Sonic Marketing Plan Assignment
Description Sonic Marketing Plan Assignment
Read the Sonic Marketing Plan located in the appendix of the Kotler text before completing the following assignment.
The following excerpt is taken from the marketing plan for Sonic, a hypothetical start-up company. The company’s first product is the Sonic 1000, a state-of-the-art, fully loaded multimedia smart phone. Sonic will be competing with Apple, Samsung, LG, Motorola, HTC, and other well-established rivals in a crowded, fast-changing marketplace where smart phones have many communication and entertainment capabilities.
The primary marketing objective is to achieve first-year U.S. market share of one percent with unit sales of 800,000. The primary financial objectives are to achieve first-year sales revenues of $200 million, keep first-year losses to less than $40 million, and break even early in the second year.
As an assistant to Jane Melody, Sonic’s chief marketing officer, you’ve been asked to scan Sonic’s external environment for early warning signals of new opportunities and emerging threats that could affect the success of the Sonic 1000 smart phone. Using the library and Internet sources, locate information to answer the following questions.
What demographic changes are likely to affect Sonic’s targeted segments?
What economic trends might influence buyer behavior in Sonic’s targeted segments?
How might the rapid pace of technological change alter Sonic’s competitive situation?
Based on your research and the competitive information located in the marketing plan, which of Porter’s generic competitive strategies (overall cost leadership, differentiation, focus) would you recommend Sonic follow in formulating overall strategy.
Please develop a formal, APA-formatted paper. Your paper should be a minimum of 500 words and include a title page, abstract, headings, sub-headings, and a reference page. Make sure you provide sufficient details, including examples and explanations. Use at least two academic or business sources to support your recommendations, using APA-formatted citations within the body of writing. Submit the assignment as an attachment through the assignment link.
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