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For the purpose of this assignment, I am assuming myself as the owner of a plastic molded toy company in United States that manufacturers, and distributes plastic molded toys through retailers across the country and around the world.
The company is capitalizing on the strong growth in the children’s toys segment and planning to expand in an aggressive manner throughout the nation. The company offers unique, world class and high quality toys which appeal to children of all ages and nationalities around the world. The operations of the manufacturing plant have commenced and the quality of toys produced by my company is comparable with or even better than those produced by the top toy companies in the country.
The mission statement of my company is “to bring fun and happiness to every child in the world”. The mission statement focuses on three points. First it says that the company has the objective of brining fun and happiness. Second, the company is focused on children.
Third the company wants to become a global company to bring fun and happiness to every child in the world. The emphasis is on international growth and expansion.
One foreign market for the toys of my country is France. France is already importing toys from the USA. There is a large market for safe and trendy plastic molded toys, and the toys made by my company comply with the requirements of the EU Toy Directive. The tie up with the French distributor is the first step in globalization.
Later my company will set up sales offices in different parts of the world. Later it will open branches and also set up manufacturing operations in several parts of the world.
The marketing plan for my company is to sell three million plastic molded toys during the first year of operation and generate sales revenues of $45 million during the first year. This target is based on the manufacturing capacity of my company and the expected sales figures from distributors. Product: The toys will be made from the finest quality plastic and use high quality additives imported from Germany. The toys will comply with the requirements of the U.S. Consumer Product Safety Improvement Act (CPSIA). The toys will reflect the latest trends in toys.
The potential audiences for my marketing plan are children between the age of 3 and 12 in the US. These children require toys that are safe, attractive, and long lasting. Further, children also love to buy toys that reflect the latest trends. This may mean characters from the latest movies, comic books, or computer games. The needs of the target audience are fun, laughter, and light entertainment.
The market segment for this product is children between the age of 3 and 12 years in the United States. Dolls will be targeted at girls, video game characters will be targeted at boys, and comic book characters will be targeted at children between 8 and 12. The rationale for this segment is that molded plastic toys in general are preferred by children between the ages of 3 and 12 years. Girls prefer to play with dolls. Boys are interested in video game characters. Finally, comic book and comic strips are targeted at children between 8 and 12 as these children read comics and comic strips; the toys based on comic characters should be targeted at this segment.
The target market will be children between the ages of 3 and 12 who are located in the six states where the distributors are located. The 230 retailers where the toys are sold are also located in the same states where the six distributors are located. The rationale for this target market is that our company has distribution and retailing access only to those states.
Further, there is land available next to our existing facilities. If our company purchases the land the production of molded toys will increase three times. The larger volume of production at one location will enable my company to realize economies of scale. If my company appoints more distributors in Europe, the sales of my company will increase. Threats: There is strong competition in the molded plastic toys market. Not only top toy makers but even small entrepreneurs make molded plastic toys. The economic downturn leading to low disposable incomes is also a threat to toy sales. Changes in trends during the peak seasons can render large stocks unsalable and can lead to losses.
The market positioning for the plastic molded toys made by my company is moderate in prices but high in quality. The plastic molded toys made by my company will be safer than, and better in quality than the products of Hasbro, Lego, and Tiger. The rationale for this strategy is that the objective of my company is to persuade more distributors to carry our toys. When the quality of our toys is compared to those of top brands in the market, distributors agree to carry our brand.
We carry out the 5 Cs strategic marketing analysis of my company in the following manner:
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