Homework: Write your New Product Launch Plan
To complete this written homework you will need to have open the Music2Go Player's Manual, your Situation Analysis and Marketing Plan created earlier in the course, and be logged into your Music2Go company (log in through the Smartsims website). The prescribed textbook may also be helpful. Your New Product Launch Plan should be one-two pages in length.
Write your New Product Launch Plan by answering the following questions:
a. Target Market: Which target Market Segment (Sports or Youth) will you pursue with your new MP3 Player and why did you select this Market Segment?
b. Sales: What are your Sales Forecast in units for the new product in its first year? Explain how you arrived at this forecast.
c. Pricing: What will be the Retail Price of your new product and what information did you use to decide on this?
d. Advertising: Describe the Advertising Mix that you will use for your new product (i.e. how you will split your advertising spend across the four different media types). Justify why this is appropriate (hint: see Market Information Report).
e. Distribution: What will be your Retail Margin for the new product and why is this appropriate?
f. Forecast Results: What is your Product Contribution forecast for this new product in its first year?
g. Marketing Strategy: How does the strategy for this new product fit with your Marketing Plan? Do you have any areas of uncertainty that may affect the success of the product launch?
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.