Marketing Plan

Marketing Plan: Phase III

MKT421

Abstract

Marketing Plan: Phase III

The third phase of the marketing plan for Team B has the group exploring the process of releasing the iWatch even deeper. This week the team covers the features and benefits. The second item covered is how the iWatch will move through the product life cycle and what variables could affect the movement. The team also discusses how the marketing and launch can be affected by the product-life cycle. Next the team investigates the positioning and differentiation strategies for the iWatch. Finally, the strategy for setting the price is developed.

Features and Benefits of the iWatch

Product-Life Cycle of the iWatch

There are four major stages in the life cycle of a product. The cycle starts with market introduction, moves into market growth, peaks at market maturity, and finally, sales decline. The marketing mix must go through changes as the life cycle progresses. Changes can be caused by different factors such as the development of new target markets, competition, or a variation in sales. Profits will not move with the progression of the cycle. They will start to decline near the end of market growth (Perrault, Cannon, & McCarthy, 2011).

Market Introduction

For the market introduction, the strategy the team will use is the penetration stage. In the beginning Apple can price the product high, and lower it over time. The strategy will be successful since other competitors do not have a product like the iWatch. Apple is taking a risk to see if people will buy the product.

Market Growth

When it comes to the growth stage, and the product is out of the introduction stage, the item needs to be promoted. Promotion can be done by print media, commercials, and social media. These steps allow the consumer know what they are getting and lets them know all the features of your product. If done properly, it will attract consumers to the product, and hopefully increase sales....