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Marketing Plan Phase Ii Essay

1961 words - 8 pages

Marketing Plan II PAGE 6
Marketing Plan Phase IIShahram DashtipourJudge Edward SingletonMelissa KlineCruz MaldonadoMarketing 421University of PhoenixGroup WH06BSM03Professor Richard HartmanJune 28, 2007IntroductionSpeak 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.IdentifyTargeting 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 will be going with a high-tech product that will involve a different approach. Competition and technology are key focal points, and standard quantifying research will be difficult as this product is newly developed.Segment Research Recommendations:Use informal data analysis by talking to possible key buyers(middleman) about new product introductionsInfomercial will be introducedConduct Informal focus groups with potential users (end user) within various regions to assess reaction to productConduct needs analysis from qualitative research groups and individualsGlobal Marketing Research Team Implementation responsible for research/product introduction/and monitoring product implementationPrototype testing/continual product testing for possible technological advancementsMarket Segmentation involves combining business strategy with marketing objectives to achieve a high quality deliverable. In order for the Speak Easy Voice Translator to be successful there are many variables that must be considered: product life cycle, proper target analysis,...

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