[ORDER SOLUTION] Brand Extension Marketing Plan

Unit 2: Identifying and Assessing Marketing Opportunities2.0 SITUATION ANALYSISWrite 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 andlifestyles (psychographics) of your target market.2.1.2 Market NeedsWhat are the benefits that are important to your customer base?What needs do they have and how do you know this?2.1.3 Market TrendsIdentify 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 GrowthIs 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?2.2 SWOT Analysis (refer 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