Marketing Plan Phase III Ã¯Â¿Â½ PAGE Ã¯Â¿Â½2Ã¯Â¿Â½
Marketing Plan Phase III Paper
Judge Edward Singleton
University of Phoenix
Group I.D. WH06BSM03
Prof. Richard Hartman
MKT 421 - Marketing
July 5, 2007Ã¯Â¿Â½
Pricing strategies take into account the forgotten "P," (Pricing), positioning. Speak Easy is a new product that will enter the market in the beginning position of the lifecycle, allowing flexibility in any selected pricing strategy. Pricing strategy is nothing more than taking into account research, production, and how setting the price will affect the market, customer, and return on investment. Taking into consideration positioning and recommended target segmentation markets, pricing objectives will focus on Quality Leadership, with a cost-plus pricing method. Speak Easy Speak Smart will be sold as a high quality product worth paying a high, not premium price. Price setting, while ensuring a profit on each product to a specific market segmentation that is not too concerned with price, is the best pricing strategy to use for Speak Easy, (NetMba, 2007).
Philip Kotler, (2004), identifies nine different pricing strategies and this is where Speak Easy will focus. Organizations present products to a market for the first time once, so taking advantage of unique opportunities is critical in establishing a pricing strategy. Research shows potential for high sales due to the unique product it is. Speak Easy high-tech advantage allows a high value demand with an outlook for a long life-cycle process. Speak Easy will focus initial pricing strategy on above average income. The market segmentation will allow further research testing to be conducted for determining if a change in pricing strategy should be considered and a target profit return, which addresses other competitors and the possibility of ethical and social concerns.
Speak Easy is a unique product...