ToyEdu is an established company which hopes to create a mark in the toy industry by introducing two new products which is different from the traditional toys. It is determined to be profitable by the end of fourth year and will have a steep increase in its sales for the first few years…
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The company believes that their newly launched product will be a trend-setter in the toy industry. Its unique features will create attraction among the children in the initial stages. ToyEdu feels that the more the children can learn the basic educational tips, the more successful the company can be. ToyEdu’s objectives are very clear. It believes that the creative line of products waiting to be launched in the market of the United Kingdom will be the key to success. They wish to adopt strict financial controls that will reduce their operational cost, thus, enhancing their marginal cost. Furthermore, the company wishes to have a unique team of research and development, which will enable them to respond to the customer’s feedback and develop their products accordingly. The business plan that has been outlined in the proposal consists of the marketing and promotional strategy of the company to inform potential clients about the product. It includes few opportunities for the business clients in toy industry who may be interested to buy the patent right of the product. The operational plan has been designed in such a way that will be suitable to meet the demand of both the segments, namely the individual consumers and the business clients. ...
Traditionally, toys were considered as an equipment of amusement for the children. However, in the recent times, toys have been linked with education for creating the view that learning is fun. Thus, ToyEdu is initially targeting the UK markets, before spreading their businesses globally. Consisting of a handful of employees mostly in the manufacturing department, ToyEdu is looking forward to increase its client base all over the United Kingdom. The company claims to have a unique line of products which will be able to attract customers from different age groups. The financial strength of the company is not that strong compared to the competitors. Therefore, ToyEdu wants to see their company on the stock markets of the UK and establish its image as a renowned manufacturer of educational toys in the global markets. Market Requirement Analysis United Kingdom’s market for toys has been growing gradually. Lots of toys are being imported from the Asian countries especially from mainland China as well as Hong Kong (Alibaba.com, 2012). Thus, the potential growth of a company producing toys in and around the UK is assumed to have an impact in the markets comprising of individual consumers and wholesalers. Therefore, a launch of products is intended to be made concerning both the segments. The company believes that their products will be able to attract the individual consumers who are the parents, grand parents and other near ones of a particular child. Additional to the individual consumers, the company also wants to target their products to the wholesalers such as schools, day-care centres and companies who are in the toy industry. It has been decided that traditional approach of
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