#questionThis week in the Music2Go Multi-Player you will be required to launch a New Product into one of the empty Market Segments (Sports or Youth). Part of this process will be to complete a New Product Launch Report which will require you to set specific and measurable objectives that will assist you in achieving the goals of your organization''s Marketing Strategy. This is the second phase of the Strategic Management Planning process. You will need to think about how this new product complements the Marketing Strategy you created in Week 3 (LP2.2). Support your reasoning with data from the Music2Go Player’s Manual, Music2Go Reports and Market Research, and theory learned in class where appropriate. For this assignment you are required to cover at least the following points:
1. Target Market: Which target Market Segment (Youth or Sports) will you pursue with your new MP3 Player? Why did you select this Market Segment?
2. Sales: What is your first-year Sales Forecast for your new product in units? Explain how you arrived at this forecast.
3. Pricing: Describe your Pricing Strategy that you will use to launch your new product and why that strategy is appropriate (e.g. skimming vs penetration). What information did you use to decide on your launch price?
4. Advertising: Describe the Advertising Mix that you will use for your new product (i.e. how you will split your advertising spend across the different media types). Justify why this is appropriate using information from Player’s Manual and the simulation Market Research reports.
5. Distribution: Describe your Distribution Strategy regarding Retail Margin and why this is appropriate.
6. Forecast Results: What is your first-year forecasted Product Contribution for your new product? Describe any tradeoffs you made in your decisions above that may have an effect on Product Contribution. Describe your long term plans for ongoing product development in terms of cost reduction and product specifications of your new MP3 Player and why this is appropriate.
7. Marketing Strategy: What are your areas of uncertainty, and how might this affect the success of the product launch? Explain how this new product fits with your overall Marketing Strategy.
This assignment should be no longer than two or three pages. Submit this assignment to your instructor via the dropbox " LP4.2 Assignment: Music2Go Multi-Player New Product Launch Report." This assignment is worth 50 points; grading will be based on the following Scoring Guide...