Assignment: Music Go New Product Launch Plan
This week one of the decisions you will be making for your Music2Go company will be to conduct a New Product Launch into one of the other market segments (Sports or Youth). Part of this process will be to complete a New Product Launch Plan.
For this assignment you are required to complete each of the following:
A. Write your New Product Launch Plan
B. Submission of Music2Go Decisions before Rollover #3
Read and complete the following detailed directions:
A. Write your New Product Launch Plan
To complete this written assignment you will need to have open the Music2Go Player's Manual, your Situation Analysis and Marketing Plan created earlier in the course (LP2 Assignment), 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 page in length.
Write your New Product Launch Plan by answering the following questions:
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?
Sales: What is your Sales Forecast in units for the new product in its first year? Explain how you arrived at this forecast.
Pricing: What will be the Retail Price of your new product and what information did you use to decide on this?
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).
Distribution: What will be your Retail Margin for the new product and why is this appropriate?
Forecast Results: What is your Product Contribution forecast for this new product in its first year?
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?
B. Submission of LP4.2 Assignment: Music2Go Decisions before Rollover #3
This week you must have logged into your Music2Go company through the Smartsims website and entered your decisions prior to the Sunday midnight (MST) deadline. The ten-point grade will only be awarded to students who have entered their decisions for their Music2Go company prior to the deadline. Submission is completed through the Music2Go simulation.
Music2Go Rollover #3 (10 pts) Decision Deadline Sunday Midnight (MST)
The third decision round will be completed in the Smartsims Music2Go simulation. The written portion of this assignment (New Product Launch Plan) must be submitted to your instructor via the dropbox "LP4.1 Assignment: Music2Go New Product Launch Plan" This assignment is worth 100 points and will be graded according to the following Scoring Guide.