Essay about Beats The Prescription Earphone B

Submitted By SengDao-VanMany
Words: 3114
Pages: 13

Three-Year Marketing Plan
Beats “Prescription” Earphones

EXECUTIVE SUMMARY
This three-year promotion strategy for Beats “Prescription” Earphones has been created by marketing consultants Team2, to secure additional financing for growth and to inform customers of the business’s current position and direction. Although Beats Headphones was released only 8 years ago, the firm has experienced greater-than-anticipated demand for its items, and research has shown that the target audience of music-minded customers and electronic suppliers would like to buy more Beats products than what is currently offered. They are also interested in increasing their production as well as adding new items. Moreover, Beats plans to discover opportunities for a new product line in the realm of customized earphones. Keeping in the area of product names tagged with medical themes related to Dr. Dre, we are calling these customized earphones “The Prescription”. The promotion atmosphere has been very responsive to the company’s high-quality premium headphones and earphones in stylish colors, special editions products and even customizes pieces that indicate the passions of music lovers around the globe. Over the next five years, Beats “Prescription” can increase earphone sales, offering new ways to love the music they hear, and win new customers.
COMPANY DESCRIPTION
Beats Electronics is a division of Apple Inc. which produces audio products. Formally established in 2006, Beats Electronics is the brainchild of legendary artist and producer Dr. Dre and Jimmy Iovine, Chairman of Interscope Geffen A&M Records, who set out to develop a new type of headphone with the capability to reproduce the full spectrum of sound that musical artists and producers hear in professional recording studios. In January of 2008, Dre and Iovine announced a partnership with audio innovator Monster Cable to engineer "Beats by Dr. Dre," the most advanced headphones ever developed that now includes an artist line with some of the biggest talents in music today such as Lady Gaga. Continuing its mission to improve the quality of the portable audio experience, Beats announced a major partnership with Hewlett-Packard in 2010 to expand the Beats by Dr. Dre family of headphones to include Beats Audio software in the HP ENVY line and a HP ENVY 15 Beats limited edition notebook PC. 2011 Beats signs deal with Chrysler Group to bring Beats Audio into automobiles. According to Beats: “Your car is more than just a way to get from A to B. It’s one of the few places where music matters the most. With Beats Audio you can immerse yourself in your favorite songs and hear them in ways you never have before.” Also in 2011 Beats and HTC begins releasing Beats Audio-powered smartphones.
BEATS PERSCRIPTION MISSION AND GOALS
Beats Prescription’s objective is to bring music to the people because, “People aren’t hearing all the music.” The Prescription will accomplish this by providing all audiophiles the premium sounds they deserve. The premium sounds they will hear through our earphones will give them the energy and excitement to dance, play a sport, evoke emotions that can only be felt when music are heard through our customize earphones.

During the next three years, Beats “Prescription” seeks to achieve the following financial and nonfinancial goals:
Financial Goals
1. Increase revenues by at least 15 percent each year.
Nonfinancial goals
2. Enter global market.
Beats Prescription looks for to use Beats Electronics current product profile to accomplish maintainable aggressive benefits, in which opponents cannot provide the same value to clients that Beats Prescription does. Already, Beats Prescription has developed core capabilities in (1) providing a high-quality, branded item whose image is identifiable among consumers; (2) creating a communal feeling among clients who buy the products; and (3) developing a reputation among providers as a reliable manufacturer, delivering the requested…