As a start, we thought it was necessary to involve all stakeholders in the field of children’s development and education. Throughout the learning years of a child, the government agencies have to certify the educational materials and tools. We had to find the steps needed to authorize the start and continued development on the jumping rope.
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We placed children and parents in one group because we discovered that most parents wanted something that would benefit their children. The children were still too young to make strong views. But the project involved them in sampling the colors, the appropriate design, and the best way to make the counters for their easier access. It was fruitful because we discovered that if we did not do this, we would have brought a product that would not rhyme with their needs. The parents acknowledged their children’s choices and asked for a quicker introduction of the product into the market (“Learning and Educational Toys” par. 3).
The teachers and child therapists were in another group. We believed that they both contributed immensely toward the child’s mental and physical growth. They were critical in identifying needs and opportunities. Upon deciding to create the jumping rope that kept records of the jumps, we embarked on the project development. The jumping rope would have counters that produced different ring tones for single jumps with names inserted, incorrect jumps, and unmet jump goals. After collecting information from the intended market and the educational assistants, we decided to come up with the prototype (Magee 360). It was the most voted for color first for girls, and another for boys. Then we mixed the colors for both sexes.
The launch preparations are in top gear. All the consultants and the people involved in the sampling have to work together in the promotion of the product. The three most important channels to use for the promotion are the Disney Channel, Discovery Kids, Nickelodeon, and Cartoon Network. A cartoon figure from the Cartoon Network would be an appropriate celebrity for the kids (Beckerleg 270). To promote the sales, we would create events where the kids can play with our toy while their parents observe them. During such moments, we can make formal interactions amongst the parents to get acquainted with their likes and dislikes and in the end, make them buyers of the product (Marshall 118). A better place to hold such events could be in kids’ gyms, schools, and parks.
We learned that the jumping rope market is not very competitive (“Youth Population Projections” par. 1). There are only two major suppliers. And yet they do not have variety. Our product is exceptional and exceeds the market expectation. Our only worry is on the pricing. The two companies sell their jumping ropes at a cheap price. Ours has value additions, and we would use this as an advantage. The market entrance price difference is only $1. But the additions are appealing.
The steps that we took involved the short-term (three months post-launch) and mid-term (three to six months post-launch) frameworks. The long-term steps would be available at the mid-term launch.
- Step 1: Present the products with other competitive educational products on the shelves of stores that sell children’s educational products, and in online stores.
- Step 2: Advertise in the main traditional media via TV commercials on channels that propagate children’s plays and activities.
- Step 3: Provide coupons in magazines, toy-store catalogs, and direct mail.
- Step 4: Provide samples via in-store kiosks to teachers in major district schools in the US.
- Step 5: Collect visual materials and feedback from the previous stage to promote the product on social and online networks.
Expected Reactions and Outcomes
Our research showed appreciation of the product from the projected buyers (Patterson 370). They only had questions about the viability of the jumping rope and the pricing criteria. The company sorted the problem by providing concrete information on the concerns raised. The meeting with the distributors bore fruit because they wanted promotional items and some bonuses or discounts (“Learning and Educational Toys” par. 3).
The competitive pricing allowed them to enjoy enough discounts on their bulk purchases. It also has brand recognition within the market. We would have to be aggressive with our marketing during our first three months to capture the attention of the market (Magee 360). It should be so competitive that when the large toy manufacturers and the educational toymakers learn the product we would have a big market to retain and expand. The school to school visit to demonstrate the usage of the toy is highly a well-thought-out plan (Marshall 118). During such visits, the group would donate some jumping ropes for market appreciations and attainment. We believe that the plan would help to keep the competitors at bay for some time (“Youth Population Projections” par. 1).
Our annual sales estimations would range from $14million to $16million. It would be approximately 1% revenue market share of the entire toy industry. The market outreach would be 4% of children aged 5-7. The company would make a profit of about $9.9 per unit. We believe that this would increase as the market grows and many product orientations take effect in the long run.
Beckerleg, Tracey. Fun with Messy Play, London, UK: Jessica Kingsley Publishers, 2009. Print.
Learning and Educational Toys 2014. Web.
Magee, Monique D. Market Share Reporter, Detroit, Michigan: Gale, Cengage Learning, 2012. Print.
Marshall, David. Understanding Children as Consumers, London, UK: Sage Publications, 2010. Print.
Patterson, James. Toys. London, UK: Century, 2011. Print.
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Youth Population Projections 2016. Web.