Marketing Plan: Phase III
JoAnn Butcher, Amber Culwell, Kyle Grant,
Omayra Moreno, Mathew Parish
August 29, 2011
Marketing Plan: Phase III
In this paper Marketing Plan Phase III we will be discussing the description of our products attributes and service fully in depth. Team B will discuss how our product will evolve through the products life cycle as well as describe what will take place through that time and what will affect that time period for our product. Team B will also discuss how the life cycle affect the marketing of product introduced in phase I. This paper will identify the positioning and differentiation strategies for the product and the ...view middle of the document...
Once the download is complete, the protection is in place.
Much like virus protection software, there will be updates to be loaded onto the protected computer from time-to-time. These updates will be quick to load and easy to use. The best part of the updates is that they are free. Team B has created this product to prevent its user from things like identity theft. For this reason, with the onetime purchase price, the user receives a lifetime of protection for his or her computer.
Product Life Cycle
According to Perrault, Cannon, & McCarthy (2009), “The product life cycle describes the stages a really new product idea goes through from beginning to end. The product life cycle is divided into four major stages: (1) market introduction, (2) market growth, (3) market maturity, and (4) sales decline” (p. 261). The first two stages, market introduction and market growth, are the most important stages for this product. Because this is a new product in the market, identifying the benefits to the public and increasing sales is important for the success of this product. This product will reach the market maturity stage in a short time. Once the public realizes the benefits and the security this product provides, sales will increase quickly. The market introduction stage will take approximately three months to complete. During this time, the product will be introduced to the public, the benefits will be widely advertised, and consumers will be allowed to download a trial of the product to experience the benefits first hand. Marketing for the product will be aggressive during this stage to inform as many customers as possible about the benefits of the product. After the first three months, the product will enter the market growth stage. The market growth timeline will also consist of three months. The growth may be slow to increase at the beginning of the stage, but once the popularity of the product increases, the product will quickly reach the maximum during the market growth stage. During this stage, marketing will aggressive and slowly begin to decline as the product reaches the market maturity stage.
After the market growth stage, the product will enter the market maturity stage. During this stage, the product reaches its maximum sales numbers and the sales numbers remain consistent during the stage. The goal is to prolong this stage as long as possible. This will ensure the sales numbers remain high and consistent to maximize the profitability of the product. The time for this stage is difficult to predict because of how competitors will react to this product. If a competitor releases a similar product, the timeframe for this stage will be shorter than if no competitors release a similar product. Marketing of the product will be greatly reduced during this stage because the product has reaches as many customers as possible. The last life cycle stage is sales decline. This occurs when the market has become saturated with the...