Marketing Plan Phase IV
June 26, 2013
Marketing Plan Phase IV
This is phase three of the Marketing Plan for the OnGo product line by Google X. This portion of the plan will give a detailed description of the attributes, the life cycle and its effect on the marketing for this product, positioning and differentiation strategies and the appropriate price strategy for the OnGo product. After analyzing this data it will give Google X a better understanding of how to market this product and when to begin producing a new and improved version. The pricing strategy will be one of the most important aspects. If the company overprices the product or underprices the product, it could cause this item to fail. (Nadeau & Casselman, 2008) Detailed Attributes of OnGo
Google X took a step up when they designed OnGo. OnGo was developed for consumers on the go. OnGo is an innovative product that has the technology to charge a small battery within 60 seconds when wearing the accessories. This product was created for busy working professionals, students, children, and individuals with a busy life style. With society depending on technology, technology can now depend on OnGo for that last minute charge. The OnGo accessories are fashionable products with multiple colors and durable. Google X wanted to make sure that no one was left out so they designed fun color accessories for children and made the accessories easy and with a comfortable fit. The advantages of wearing OnGo is people do not have to stress about their cell phone, watch, laptop, tablet, iPod, and iPad or any other small electronic with a battery dying in the middle of conversation or project. Google X is making OnGo affordable, multiple styles, many colors, and available in most major stores. The OnGo product will be a set price that captures a value not just to the company but for the consumer as well; price is a key attribute that consumers consider before making a purchase (Mohammed, R. 2010). Product Life Cycle for OnGo
The product will have a Life cycle which will include a 45 days peak period and then a 60 day point of valuation that will show us where the product is at each step so we can then move forward with the strategy of price reductions with a 90 day evaluation of watching the product movement. Life cycle period one will be 30 days after official launch of the product OnGo. After the 30 days we will evaluate a 90 day period of upgrading the product of OnGo II. After a 120 day period if the product sales at 75% levels of success we will continue on the pace of a successful product to move forward. Once the product is at one million units sold we will have a stage 2 of life cycle in effect which will be top notch customer experience for OnGo customers. With a CLV “Customer Lifetime Value” not yet calculated, this is a mathematical equation that will need to be added as soon as possible. Monitoring Social media wires is the 3rd stage of product life cycle. This stage is paramount because we will see a 10% bump in product sales just after raving fans rave about the product. This bump is caused by non - users that will have product envy and want the product just because their friends have it. After the intention of the 120-day product period, there will be a stage 4 of product upgrade upsell. This will be for the second stage of buyers that are waiting for the review of the first product and seeing if there friends really like the product and then they are going to make up their mind on the product wanting to move forward on purchasing the product.
Quality of OnGo pricing is a middle to high-end product that has a unique value of “recharging the world “, we can deliver on time every time. Our unique advantage against other competitors has been there is no one else with a similar product. The likelihood of us cornering, and then quickly dominating the market, is extremely high. Similar to what Apple did with...
References: Klara, R. (2009). Product placement of the decade. Brandweek, 50(44), 16.
Mohammed, R. (2010, Sep). Building a new pricing strategy. Minority Business Entrepreneur, 27, 34-34, 36, 38. Retrieved from http://search.proquest.com/docview/758930013?accountid=35812
Nadeau, J., & Casselman, M.R. (2008, December). Competitive Advantage with New Product Development: Implications for Life Cycle Theory. Journal of Strategic Marketing, 16(5), 401-411.
Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2011). Basic Marketing (18th ed.). Retrieved from University of Phoenix
Please join StudyMode to read the full document