Media for Marketing and Advertising - Essay Example

?Introduction This report is a presentation of a media plan devised by a media consultancy to launch a new toy in the UK from China. It will also focus on settling realistic media objectives and implementing those media objectives to successfully launch the toy range in the UK. The report also includes a comprehensive SWOT analysis including charts and relevant diagrams. Also, this paper exhaustively examines the target market and their needs as well as any possible stumbling blocks that the company may encounter when dealing with this particular niche. In addition it conclusively discusses the marketing mix that is the product, the place, promotion and the price of the toy in the UK market. Company’s Overview Hangzhou Kebo factory limited was established in the year 2004 with the main aim of developing and producing better quality toys professionally as explained by Hangzhou Kebo Toy Factory INC (2005). Their toys are aimed at promoting creativity in children and have a high education value. Since then the company has spread its wings to countries outside Asia to as far as Europe. As a matter of fact, the company claims to export up to 80% of what they manufacture. Their biggest importers are the United States of America, Australia, Japan, West Europe and Korea where they have managed to attain a significant market share in these particular countries. The company takes pride in the quality as well as creativity of their products not to mention their expanding popularity. Hangzhou Kebo factory limited boasts of producing many major products including; educational toys, plastic toys, wooden toys and promotional gifts. Toys exported from China (Research in China 2011) The graph above shows the value of toys exported from China. SWOT ANALYSIS Strengths High Quality Products Hangzhou Kebo factory is known for its creativity in their products. They are known to take time in choosing their staff and ensuring that they come up with only the best as explained by Armstrong (2003). The company has a contingent of high quality professionals for their mouldings, product designs, spraying and packaging for their customers worldwide (Trader China 2011). They specialize in the production of educational toys that are both unique and keep the children busy for a long time. The products are designed to assist children to learn about different colours and shapes as well as helping them develop their capability for logical thinking and keen observation. Additionally, their toys can help children learn scientific concepts and this helps to develop their creativity, flexibility, self- confidence and intelligence in their early years. Versatile products Not only can their products be used for games, they can also be used as teaching aides. This ensures that their users get to enjoy both sides of the coin without a hassle. This is both convenient and helps to save time. It also ensures that learning is fun and acts as a measure to avert boredom. Brand reputation Their products have reported high sales and have been well received by customers globally. The company has worked with some of the renowned games and toys producers including Wonderland in Thailand and HABA in Germany (Trader China 2011). The company has secured a considerable market share not only in Asia but also in the Middle- East, U. S. and Europe. Weaknesses The company faces a major challenge as it will be introducing a new brand in the market not just a new product (Alibaba.com 2011). Acquiring new customers will most likely prove to be difficult as the target market already has a brand of their choice (Brassington and Petit 2003). Therefore, it will take a lot of advertising and marketing to sway the customers to take up this new brand as the brand of their choice. The product’s characteristics do not differentiate as much from other existing products in the market. As such the company’s products, that is, the toys they manufacture may not be that different from those already in circulation (Trader China 2011). This will result in the company’s loss if they do not ensure that the special qualities of products are known to the public. As mentioned earlier this will take a lot of marketing and advertisement in order to achieve their goal. Opportunities The toy industry in the UK is promising as there has been increasing demand in the recent times. The company has an opportunity to introduce the other lines of products into the market including promotion gift, wooden toys and teaching toys. The market in the UK is also very receptive to new products in the toy industry and the future looks promising for the new companies. With the correct marketing skills these products are expected to immediately get booming sales. The introduction of the Science discovery design manual should act as a passage for the company to introduce other products in the UK market (Hangzhou Kebo Toy Factory INC 2005). The UK toy market (BBC, 2003) The graph above shows the expanding sales for toys in the UK. Threats Competition The company faces stiff competition from other toy companies that have already ventured into the UK market (Hangzhou Kebo Toy Factory INC 2005).. This competition arises from global players including Sony, Warner Bros and Nintendo and also from toy companies such as LEGO. The technology in the toy industry is ever-changing and the company needs to upgrade its products to keep up with the trends in the market. The dynamic demands of the market have kept the toy companies on their toes as they search for ways to ensure that they keep their customers interested in their products (Hangzhou Kebo Toy Factory INC 2005). This means that the cost of production will rise in comparison to the gains made by the sale of their products. Other well established companies are constantly developing new brands to suit the market needs hence the company should consider this when launching the new toy. For Hangzhou Kebo to find a footing in the UK market, a lot of hard work will have to be put in to ensure output (Hangzhou Kebo Toy Factory INC 2005). This company needs to earn the trust and loyalty of its customers to ensure it is at par with its competitors. The UK market is governed by strict business policies and the company will have to adhere to them in order to operate freely. STRENGTHS WEAKNESSES High quality products: their products are unique and creatively designed to suit the needs of their users Brand reputation: the company is well known for its quality products. Versatile products that can be used as both games and teaching tools. The basics of the product don’t differentiate that much from the rest of the products Not just introducing new product, new brand as well. OPPORTUNITIES THREATS Increasing demand in the products within the UK. Opportunity to introduce their line of products in the UK market. The future looks promising for the toy industry. Ever changing technology in this industry. Other well established companies are constantly developing new brands. Stringent business rules and regulations in the UK. Competition from already set up toy companies such as LEGO, Nintendo and Warner bros. Market Segmentation The market can be segmented in many ways to suit the ever changing consumer needs. In order to gain competitive advantage, through market research the company has come up with innovative new methods that have more benefits to their customers (Brassington & Petit 2003). The key element for segmentation is measurability, though market research the company has established the different groups in the market and devised a media plan. This identification will allow Hangzhou Kebo factory to relate to their target market and respond to their needs and wants. Seeing that there has been a well established competition in the toy industry in the UK, it is important for the company to analyze similar products in the market, this allows them to identify customers with different needs and this will benefit their market segment. Market segmentation through demographics is based on life stage, age and gender (Armstrong & Kotler 2003). The Science discovery design manual mainly focuses on the children between the age of seven and fourteen owing to its complexity and educational nature. Being an emerging company in the toy industry Hangzhou Kebo factory will venture into other market segments once it has succeeded in successfully launching the Science discovery design manual (Hangzhou Kebo Toy Factory INC 2005). The Target Market This Science discovery design manual has been designed mainly for children between the ages of seven to fourteen years of age although even older people can use if it fascinates them (Hangzhou Kebo Toy Factory INC 2005). Indoor games have become common in the UK due to the advanced use of computers and other small gadgets within the house. This product is best for those children who have an interest in Science subjects as opposed to those whose interests lie with the languages. This is so as to avoid the child feeling like the game is being imposed upon them and to avert the risk of them hating it as they will see it as a task. This game will challenge the child’s brain hence make them improve in their academics as well. In addition, the children will learn a lot of things regarding the solar system and other scientific matters hence directly contributing to their knowledge. This product is also colourful thereby attracting all children to it not only those who are regarded as nerds. It also has different levels to motivate the child to get from one level to another and to teach others about the product. Additionally, the product comes with an instruction manual to enable even the beginners have an easier time with it as well as encourage them to play it (Hangzhou Kebo Toy Factory INC 2005). Competition in the target market Educational toys were invented so that toys could have an educational value unlike in the past whereby toys were viewed as a way of keeping the children busy while their parents took a break as explained by Hill (2005). The educational toy is dominated by market leaders including Knowledge Universe and Leapfrog enterprises as well as other small manufacturers. These companies produce interactive toys that target the same market segment (Kids Development 2011). The competitive edge of company is that the Science discovery design manual comes in different levels and can be used by teenagers up to the age fourteen (Hangzhou Kebo Toy Factory INC 2005). The toy is attractive and at the same time improves the children’s logical thinking and creativity. The 4Ps Marketing Mix Pricing The toy industry is highly competitive and various companies have set prices to attract their market share (Armstrong & Kotler 2003). Hangzhou Kebo factory has set competitive prices for the Science discovery design manual without compromising on the quality to suit the customers’ preferences and to compete with other products in the market. Place Having created awareness in the market, the company will have to avail the product to the consumers. The company will have to establish proper distribution channels in the market (Armstrong & Kotler 2003). The product will be available retail shops, department stores, supermarkets and also from online stores. Promotion This is a significant component of the marketing mix as it creates awareness of the product in the target market (Branston & Stafford 2003). Looking at different types of mass media that are used in the toy industry, mainstream TV is most widely used since it reaches the highest number of people and it is audiovisual (Kolker 2009). Since the Science discovery design manual mainly targets on children and teenagers, they should use stars and celebrities that are popular among this age group in their commercials and promotional campaigns. With the recent buzz about social networking sites like Facebook and Twitter advertising has been made easier and the company can use this to reach the audience (Stokes & Reading 1999). The internet will be resourceful as it is viral (using sites such as YouTube) and can reach the masses. The product will be launched during the London Games festival which attracts an immense number of people from all walks of life. This yearly event takes place in November and this can be used as a marketing strategy for the parents who are interested in buying the game for their children as a Christmas gift (BBC 2003). A twelve month Burst Campaign will be launched to create awareness about the product in the target market. Other forms of advertisement will be through magazines that are meant for the particular market segment, sponsorship of events and through corporate responsibility once the company has spread its wings in the market. Product The product is an imperative component in the marketing mix as it is what the consumer gets. The product has been produced in accordance to the ST safety test standard and ISO 9001 proving that it is safe for use and is at par with the international regulations as stated by Hangzhou Kebo Toy Factory INC (2005). The product comes in bright and attractive colours to attract the attention of the target group. The packaging has been uniquely and attractively done to set it apart from similar products in the market. Since the product is highly educational, it comes with a manual to give guidelines on how to use it and this makes it easier for the parents and teachers come in and help the children. The Science discovery design manual has different levels according to the ages of the target market. Each level has its own complexities and lessons and as the children grow, they can advance to the next stage. Conclusion It is therefore safe to conclude that the company can make profit as well hit their target market if they follow this report to the latter. It has been thoroughly researched hence is very clear on all the relevant issues that may cause confusion. They company is advised to follow the recommendations of this programme step by step in order to achieve the best results. References Alibaba.com 2011, Hangzhou Kebo toy factory, viewed 10 Aug, 2011, . Armstrong, G & Kotler, P 2003, Marketing: An introduction, 6th edn, Prentice Hall, New Jersey. BBC 2009, Why Christmas toys aren't child's play, viewed 10 Aug, 2011 . Branston, G & Stafford, R 2003, The media student’s book, 4th edn, Rouletdge, New York. Brassington, F & Petit, S 2003, Principles of marketing, 3rd edn, Pearson, London Hill, A 2005, Educational toys? An old box teaches just as much, viewed 10 Aug, 2011 . Hangzhou Kebo Toy Factory INC 2005,Wish every kids in the world could play KEBO toys and grow happily, viewed 10 Aug, 2011, . Kids Development 2011, Educational toys for babies, viewed 10 Aug, 2011 . Kolker, R 2009, Media studies: An introduction, Wiley-Blackwell, West Sussex. Lull, J 2000, Media, communication, culture: A global approach, 2nd edn, Polity Press, Cambridge. Research In China 2011, Global and China toy industry report, 2010-2011, viewed 10 Aug, 2011, . Stokes, J & Reading, A 1999, The media in Britain: Current debates and development Palgrave, New York. Trader China 2011, Hangzhou Kebo toy factory, viewed 10 Aug, 2011 . Read More