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Sample essay topic, essay writing: Sirius Satellite Radio Marketing Plan - 1159 words
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.. be approved by the FCC. Sirius currently must comply with regulation by the FCC principally with respect to: the licensing of their satellite system; preventing interference with or to other users of radio frequencies; and compliance with FCC rules established specifically for U.S. satellites and satellite radio services.PREVIOUS RESULTSSales of Sirius Satellite Radio service are rising. Sirius has not seen a peak in subscriber additions and does not expect to peak until 2010 expecting large growth until that time.Subscribers:Metrics:SWOT and Issue AnalysisStrengths. SIRIUS offers its subscribers exclusive privileges to NHL, NBA and since last year, NFL events.
Besides regular season games, this includes pre and post season games, playoff games, and both home and visiting team broadcasts. SIRIUS has contracts with the National Football Association naming them the Official Satellite Radio of the NFL. Similarly, SIRIUS is also the Official Satellite Radio of the NHL's Stanley Cup Playoffs. Sirius also has contracts with NASCAR taking it from rival XM in 2007 and with Howard Stern who will leave Viacom to start with Sirius January 1, 2006.Weaknesses. Currently, SIRIUS' insurance policy covers the company for $110 million per satellite. If a satellite should fail, this payout only covers the launch of their fourth back up satellite, buying another satellite would come out of the company's pocket
In addition, SIRIUS mentioned decreasing their insurance policy over the next few years. In my opinion, the satellites are SIRIUS' is the axis of their entire business. They should at least cover the launch of their backup satellite as well as the cost of a new satellite. They may even want to go as far as covering themselves for the 6 months it would take to launch their backup satellite when their system's performance would be under 100%.Opportunities. SIRIUS is currently beginning to offer service to Canada and has started to add program content to begin service to Mexico eventually as well.
As the base platform has already been put into place, the nature of SIRIUS' satellite systems allows it to be expanded fairly easily. This gives the company the opportunity to go into virtually any country in the world and set up shop. This will open up the customer base significantly.Threats. XM Radio: XM Radio is SIRIUS' largest competitor in all aspects of their business, including retail and automotive distribution arrangements, programming acquisitions and technology. Also, every subscriber that XM signs on is a potential customer lost for SIRIUS.
As of September 30, 2004, XM Satellite Radio's customer base two times larger than SIRIUS'. Because of this added subscriber-given revenue, XM Satellite Radio is in a better financial position to deal with any financial difficulties (i.e. satellite failure, high programming content costs). XM also offers their service for $9.99/month compared to SIRIUS' $12.95/month. Satellite Failure: Should a satellite fail, it would take at least 6 months to get the backup satellite launched into orbit.
If two satellites should fail, it could take the company up to 24 months to get another satellite, and get both the back up and the new satellite into orbit and have the network running again. In this 6 month to 2-year period, SIRIUS would face a severe loss of customers, decreased customer confidence in their dependability, and hundreds of millions of dollars worth of costs to get their system back into order. Something of this magnitude could very much run the company into bankruptcy.Obsolete Service: Both the satellite industry and the audio entertainment industry are characterized by rapid technological changes and frequent new product innovation. If SIRIUS is unable to evolve with these changes in a way that customers require and expect, the business could very well fail. Satellite radio is a very new service.
Who knows how long it will be the latest in audio technology, and how long customers demand it before the next best thing comes on the market?Mission and ObjectivesSirius is changing the way America listens to music, sports, news, and entertainment. Sirius wants to provide quality, premium entertainment to everyone.MARKETING OBJECTIVESo To increase the number of outlet where Sirius is being sold by 50% over the next 2 years.o To introduce a new product, streaming video, through its satellite radio service within the next 12 months.o To gain approval to and begin to sell Sirius satellite radio in Canada under the Brand name Sirius Canada.SALES OBJECTIVESo To increase total number of subscribers to 15 million by 2010.o To maintain sales growth over the next year regardless of the world economy.o To reach the breakeven point and begin to make a profit.TARGET MARKETS AND POSITIONINGSirius is using a target market strategy to focus on selected consumer and auto maker segments. Sirius has segmented the consumer market based on lifestyle, hobbies, interests, and beliefs.Consumer Segments. Sirius is marketing to everyone. Sirius has gained exclusive contracts with most major sporting organizations.
Sirius also has the only national gay and lesbian talk channel available on radio. To top it all off Sirius offers a music selection that anyone would enjoy and in 2006 will have the top radio entertainer joining their lineup, shock jock Howard Stern.Organizational Segments. To reach targeted consumers Sirius uses retail outlets across the country and has contracts with many major auto manufacturers to factory install Sirius into new autos. Sirius's plans to get maximum exposure through this segment increasing brand awareness and subscriber numbers.PRODUCT STRATEGIESSirius has realized that not all consumers are alike there for they offer a diverse selection of receivers. Currently there are four different types of SIRIUS radios: Plug and Play Radios, FM Modulated Radios, Three Band Radios and Home and commercial units.
The radios are manufactured by several well known names including Kenwood, JVC, Clarion, Audiovox and the Brix Streamer (for Trucks). At the moment, SIRIUS radios can be bought at RadioShack and through EchoStar's Dish Network. From 2004 onward, the radios will be available at more than 20,000 retail locations nationwide in order to offer maximum exposure.PRICING STRATEGIESSirius offers pricing structures for everyone. Sirius offers monthly service plans at a flat rate of 12.95 per month and cheaper rates on additional receivers on the same account. Also Sirius offers cheaper rates for a 1 year subscription and on a lifetime of the receiver.CONTROLSSirius will use several tools to evaluate and control activities implemented under this marketing plan.
First Sirius will use monthly trend analyses to examine sales by channel, type of reseller, and by geographical area. This information will be used to make changes in advertising revenue where needed. Second, Sirius will use consumer feedback as a means of quality control. Customer feedback will be monitored for any potential problem areas, If any are discovered this information will be used for future changes.Third, Sirius will conduct a marketing audit in midyear and again at year's end to evaluate the effectiveness and efficiency of the marketing programs. In this way, Sirius will be able to pinpoint areas for improvement and prepare a contingency plan for emerging problems.
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