attached Doc and Final Draft for PART 1.0, 2.0 =====================================
3.4 Positioning (150 words total. 50 words each.)
(refer to your Kotler text for definition of terms in this section)
- Describe how your product/service meets the need(s) of your target market segments. (50 words)
- Describe how you are different from your key competition. (50 words)
- What is the most distinguishing feature of your new product? (50 words)
3.5 Marketing Mix (550 words total. 50 words each. USE Bullet Point.)
- What makes your product different from the competition? (50 words)
- What gives your product more value than the competition? (50 words)
- What price will you charge and how will you determine what price to charge for your product? (50 words)
- How will you determine what your product is worth? (50 words)
- How will your pricing strategy set you apart from your competition? (50 words)
- How do you plan to distribute your product? Do you have alternative delivery methods in mind? If so, describe in detail. (50 words)
- Will you take responsibility for distribution, or will you rely on an outside firm? How will you decide? (50 words)
- What kind of promotional tools will you use? Describe in detail. (50 words)
- How will you determine what promotional tactics will work best? (50 words)
- With a limited promotional budget, how do you plan to gain market share? (50 words)
- How will you go about evaluating the results of your promotional campaign? (50 words)
3.6 Marketing Research (150 words total. 50 words each.)
- What type(s) of marketing research do you think will work best to get you the information you need to make informed decisions? (50 words)
- How will you evaluate whether the research is providing you with the results you need? (50 words)
- Will you conduct the research yourself, or hire an outside firm? Explain why. (50 words)
Note: Do not forget that you need research to determine if you reached your Objectives in 3.2.
4.1 Break-even Analysis (200 words total including TABLE/CHART.)
- When you will break-even? (50 words)
- Break-even TABLE/CHART (100 words)
- Explanation of the break-even table/chart (50 words)
4.2 Sales Forecast: (400 words total, including TABLE/CHARTS)
1st year by month; 2nd and 3rd years by quarter (refer to your Kotler text)
- Sales forecast and timing – include charts showing the following: Remember that some products have sales cycles – and whether you are planning for any growth in the market for increased promotions.
- Include your sales forecast for the first year by month. (50 words)
- For the second and third years, include your forecasts by quarter. (50 words)
- Keep your chart(s) relatively simple and reduce the total number of categories so that your investors can quickly discern the information.
- Risks – this is a CRITICAL PART OF ANY MARKETING PLAN, so be sure to give this topic ample attention. (150 words)
- Most important components of sales performance – this is a CRITICAL PART OF ANY MARKETING PLAN, so be sure to give this topic ample attention. (150 words)
4.3 Expense Forecast (100 words total. USE Table, like Table 4.4 in sample plan.)
List your expenses for the following items for the next 3 years:
- Printed Material
- Development of retail channel
- Other (list)
5.0 CONTROLS (160 words total.)
- How will you monitor expenses/revenue? (30-40 words)
Identify what methods/reports and how often? (30-40 words)
- How will you assess marketing effectiveness? (50 words)
- How will you assess changes in the market environment? (50 words)
5.2 Marketing Organization (100 words total.)
- Roles and Relationships in Your Marketing Functions (who will be responsible and who will implement this Brand Extension Marketing Plan?) (100 words)
5.3 Contingency Planning (160 words total.)
- Identify risks in this plan strategy. (50 words)
- How will you monitor the risks? (50 words)
- How will you adapt to adversity and changes? (30-40 words)
- What options will you have? (30-40 words)