Marketing Plan II Ã¯Â¿Â½ PAGE Ã¯Â¿Â½6Ã¯Â¿Â½
Marketing Plan Phase II
Judge Edward Singleton
University of Phoenix
Professor Richard Hartman
June 28, 2007Ã¯Â¿Â½
Speak Easy's Voice Translator is a new product that will assist people of all ages and backgrounds with the ability to communicate in other languages without having to know the language. The product is revolutionary for its time and will require proper marketing plans to ensure success. To recap, Phase I Marketing Plan included: introduction of new product, explanation and features of product, and the marketing approach.
Phase II of Speak Easy's approach for the Voice Translator marketing plan will include identifying the target audience, explaining how this niche of the market will be reached, describe the purchasing consumer along with researching the behavioral characteristics of the potential market. Speak Easy, (the organization that specializes in advance technology in translation technology), will want to examine the research and development of the new product to ensure profitability.
Speak Easy is a new product to the market and Speak Easy must analyze the market in order to create a good marketing strategy to sell the product and provide direction in the marketing plan.
Targeting a segment of the market can be a powerful strategy. The targeting strategy will be the concentration of marketing effort to dominate a market niche. Targeting is the process of dividing a market into a specific and diverse group of buyers that require different products or marketing mixes, (Advanced Analytics, 2007).
Speak Easy is targeting the Military, Federal and State Agency, and the United Nations just to name a few. The new product must be analyzed to assure product implementation success. Standard marketing research involves demographics, psychographic, and behavioral research, but the Focus Group...