Sunday, July 21, 2019
Marketing Strategies For Toys 4 U Marketing Essay
Marketing Strategies For Toys 4 U Marketing Essay India, is one of the oldest civilizations in the world. Its rich traditions embedded in the very core of common Indian man, and its large cultural diversity are well known worldwide. The Indian toy industry, as old as this nation itself, has been nurtured and enriched under this intellectually rich background. Indian toys, which are manufactured all over the country, reflect the Indian cultural diversity in the range of items manufactured. India has expertise knowledge regarding toys making , gone are those days were people used to say India is underdeveloped country but now India has developed a lot from the past and started using all new kind of technologies with innovative ideas. The toy industry emphasises on Play with Safety and Learning. II ) A BRIEF HISTORY OF OUR COMPANY : We had a humble beginning in 1978, as a small scale unit U R TOY established at Raichur, a small town in Karnataka(India) by using local raw materials and procuring some vital inputs from Hydrebad, a capital city of Andra Pradesh, a neighbouring state. We employed 9 workers, 4 being women. Initially we marketed our products in our town and neighbouring areas within the vicinity of 100kms. A year later our products were known to the customers in the state of Karnataka and gradually we moved into the neighbouring states and then the entire nation. The Govt of Karnataka recognised our company and honoured us as one of the Best Entrepreneurs of Karnataka which motivated us to enter the national market. By the turn of the century, our company in order to expand, has renominated the Board of Directors, restructured the personnel by appointing designers, researchers, marketing experts, quality control department was also established and marketing strategy was reoriented to suit the need of the hour. For effective production and marketing and business promotion we moved to Mumbai, the Business City of India. Our companys name was changed as Toys 4 U pvt ltd. After moving to Mumbai our business expanded domestically and also overseas. The demand for our toys increased rapidly in leaps and bounds as a result of offering good quality and renovated products. Our neighbouring countries like Srilanka, Pakistan and Bhutan were impressed and our minds opened for International penetration. Our company manufacturers toys from diverse raw materials like plastic, wood, rubber, metal, textile etc different kinds of products like Wooden toys, Teddy bears, Police patrol, Military patrol , Trick stuffs, Boats, Automobile and Locomotive, our automobile include Action set, Pop-up boats, Coin banks, Science fiction, Toy bank,Ã wolf, Letter box, Huge boats, Mini recycle, Recycled Extra space, Balls, Kit bags, Floor ludo, Trick lock, Puzzler, Magic box, Shock diary, WWE champions toys, Adventurous toys, Robots, Remote control cars and bikes and many more. Our company is making use of Indian skills of master craftsmanship and creative designing and predominantly labour intensive. Our strong points are skilled work force, diverse range of products, focus on innovation and creativity with emphasis on learning and education. being a leading and long established toy making company in India which has major share in domestic and asian toy market, wishes to go global with special penetr ation into the UK toy market, with our high reputation and goodwill in the national and asian market, where we have treated our customers as kings and offer them high quality products at a justified price, without exploiting the customers. We wish to convert all our research findings and also production expertise wish to manufacture innovative and eco-friendly toys and offer them at the UK toy market. III ) MARKET EXPANSION: Now we are more focused to export our products to UK. UK comprises of 4 Main countries viz: 1)England 2)Scotland 3)Wales 4)Northern Ireland. United kingdom or Great Britain is located in Northwestern coast of continental Europe. It is a unitary state consisting of four countries England, Northern Ireland, Scotland and Wales U.K. has a Constitutional Monarchy System . The head of the state is Queen Elizabeth 2. It is a developed country with one of the largest economies in the world- (www.friendzline.com). Data UK England Scotland Wales Northern Ireland Area (km2) 242,514 130,281 77,925 20,732 13,576 Population* 59.8 50.1 5.1 2.9 1.7 (millions) (www.friendzline.com) Our Company wish to reap the benefits of globalisation as participating, in international business is easier, safer and also profitable. Our Government has been promoting exports of toys to our trading partners, the UK being one. The Sports Goods Export Promotion Council (SGEPC), a Government of India sponsored organisation looks after the promotion of exports of Indian toys from India. With our Price competitiveness, quality and Innovative products, we have a strong belief to have effective penetration into the UK market and assured promising future for our toys. The response we received from the visitors at Spielwarenmesse International Toy Fair, the largest toy fair shows in the world, held at Dubai recently has boosted our morale to go international and the feedback we received from the visitors was very positive and our mission to offer toys of global standards was achieved. Hence, we piously hope that our entry into the UK market will yield bountiful results. Our company by going global, can benefit from economies of scale, division of labour and specialisation , extended marketing will help us to spread our risk and also make best use of advanced transportation and communication. as both The UK and India being members of the WTO and staunch followers and staunch believers of globalization philosophy, our company will definitely benefit by spreading our wings into the UK. IV ) ECONOMIC FACTORS WHICH WILL HELP US TO ENTER THE UK MARKET. The buying power of a Britisher is far better than Indian, hence marketing our products will not be a problem. The toy market will be favouring our products as the macro economics variables are showing a positive potential growth, of the entire UK market. The exchange rate stability between Pounds and Rupees is a sign of assured profits for our company and customers in the UK are offered at stabilised prices. As a true follower of WTO norms, both the countries trade policies are not vindictive against each other. Customs imposed on exports and imports will not have remarkable effect on the sale of our toys in the UK. Historically, our country was a colony of Britishers and there has been a lot of exchange taking place in terms of our culture, tradition, and heritage. English is part of our life, hence language barrier is not a major hurdle in pursuing ourselves into the UK market. The International property Rights has assured our brands a safe and smooth sale in the UK market. Thanks to TRIPS(Trade Related Intellectual Property Rights).There is no corruption, nepotism, red tapism which is very important area of cost cutting for our products. Clean and Transparent administration in the UK, efficient bureaucrats and sensible trade transactions, the political stability and political will for stronger trade ties with India is an added booster dose for our company to enter the UK market. The needs of our home market and the UK market are to some extent may vary, as the maturity level of British children are at comparatively lower age, our products must cater to these needs. The UK market is more competitive as top toy makers of the world already in the market. The customers preferences changes very quickly when compared to Indian market preferences. So we must cater to these changes and also we wish to break the products homogeneity. For ex:- Robot toys with command sensors may prove to be a better product for the children of the UK. We should be aware of our competitors product strategy and offer novel products at buyers price without affecting our profits and we should go slow with penetrating pricing to have a say and stay in the market. We are also aware of the need for price cutting if need arises, as we want to grow slowly in our new marketing destination like rural and semi urban areas. V ) TOYS 4 U S MARKETING SRATEGIES ON 4PS OF MARKET. 4 Ps of Marketing- Product Price Promotion Place. Product- So here the product is Toys, our company has many innovative ideas to restructure these toys and attract the customers as much as we can and have an ability to top the chart. We are more concerned about customers needs and wants. Price- Our company is not much aimed to get huge profits, our main aim is to satisfy the customers by rendering them good service with good quality toys. Price varies from one toy to the other but the price of toys is not that expensive, all class of people can afford and buy our products. We try our best to exceed customers expectation and customer satisfaction will be far more than the price they pay for our toys. Promotion- Our Company wish to promote our products through effective Advertising, Direct Marketing, Sales Promotion and Publicity. As we are making our maiden effort in selling toys in the UK market, it is very important to make our product known to everybody in the UK market, which can be done through advertising our products in all means possible. T.V ad is the best way to make the customer know about our company and our toys, more funds are allocated for this area. Advertising about our company and toys in magazines, newspaper and radio is also a important area to create awareness about our product. Direct and net marketing where we will directly contact the customers by telephone, e-mail, newspaper and magazines, will add to promote sales of our products. Place- Our Company is very keen that all the customers in the UK must get our products at their doorsteps, Among all the four Ps which I have discussed above plays a vital role in reaching the customers easily and quickly, Our toys can be bought in all super market, departmental stores and big malls all throughout the UK and even our company wants to exploit untapped markets ( Rural areas, semi urban areas remote and inaccessible areas) VI ) HOW IS FRIENDLY WITH CUSTOMERS. Above all our mission is to keep our customers safe and secure. Toys 4 U manufacturers are very much keen regarding environment, so we are manufacturing eco friendly toys which will not harm the environment. All complaints and suggestions are honoured. Best satisfaction is rendered to all the customers, Customer is a king in the market we the manufacturing units are their saviours. Our team is dedicated and honest to provide A class customer service. Our team strives to find out customers difficulties and problems. Our service to the customers is 24/7 with a toll free number 1800-123454 and e-marketing to solve problems online for the benefit of the customers. Customers can feel free to return the product back if they are not happy with a valid cash paid bill. VII ) SWOT ANNALYSIS OF TOYS 4 U. Strengths- Ã ¢Ã¢â ¬Ã ¢ Our Toys 4 U manufacturing unit in Mumbai (India) is the largest toys manufacturing and selling unit in the nation. Ã ¢Ã¢â ¬Ã ¢ More than 350 trusted employees. Ã ¢Ã¢â ¬Ã ¢ Our Company is serving since 1978 which is the positive point, 32 years old company with lots of expertise knowledge in toys field. Ã ¢Ã¢â ¬Ã ¢ It has been popular brand among the people in India and other asian countries. Ã ¢Ã¢â ¬Ã ¢ Our manufacturing company is eco-friendly Save Earth Save People. Ã ¢Ã¢â ¬Ã ¢ Customer service is A-1. Ã ¢Ã¢â ¬Ã ¢ All our customers are guaranteed with new, different toys and renovated toys. Ã ¢Ã¢â ¬Ã ¢ People can order or purchase our products online through www.toys4u.com Weakness- Ã ¢Ã¢â ¬Ã ¢ There are some obsolete and worn-out equipment. Ã ¢Ã¢â ¬Ã ¢ It is difficult to capture and dominate the foreign market. Ã ¢Ã¢â ¬Ã ¢ It is hard for the company to gain the No. 1 position in the market. Opportunities- Ã ¢Ã¢â ¬Ã ¢ Arrival of new technologies Ã ¢Ã¢â ¬Ã ¢Ã Manufacturing and Marketing ofÃ existing product in current and new markets. Ã ¢Ã¢â ¬Ã ¢ Joint ventures and mergers with other companies help us to capture international market. Threats- Ã ¢Ã¢â ¬Ã ¢ Keen and tough competition in the market from Hal-mart, ToysRus, Amazon and others. Ã ¢Ã¢â ¬Ã ¢ Tariffs and taxes keep on changing. Ã ¢Ã¢â ¬Ã ¢ New player entering into the market. Ã ¢Ã¢â ¬Ã ¢ Television, Computer games, online games and networking sites like Face book, Twitter and Orkut may divert the interest towards toys. Ã ¢Ã¢â ¬Ã ¢ Japanese and Chinese companies manufacture low cost toys and export those in different part of the world. Ã ¢Ã¢â ¬Ã ¢ Increased trade barriers, new rules and regulations. pvt ltd. VIII ) CONCLUSION The success of an entrepreneur depends on his commitment to his enterprise. We are committed to our business and our success story hitherto is a motivating force towards achieving our business goal of having a strong stay in the UK toy market. We have tried our best to understand what the UK customers needs are and how best the UK market has to be catered to, which will also be our top business priority. In converting our dreams into reality we wish to follow a practical approach and reach the destination of the sustained stay in the UK market and gain the confidence of the UK customers. IX ) REFERENCES. Toy market, (2010), available online from the source (www.friendzline.com), [accessed on 28th October 2010]. Toy images,(2010),available online from the source (www.google.com),[accessed on 27th October 2010].