Lp5.1 Assignment: Music2go New Product Launch Revi

LP5.1 Assignment: Music2Go New Product Launch ReviewLaunching a new product SonicPro was a major marketing decision for the year 2018. With sales revenue of $123, 802,501 and forecast revenue of $171,360,342 we expect to close the 38% variance through market promotion and product development. Comparing with other products in the same segment, SonicPro is doing well. In fact it is the second most popular after the product by Beatsbymike. However we plan to lead the market through our marketing strategy.The awareness index for the new product is 95% which implies that w are doing well on the market compared to our competitors’. My sales on my new MP3 Player product were $187,782,189. As for my terms of competition in my market segment I took the lead in the Marketing Contributions results for 2017 results of the market segment.So far, our marketing strategy has been successful. Since the prices of our competitors’ do not differ with a significant margin, price variation has minimal impact on the market contribution. Thus our strategy aims at market information rather than price reduction. In our marketing we aim to utilize effective sales promotion and advertising methods. The market segment for our new product is