Choose one of the goods and services and describe your strategy for taking it to the next stage in its product life cycle. For products in the maturity or decline stage, describe a strategy for extending their lifecycle.
=satellite radio (growth)
6 Answers | Add Yours
I would try to expand the market for satellite radio by getting into people's homes. If a company were to develop a radio device (stereo plug in or internet access site) that was cheap or free then sell the subscription service, the potential market for satellite radio could grow.
Most of the examples above deal with car radio service, which makes sense. It seems most people listen to the radio exclusively while driving. A good radio station can be great to have on in the house too though and a an affordable subscription could compete with the many free internet radio stations like Pandora if they can offer something special.
Excellent examples are provided in the previous posts. Providing easy access satellite radio for iPods would be another suggestion. I used to enjoy specific genre radio shows back in the day ('70s progressive rock, Krautrock or Euro rock, etc.), and these formats have all but disappeared. As a previous post mentioned, live sports broadcasts would also be a plus to entice my subscription.
I had satellite radio. I actually got rid of it because I purchased a new car which had the other provider than the one I had subscribed to. The new provider did not offer the specific channels I wanted. So, in order to help satellite radio grow, I would suggest offering free trials, lower introductory rates, package deals on longer contracts, and the programs most people want.
With something new, you want to establish some good word-of-mouth advertising, so offering the service free for a while is a good way to get people to try it out and tell their friends about it.
You would also need a fairly aggressive media advertising campaign to make people aware of the product.
Finally, you would need a diverse offering of stations--something that would appeal to everybody in some way.
Bundling the package with automobiles, as the previous response mentions, is a great idea. Another might be additional programming packages that cater to certain niches. People who listen solely to mainstream music can find plenty of it on FM radio. The appeal of satellite radio for me is that it allows me to listen to more of the music I like as well as the sport I like (soccer.) Neither of these can be found on FM radio. I think providing a broader range of packages for niche customers like me might boost sales.
For satellite radio, I would be trying to get it to be an option for more people. I would be trying to get more car makers to include it as a standard feature in more lines of their cars. The more that it is made easy for people to get satellite, the better the chances for growth.
We’ve answered 318,984 questions. We can answer yours, too.Ask a question