The name of the new business is JP Limited which sells 3D interlocking jigsaw puzzles. The main core of the business is to sell the jigsaw puzzles on line. The delivery of the order will be done the following working day after all orders being processed on line. This report entails explanation and description of the components and product marketing mix respectively. Illustration from SWOT analysis was carried out on the basis of the opportunities of the business, strength and as well as the weakness and threats. Proposed marketing research was provided and further goes ahead and explained the concepts of creativity, innovation and asset competency management. Strategies and few recommendations were also issued. Apart from 3D interlocking jigsaw the business can also be used to sell other products
A 3G Jigsaw Puzzle is a three dimensional figure that is tremendously growing on the business entity. These toys are mostly meant for children. The market toy is estimated to be worth £2.83 billion in 2010 at the United Kingdom. Innovation and creativity of toys has led to increase in profitability and productivity despite challenges. Companies which have shown increase in profitability are such as Zhu Zhu pets and Crayola. Most parents prefer toys to their children because it’s cost effective than spending on leisure therefore, leading to increase in production. Due to production of toys, the name of the business will be JP Limited. The sales of puzzles will be on line using e-commerce platform. Due to technology services, on line firms have lead to increase in production and profitability. A survey carried out showed that 7 out of 10 meet their targets in 2009. Limited company has an added advantage since it can have access to a better opportunities regarding borrowing. The growth of the business will be considered to be easy hence eliminating doubtfulness. With this report we will be capable of attaining a market plan for JP limited and its product which is the 3D interlocking jigsaw puzzle.
Elements of the marketing mix which are being found in all marketing plans include: product, price, promotion and place.
The target customers include both children and adults, either male or female who range at the age between 13 and 30 years. Products being sold include education toy, brochure, puzzle, 3D puzzle .e.t.c. To ensure this product is successfully sold; we try to meet a specific existing market demand.
Place is anyway and anywhere so long as the customer can get access to the product. This means include a retail store, by mail, via downloadable files, or a cruise ship. The mostly known places are Canada, United States, Japan and China. Amazon as a website can also be used in a manner that it displays keywords hence promotes the product after sealing the deal with them. Orders are being processed online after being received and delivered to the customers’ door the following day in the morning. An enquiry was made such that when orders are being received at 6pm the day before, the parcel force will be collect from the warehouse and delivered to by next morning at the rate of £2.00 per order.
Price is the main factor of marketability. It determines the quality and quantity of goods and services. Puzzles are sold at an average price of £14.50 including packaging and postage that contribute 30%. The difference between the selling price and variable cost is what is referred to as contribution. Discount is given to the customers who buy goods in bulk. Products are being sold at different prices depending on the type and quality of goods. This occurs mainly because of test and preferences of the customers.
For the people to know about the product, the following is done to promote the product. We carried out advertising, point of sale displays, public relations and word of mouth. This is done to facilitate the selling of the product. Most of the money allocated for promotion will be spent on developing and launching the company’s website. It should interactive, informative and should meet international standards like w3c. For the website to be effective it must entails best images and graphics that will attract the customer.
It provides direction for the development of marketing plans. It includes strengths, weakness, opportunities and threats.
Strengths of JP Limited is having “personal service”, “outstanding value” and “no hidden charges” therefore; being optimistic that customer will enjoy shopping with them. Through this strength stuffs generate self esteem that lead to achieving the objective of the organization.
The business has no alternative but just to depend on the trade relationship with china and politics behind it hence becoming its weakness. Products are mostly preferred by the young people hence weakening the market of the product
Deal is made with Amazon hence the customer looking for puzzles or toys which can be easily directed to JP Ltd. Payment are being processed and collected free of charge.
Competition from other firms is the major threats since there are more advantageous than us in terms of buying and selling. Additionally, they have better resources hence multitask differently and target customers via email.
In this report data was collected by means of questionnaire. This method was selected since its easy and less expensive way of gathering information. The research shows that most of the country that manufactures jigsaw puzzle is USA, Canada, Australia, Italy and Spain. We were able to questions manufactures such as Buffalo Games, Clementoni, Educa Borrass and Great American Puzzle Factory (Jobber, 2007). We were able to come up with new ways to improve on our goods, services and marketing strategies.
Due to stuff who have skills, new combination of knowledge have being achieved which have lead to innovation. JP Ltd has lead to inclusion of computer chip with its puzzles which will store information regarding the date and time required to be completed.
Asset Competency Management
We formulate the following strategies to develop JP Ltd products whenever there is a competition:
I. Asserts which are exploitable and competency have to be identified
II. Reviewed exploitation of effectiveness
III. Identification of the shape and future of JP Ltd
IV. Decision on how to change the company assets over the next few years
V. Building and exploitation of assets and competency
VI. Comparison of assets, competencies and future opportunities.
Recommendation and Conclusion
When there is notification of profit in the first couple of years, it will be expended to sell other products which are similar products. For the business to be expanded we require a well trained staff and more warehouses. They should consult a local IT for the maintenance of the website which play a major role in the business. A business should consider an exit strategy at challenging times. Use a cheap way of advertising .i.e. email customers with special offers and information. The business also requires more suppliers so that to compliment with each other.