Music2Go New Product Launch Plan
Directions
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 write a New Product Launch Plan.
NOTE: Before completing this assignment, be sure to complete the LP04.1 Assignment: Music2Go Decisions before Rollover #3.
Read and complete the following detailed directions:
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-two pages in length.[unique_solution]
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?
Submit this assignment to the dropbox “LP04.2 Assignment: Music2Go New Product Launch Plan.” You can navigate to this dropbox by clicking the “next” arrow at the top right of your screen. This assignment is worth 90 points and will be graded according to the scoring guide below.
SCORING GUIDE ( 90 POINTS )
| Rating Scale | |
| 10-9 | Work meets or exceeds criterion at a high level of competence. |
| 8 | Work reflects an understanding of criterion with minor misunderstandings/misconceptions. |
| 7 | Criterion partially met, but one or more important concepts/skills are missing or flawed. |
| 6 | Work reflects an attempt to meet criterion, but significant misunderstandings/misconceptions are apparent. |
| 5-0 | Criterion not met or work is absent. |
| Criteria | |
| 1. | Identified the target market for the new MP3 Player and explained why this target market was selected. |
| 2. | Described the sales forecast for the new product in units and how they arrived at this forecast. |
| 3. | Described the pricing strategy used to launch the new product as well as why that strategy was used and how the student decided on the launch price. |
| 4. | Described the Advertising Mix used for the new product with justification. |
| 5. | Described their Retail Margin strategy and why this is appropriate. |
| 6. | Identified a Product Contribution forecast for the new product. |
| 7. | Discussed how the new product ties in with their Marketing Plan and identified areas of uncertainty that may affect the product’s success. |
| 8. | Used relevant and compelling content to illustrate mastery of the concepts related to this assignment. |
| 9. | Paper is well presented, communicates its points clearly and consistently within the answer length requirements, with correct punctuation, spelling, and grammar. |