BackGround: Inspero Inc. was founded by two MIT MBA students in September 2014 T
ID: 376243 • Letter: B
Question
BackGround:
Inspero Inc. was founded by two MIT MBA students in September 2014
Their vision
“To completely rethink headphones by inventing a new way to experience and interact with sound.”
Vinci’s team now consist of 50 engineers and designers.
They have operations in New York, Bangkok, Beijing & Shenzhen.
In October 2015. Vinci was introduced and released their first headphones.
The product was a success and sold out within six months.
In November 2016, Vinci launched the first standalone intelligent headphone
Raised $1,297,277 on Kickstarter & Indiegogo.
In 2015, the global earphones & headphones market size was valued at USD 8.7 billion.
The global earphones and headphone market is expected to grow to $15.8 billion by 2025.
Growth Influences
Widespread use of mobile devices
Noise cancelling technology innovations
Popularity in music streaming services
Find the info below about Vinci 2.0 Headphones
ll. Market size
a. Estimated industry sales for the planning year
b. Estimated market growth rate.
III. The Marketing Plan
a. Marketing Objectives
b. The target market and product positioning statement
c. The marketing mix
Explanation / Answer
I) Market size in 2015=USD 8.7 billion
Expected market size in 2025= USD 15.8 billion; 10 years from 2015 to 2025
a) Estimated industry sales for the planning year 2016 = USD 8.7 billion + (15.8-8.7)/10 billion = USD (8.7+0.71) = USD 9.41 billion.
b) Estimated market growth rate :- Using (8.7)^1.0x = 15.8, we have a growth rate of 6.15 %.
II) Marketing Plan-
a. Marketing Objectives- Assuming Vinci 2.0 is the standalone intelligent headphone, it is a new product introduction.
So objectives can be-
i) Smooth phasing in of NPI ii) Become a successful pioneer product iii) Become market leader iv) Drive with technology v) Increase brand awareness vi) Enhance customer connect vii) Co-develop for futuristic products
b. The target market and product positioning statement
i) Young adults will be the target market in urban and sub-urban areas for the upper class and the upper-middle class of people. It is so because since the technology is latest with IPR with Inspero Inc. it will be affordable to these sections only. Also since milennials and young adults are tech-savvy and have disposable income it will them.For positioning the products, in addition to TV and print media ads, having displays and pamphlets near office complexes and collaborating with companies like mobile phones can help.
c. The marketing mix:-
Product- Vinci 2.0 standalone intelligent headphone
Price- Say initial price of $500 piece as introductory offer, bundle with a A**** phone or YYYY phone to get 10% discount. Also, premium members of Net**** & Spot&&& get at a discounted price of $485
Place- Launching 9th November at insperoonline.com; Also available on AmaXXX. In stores from 29th November
Promotion - TV and print media ads, displays, pamphlets and in-person registrations.
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