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LP4.1 Assignment - Music2Go New Product Launch Plan

This document outlines a new product launch plan for an MP3 player called the HQ Sport MP3 Player targeted at the sports market segment. Key points include: 1. The target market is young adults in the sports segment who demand high tech features in music players. This segment has less price sensitivity. 2. Sales are forecast at 1.9 million units in the first year due to the high price point and newness of the product in this segment. 3. The retail price is set at $150 to meet high tech specifications while being reasonable for the segment. 4. An $8 million advertising budget will target this segment through TV, newspapers, magazines and digital media. 5.

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531 views3 pages

LP4.1 Assignment - Music2Go New Product Launch Plan

This document outlines a new product launch plan for an MP3 player called the HQ Sport MP3 Player targeted at the sports market segment. Key points include: 1. The target market is young adults in the sports segment who demand high tech features in music players. This segment has less price sensitivity. 2. Sales are forecast at 1.9 million units in the first year due to the high price point and newness of the product in this segment. 3. The retail price is set at $150 to meet high tech specifications while being reasonable for the segment. 4. An $8 million advertising budget will target this segment through TV, newspapers, magazines and digital media. 5.

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Bảo Đạt
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Learning Plan 4

Assignments
LP4.1 Assignment: Music2Go New Product Launch Plan
A. Write your New Product Launch Plan
1. Targer Market: We will pursue Sports market
segment with our new MP3 Player, because this
segment require a high degree of technological
sophistication in their music players in order to cope
with the physical demands they place on their Mp3
Player when in use with sports/recreation activities. As
such, these players can command a premium price in
the market, and are thus popular with young adults who
have begun work but are not yet subject to the family
commitments of older age groupings. As the Sports
Market segment has low price sensitivity and a high
price range, this is the fastest moving segment and the
most sensitive to product specs. So we will concentrate
most on product specs as well as sale and marketing
promotion, and try to be a leader in this segment.
2. Sales: The Sale forecast in Units will be 1,899,999 HQ
Sport Mp3 Playets. Because this is a luxurious
segment, the price is much higher than one in the
Standard segment, so the sale volume is relative low, in
addition, this is a new launch segment, so that

customers still feel strange and the awareness is not too


high. They tend to wait to see the reviews from the
others before making decision.
3. Pricing: The retail price of our product is $150. We set
the price quite high, partly because of its requirement
of high specs. The Sports Market segment has low
price sensitivity and a high price range, this is the
fastest moving segment and the most sensitive to
product specs. So to bringing the best experience to
customers, as well as the best specs, we try to set the
price most reasonable.
4. Advertising: At first period, we will spend up to
$8,000,000 for advertising, which is allocated 50% for
TV, 10% for both Newspapers and Magazines equally,
and 40% in Digital media. Because this is the first time,
we launch and introduce a totally new product, so we
want to spend many efforts to marketing the products
as well as promoting the sales. From the Market
Information Report, we can see that the proportion
Sports segment that can be reached by the TV and
Digital is quite high about 85% with TV, and 74% with
Digital media, so our advertising plan is concentrate
almost in these two fields, however we cant forget to
advertise on Newspapers as well as Magazines. But to
be effective, we choose to focus on two main channels
of this segment.

5. Distribution: The Retail Margin for the new product


will be about 35% because the sales is at moderate
level and the retail price is not too high, so this is a
reasonable estimated.
6. Forecast Results: Our Product Contribution forecast for
this new product in its first year will be $53,449,963,
which is higher than the old one about $7,000,000.
7. Marketing Strategy:
We are trying to create highlight and innovative
products. Bringing the best music experience to
customers is our top priority. We try to successfully
establish two new market segments Youth and Sports in
next 2 years.
So when launching this new product, it is a part in the
process to make our former Marketing Plan become
reality.
There are still some areas of uncertainty that affect the
product launch, for example, the quality of production,
the competition, the economic situation,
B. Music2Go Rollover #3 (10 pts) Decision Deadline
Sunday Midnight (MST)

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