Topic > Starting a Toy Business - 953

Is there an opportunity here? When starting the business, entrepreneurs identified opportunities and challenges for the business. Through research, the company recognized that many parents tend to purchase products that significantly support their children's development. Furthermore, it turned out that most children's play furniture was made for miniature adults rather than children. The statistics in this case also showed that the arcade industry grew by 7% annually. The high depreciation rate of furniture is a challenge for the industry. Children would grow year by year and new toys could attract them. The time aspect is difficult to predict, it could be a few years, months, weeks or days. Therefore the space for playing would become overloaded. Parents need to think about purchasing the right toys for their children. Based on this research, the P'kolino company took advantage to develop its own product to meet customer demand. Through PEST analysis, it was found that the rules and regulations enforced by the government would promote safe toy furniture for children. By following these rules, the company is trying to make the product safer and friendlier for children. This factor should be used by P'kolino to promote their product. The excellent product would inspire the consumer. This point should also be the main focus of the company. The high-end segment is the essential target market for the company. This segment would be addressed with the combination of popular channels, public relations and distribution. The company's main customer will be high-income parents who want to buy the best toys for their children, they will focus on the quality of...... half of the paper ...... owns a huge segment in furniture of the arcade are worth 800 million dollars. This could cause bigger problems than expected.9. Recommendations P'kolino should raise awareness regarding the positioning of its future strategy. He should be more familiar with the market segment as this may not achieve the estimated target. It is also beneficial for an organization to target a larger segment such as middle- and low-income consumers (Nassif et al. 224). P'kolino must also invest more in the capital aspect. This is very important because you may have to spend large sums of money on the original steps rather than on subsequent steps. Furthermore, the company also needs more capital to maintain the business in case it fails to reach its sales target. In the future P'kolino should consider the option of merging with other well-organized organizations to further expand the business