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Marketing Plan for a Recession Proof Toy
Transcript of Marketing Plan for a Recession Proof Toy
What political, economic, socio-cultural, and technological factors affected the toy industry during the recent recession?
What marketing strategies were used by toy companies that did well during the recession?
What toys appeal to children all over the world?
What global issues have to be considered when designing a new toy?
there has been in increase in production to China that has affected the quality of toys
increasing copyright issues
decreasing independent and retailing chains
demand has slightly decreased due to popularity in video games and tablets
higher profits means more toys for children
people in cities more inclined to buy toys -less leisure time outside
with technology advancing there has been competition with app games
STEAM toys are in trend- there are more robotic toys being made, though they are expensive
Our New Toy- FunBlox
by Leah, Pablo, Brenda, and Jesus
They lowered their prices
they had toys that people would always want
their toys were practical
For boys, it is mostly toy cars and guns
For girls, it is mostly dolls and stuffed animals
will people buy the toy?
how much will it cost- how much are companies with similar products charging?
what resources and how much of those resources do we have to make the product(s)?
funding, grants, initiatives
technology access, licensing, patents
information and communications
Conduct a PEST analysis
(On poster board)
Evaluation and Control
See PEST analysis from before
To create a recession-proof toy for both boys and girls.
To gain 10% of the market for children’s toys by January 2015
Target Market: kids of all races and genders ages 1-5
FunBlox- a non-toxic, polymer block puzzle for kids
online and in stores
The production of the toy and the marketing plan will ensue.
The company will do a SWOT and PEST analysis every month to ensure that we are on track with our business plan.
This company makes toys for kids. We are trying to make a toy that will withstand the recession and continue to be a favorite toy for generations.
What happens to the toy industry during a recession?
toy companies need to decide which toys to continue to sell and which ones to discontinue
toy companies need to lower their prices
How will the results of the PEST analysis help the committee decide whether to develop your toy?
If the PEST analysis shows that the toy will do well (if it will sell and how popular will it be), the committee will choose to develop the toy.