Is there an opportunity here ?
When establishing the business, the entrepreneurs identified the opportunities and challenges for the venture. Through the research, the company recognized that many parents tend to purchase the products which significantly encourage the development of their children. Moreover, it was discovered that most of play furniture of children was made for miniature adult rather than for the kid. The statistics in the case also showed that the playroom industry have grown of 7% per annum.
The high rate depreciation of furniture is a challenge to the industry. The children would grow year by year and the new toys may attracted them. The time aspect is hard to foresee, it could be a few years, months, weeks or days. Therefore, the space for playing would becomes overload. The parents have to consider about purchasing the suitable toys for their kids. Base on this research, P’kolino Company took the benefit to develop their product to fulfill the customer demand.
Through PEST analysis, it was found that rules and regulations executed by the government would promote the safe toys furniture for the children. By following that rules, the company is trying to design the product become safer and friendlier to the kid. This factor should be used by P’kolino to promote their product. The excellent product would inspire to the consumer. This point should be main target of the company as well.
The high-end segment is the essential target market for the company. This segment would be approached with the combination of popular channels, public relations and distribution. The main customer of the company will be high income parents who want to buy the best toys for their kids, they will focus on the quality of th...
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...owns a huge segment in the playroom furniture worth 800 million dollar. This may cause a big trouble than expected.
9. Recommendations
P’kolino should grow the consciousness regarding the positioning of its future strategy. It should be more familiar with the segment market since this may drop short of the estimated target. It is also beneficial for an organization to target a broader segment such as medium and low-income consumers (Nassif et al. 224). P’kolino also needs to invest more about the capital aspect. This is very important because it may have to spend huge finances at the original steps as opposite to later steps. Moreover, the company also needs more capital for maintaining operation in case fail to reach the sale target. In the future, P’kolino should consider the option that merge with other well-organized organizations to expand more the operation
. G. Toys is a leading supplier of high quality dolls that are manufactured in two plants within Illinois, one in Chicago, one in Springfield. These dolls are sold in retailors throughout the United States and have an established, loyal customer base due to their high quality and popularity (Campbell & Kulp, 2004). In the last few years, due to rising production costs, their most popular doll, Geoffrey, has seen a decrease in profit margin. In this evaluation we plan to address G.G. Toys existing cost system and offer recommendations on whether management should change the costing system in both the Chicago and Springfield plant. We will calculate the costs of the Geoffrey doll, the specialty branded doll #106 and the cradles using the cost
Robertson, David C. BRICK by BRICK: How Lego Rewrote the Rules of Innovation and Conquered the Global Toy Industry. First Edition. New York: Crown Publishing, Division of Random House, Inc., 2013. Print.
Build-A-Bear Workshop was an American toy retailer, which was founded by Maxine Clark in 1996 in St. Louis, Missouri. Build-A-Bear Workshop main served teddy beard and other stuffed animals, and accessories for teddy bears and other stuffed animals. According to professor Eisner, Korn, Baugher, and graduate student Vojtkova (2011), “Build-A-Bear Workshop was founded 13 years ago on a simple but powerful idea: to create a successful company with heart” (p. C259). In order to differentiate itself from other toy producers, Build-A-Bear Workshop served customers with interactive experience by “allowing its customers to make, personalize and customize stuffed animals od their choosing” (p. C262). As professor Eisner et al. (2011) concluded, “the company (Build-A-Bear) differentiated itself from the competition with marketing initiatives that facilitated stronger connections with its customers” (p. C262) In addition, Build-A-Bear Workshop exercised its focus strategy by narrowing its product lines. Build-A-Bear Workshop earned a big success in the past decades.
Toys R Us is the world's largest children's specialty retailer. The company operates toy stores throughout the world and is publicly traded on the New York Stock Exchange. In this paper I will give a brief company history, cite where the competitive environment is coming from, strategies that were attempted, and where they stand today.
Known as one the largest global home-furnishing retailers, IKEA currently has over 139,000 employees located in 53 countries and generates roughly 39.3 billion US dollars in annual sales (IKEA, 2014). Ingvar Kamprad began selling different types of items and founded the company in Agunnaryd, Sweden in 1943. Kamprad found that his greatest entrepreneurial opportunity was in furniture. Many households at that time were changing from receiving furniture that was handed down to desiring new, inexpensive, and stylish furniture. Kamprad was able to find a business opportunity to change the current social situation since a lot of the furniture was priced high at the time. He wanted to be able to offer his customers a wide selection of functional and well-designed furniture at a price many could afford (Bartlet & Nanda, 1996). Kamprad had a better understanding of what the customer desired and how to go about meeting those desires at prices that were lower than other furniture companies, in turn creating a competitive environment (De Kluyver & Pearce, 2011).
P’kolino’s story is all about passion for superior products and how they can change people’s lives. Founded by Antonio Turcos-Rivas and J.B Schneider, the Company’s goal is: to “make better products to improve play at home”. In the course of developing safe and quality products, implementing and marketing other strategies, P’kolino Company aims at improving children’s play thus , improving sales by $51million (Bygrave and Andrew, 2008). The Company’s goal was comprehended during their MBA’s study. During their study, the two entrepreneurs began a thorough research and development project with more than twenty international design students.
... in the toy industry is to make toy safety the number one priority and to fulfill the customers’ needs.
Each category will be analyzed using IKEA student info website, IKEA group corporate website, resources from University of Phoenix library and articles from magazines. The key questions that the author will address are
Ashley Furniture is the largest furniture manufacturer in the world. Once the CEO, Todd Wanek, informed himself of the benefits of sustainability in furniture design, he chose to alter their manufacturing process by using engineered wood opposed to lumber. For over 60 years Ashley Furniture has specialized in furniture design which has won them the title of "World-Class Furniture Manufacturer". With all of the innovation and experience in the furniture industry, they have come to be known as the "largest manufacturer of quality home furnishings". Ashley strives to achieve the best quality possible for their furniture and they are also continuously looking for ways to refine their products. After rea...
Wal-Mart set extremely low prices on toys in a very successful pricing strategy to attract customers and become the leader in toy sales (Grant, 2004). This pricing strategy is called market penetration pricing. Penetration pricing is used to enter the market quickly and win a large market share (Anderson & Bailey, 1998). These low prices have taken their toll on toy stores. Toys “R” Us is now the second largest toy seller in the U.S. behind Wal-Mart. Toys “R” Us was recently bought for $6.6 million by investors who hope to transform the store into a more viable store for the entire family (D’Innocenzio, 2005). Other toy stores are not as fortunate. FAO In...
The children are put through different learning experiences and tasks, for the professionals to evaluate and observe their different development stages. All this helps to understand the children’s adult characteristics for future life as every child’s play experiences are crucial to their adult life.
Executive summary of the event. In this business case, a shift from seasonal to monthly production of toys will change the seasonal cycle of Toys World's working capital needs and necessitate new bank credit arrangements. It has to analyze the company's performance, forecast fund needs and make a recommendation. The case introduces the pattern of current assets and cash flows in a seasonal company and provides elementary exercise in the construction of the pro forma financial statements and estimation of fund needs.
product. Animated characters, catch phrases, and toys are used to lure a child to the product.
The deeper part of this report has shown the need of "Your Choice Furniture" for new business system, which will help the company to support their customers and employees, also more ef...
Each and every piece is conceptualized with designer and a full scale drawing. A prototype is made to finalize the templates before the actual production is commenced. All the furniture is made using traditional joinery, where each piece of furniture is independently fitted and joined to provide with the coordinated greater strength. All the fine details are hand-carved, distinguishing it from assembly line furniture. Each piece of furniture is treated like a piece of art with several long processes before it is finally ready. The wood is sanded properly to bring out its inner beauty and the stunning grain structure. The grains in the wood react with the stain to give the furniture a natural look. We use water-based stains to stain the wood. There is no total destruction or clouding to cover the original grains. In the final finish, we use natural organic ingredients such as shellac dissolved in denatured alcohol and apply it on the surface of the wood. In the end, we finally hand- rub the surface with oil to give an incrustation and protection which gains an gracefully beautiful as it ages.