Assignment Overview: This project designed so students can apply the knowledge they have attained 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. The objective is to present to management for their approval, which will also determine how much funding will be allocated for the launch. Deliverable: The end deliverable is a slide deck that incorporates the following sections and topics below. Students are expected to read the case background and do some external web research as they deem necessary to make the presentation as they would to management. The specifics of the slide deck are at the end of this document. Background: ThronePhones is introducing a new high$-$end headphone to the market, which promises to be a great if not revolutionary product. Quality audio awareness is increasing, and high 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 Spatial Audio formats. Lossless refers to an audio file that is similar to CD quality$$basically a file that is uncompressed. Standard MP$3$ and MP$4$ files are based upon various codecs $($Compression$/$Decompression$)$ that compress the file to reduce the size. Lossless audio has largely been relegated to CDs and uncompressed digital files, which have required external servers to hold the large files and specialized stereo equipment to play the recordings so that listeners will actually hear the difference. Apple Lossless Audio Code $($ALAC$)$ is a proprietary compression technology that preserves the integrity of the original music file with manageable file sizes to support today$$s portable listening habits. There are a few downsides to lossless audio: $$ Need the right playback equipment $$ File sizes are large resulting in: o more data to stream or download o more storage space on playback device $$ Lossless audio cannot be stream to Bluetooth headphones $($Airpods$,$ Airpods Pro, Airpods Max, and Beats$)$ Spatial audio is based on Dolby$$s Atmos, which is reputed as being a game changer in audio$$ some compare it to HDTV $($high definition$)$ versus to standard definition. With the right headphones or speakers, the listener benefits from a much more immersive audio experience $3$ where the sound comes from all around them and from above. Apple Music will automatically play Dolby Atmos tracks on Airpods and Beats headphones that contain an H$-1$ or W$-1$ chip. Both of these new formats require headphones and speakers capable of playing back the material. So$,$ it$$s an optimal time for ThronePhones to be introducing a high$-$end product designed to playback high$-$end audio. Product Information: ThronePhones currently consists of one product$$a high$-$end pair of headphones that: $$ utilizes proprietary technology to allow lossless audio via Bluetooth or a wired connection $$ has a proprietary TP$-1$ chip capable of playing Dolby Atmos tracks automatically $$ is capable of reproducing high definition audio in a very transparent and authentic way $$ offers external sound canceling properties $$ extreme comfort $$ transportability The product is slated to sell in the $$600-$ $$700$ range. Distribution will be limited to online initially including Amazon $($a company owned Amazon store, not through resellers$).$ Thus, all sales will come from the company$$s eCommerce website, Amazon, social media, and potentially any 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 that many in this target audience will be professionals with disposable income who spend money on technology, quality, and innovative products. Other potential secondary audiences include females who game and enjoy technology; affluent teenagers who are serious gamers and audio enthusiasts. The primary audience should be focused on the most, and it may be necessary to develop multiple personas to help identify prospects within the larger target audience. Market Research Highlights Uncovered During Product Development: $$ Based on Beats, Bose, Grado, Sennheiser, and BeyerDynamic, it is well known that higher$-$end headphones have increased in popularity including web searches. $$ Based on intelligence, it is known that Apple, Amazon, Beats.com, and Bose.com derive substantial 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\mathrm{.}99$ and up at their stores$)$ growth has surpassed all other types of headphone sales.