Marketing Plan: Phase II

Essay by lilstacks23A, September 2007

download word file, 8 pages 3.5

Phase II � PAGE �1�

Marketing Plan: Phase II

Zulema Buckner, James Lee, Arika Mobley,

Leslie Stacks, Michelle Walker

MKT 421

University of Phoenix

August 24, 2007

Marketing Plan: Phase II

Replay Radio is the new product introduced by XM Radio. This product is intended to revolutionize satellite radio. The proper marketing strategy and plan will ensure that this product will be a success. This paper will summarize the product's life cycle and describe the product's attributes. Team B will also identify a price strategy, analyze the impact of channel management, identify a promotional strategy, create an advertising plan, and identify public relations strategy.

The product life cycle and pace of Replay Radio is determined and affected by various factors. During the life cycle phase of Replay Radio XM's marketing team will introduce the new product. During this phase the team will be on a strict budget but not limited.

This stage is the most important of all stages. XM's marketing team plans on successfully marketing Replay Radio to all consumers from teenagers to middle aged adults. The total concept of our product will be to produce a quality product and generate excitement about the new technology.

Due to the pending patent of the technology and the competitive advantage XM tends to gain, a skimming price strategy is implemented and limited amounts of the product are available in the beginning.

The second phase is growth, during this phase of the product's life cycle the product tends to become more profitable and competitors tend to become more attracted to the market. Companies tend to start forming alliances, and more money is put into the advertising the product (Life Cycle, 2007). Replay radio should be in mass production at this point of the life cycle and be marketed to manufacturers...