2Marketing Management TodayFinal ProjectProduct Launch Plan: ThronePhonesAssignment Overview: This project designed so students can apply the knowledge they haveattained over the course of the semester. Students may work individually or in groups of 2-3(No more than 3 students in a group. Each student must submit the project.)The assignment is to develop a marketing launch plan for a new product, ThronePhones. Theobjective is to present to management for their approval, which will also determine how muchfunding will be allocated for the launch.Deliverable: The end deliverable is a slide deck that incorporates the following sections andtopics below. Students are expected to read the case background and do some external webresearch as they deem necessary to make the presentation as they would to management. Thespecifics of the slide deck are at the end of this document.Background: ThronePhones is introducing a new high-end headphone to the market, whichpromises to be a great if not revolutionary product. Quality audio awareness is increasing, andhigh definition (HD) audio is expected to grow substantially over the next 10 years.Recently, Apple announced that all Apple Music tracks will be available in Lossless and SpatialAudio formats. Lossless refers to an audio file that is similar to CD qualitybasically a file that isuncompressed. Standard MP3 and MP4 files are based upon various codecs(Compression/Decompression) that compress the file to reduce the size. Lossless audio haslargely been relegated to CDs and uncompressed digital files, which have required externalservers to hold the large files and specialized stereo equipment to play the recordings so thatlisteners will actually hear the difference. Apple Lossless Audio Code (ALAC) is a proprietarycompression technology that preserves the integrity of the original music file with manageablefile sizes to support todays portable listening habits. There are a few downsides to losslessaudio: Need the right playback equipment File sizes are large resulting in:o more data to stream or downloado more storage space on playback device Lossless audio cannot be stream to Bluetooth headphones (Airpods, Airpods Pro,Airpods Max, and Beats)Spatial audio is based on Dolbys Atmos, which is reputed as being a game changer in audiosome compare it to HDTV (high definition) versus to standard definition. With the rightheadphones or speakers, the listener benefits from a much more immersive audio experience 3where the sound comes from all around them and from above. Apple Music will automaticallyplay Dolby Atmos tracks on Airpods and Beats headphones that contain an H-1 or W-1 chip.Both of these new formats require headphones and speakers capable of playing back thematerial. So, its an optimal time for ThronePhones to be introducing a high-end productdesigned to playback high-end audio.Product Information: ThronePhones currently consists of one producta high-end pair ofheadphones that: utilizes proprietary technology to allow lossless audio via Bluetooth or a wiredconnection has a proprietary TP-1 chip capable of playing Dolby Atmos tracks automatically is capable of reproducing high definition audio in a very transparent and authentic way offers external sound canceling properties extreme comfort transportabilityThe product is slated to sell in the $600 – $700 range. Distribution will be limited to onlineinitially including Amazon (a company owned Amazon store, not through resellers). Thus, allsales will come from the companys eCommerce website, Amazon, social media, and potentiallyany direct selling efforts at events, etc.The new product is initially targeted at males between 18-40 who are technologically savvy;audio enthusiasts; serious gamers; and home entertainment enthusiasts. It is assumed thatmany in this target audience will be professionals with disposable income who spend money ontechnology, quality, and innovative products.Other potential secondary audiences include females who game and enjoy technology; affluentteenagers who are serious gamers and audio enthusiasts. The primary audience should befocused on the most, and it may be necessary to develop multiple personas to help identifyprospects within the larger target audience.Market Research Highlights Uncovered During Product Development: Based on Beats, Bose, Grado, Sennheiser, and BeyerDynamic, it is well known thathigher-end headphones have increased in popularity including web searches. Based on intelligence, it is known that Apple, Amazon, Beats.com, and Bose.com derivesubstantial revenue from online sales. Research has shown that the primary target market demographic invests heavily inhome theatre equipment (including gaming), and spends significant down time,consuming digital media, and enjoying entertainment at home. A buyer at Best Buy revealed that premium headphones ($299.99 and up at their stores)growth has surpassed all other types of headphone sales. 4 It is anticipated that HD audio will grow in the double digits beginning in 2022. HDtracks, SuperHiRez, NativeDSD, ProStudioMasters, and Tidal are a few of the onlineservices that offer high-resolution audio tracks, which are purported to be growing eachyear.Case Specifics for Recommendation Submission: Management recognizes this is a wide targetmarket and expects you to challenge these assumptions and do your homework ondemographics as it relates to male gamers but also to explore women who game, consumemedia, etc.While the creative has yet to be determined, management would like to see a strategy ofpromoting high quality audio and audio education to garner interest for its headphone product.The company understands that content will be important to this endeavor and has severalsubject matter experts (SME) who can contribute expertise and experience to help the contentcreators if necessary.The company has talked about investing approximately $300,000 to do a product launch butthere is a possibility of additional funding if the board also approves the approach.Other pertinent information includes the following: This is a new brand so there is no existing platform from which to work The company is largely interested in digital advertising and marketing The company realizes that some offline advertising and marketing might be necessary,but if this is part of the recommendation, it cannot exceed 20% of the budget The target market is broad, and the company understands the ideas of Personas.Therefore, recommended Personas within the larger target market should be welldeveloped with a rational for each Persona The recommendation should include social media platforms with a rationale of why aspecific platform should be used The recommendation should include advertising platforms like Google, Facebook,Amazon, etc. The recommendation should include a digital infrastructure that comprises a 1)marketing automation system; 2) CRM (Customer Relationship Management); and 3) anexternal dashboard solution that will provide real-time and modular access to specificKPIs (Key Performance Indicators) Include recommended specific KPIs including a rationale for why each is important tothis launch The recommendation should include a comprehensive list of content types that mightbe used (audio, video, text-based, images, etc.) in all digital media including a rationaleof why they should be used, and how they can be measured. The recommendation should include high-level marketing and promo ideas (presumablyin conjunction with the content) to drive awareness, engagement, and conversion.Include rationales and how they will be measured. 5Your job is to research the aforementioned and deliver a high-level presentation (PPT) to themanagement team that includes your research and recommendations, including potentialtactics to drive awareness, engagement, and conversions. Each suggested tactic needs toinclude a rationale why the tactic is important and how the tactic will be measured.Keep in mind: this is NOT the marketing plan. This is a launch presentation to management toget approval on the direction and to secure funding.Your PowerPoint should include:Executive Summary Market landscape in which the new product will be introduced (market specifics, trends,etc.) Overview of the new product Rough timeline of product launch SWOTGoals and Objectives State goals and objectives How strategy of launch campaign will support theseProduct and Brand Considerations Value Propositionhow a customer’s life is improved by doing business with thecompany; why should they care about the difference in the USP? The value of thebenefits theyll receive. Brand Positioning the unique place in the mind when consumers think of your brand. Competitive Analysistop 3 5 competitorsTarget Market General description of market segmentation (four areas) Buyer Persona(s)details on specific personas Unique Selling Propositionwhy should I buy from you? How are you different fromyour competitors? Stressing the uniqueMarketing Strategy Product Price Place6 Promotiono Channels (Amazon, YouTube, etc.)o Tools (ex. Advertising, etc.)o Tactics (Facebook, Google, etc.)Summary Recap Timeline Next Steps