Marketing Plan of a Cool Pals Company - Term Paper Example

Download file to see previous pages Marketing is the pre-sales activity that gives life to a product so that it can be accepted by the customers. It is a phenomenal function that gives identity to a product. Products are tangible and intangible physical entities that cater to the needs and wants of human society. Products are salable only after they blend with the virtue of the marketing activities. This particular paper focuses on the 360-degree marketing activity for a company that manufactures and retails innovative toys for kids.
Brief about the company:
Cool Pals is a company that is expertise in manufacturing and innovating toys for kids. The demographic profile chosen for the products of Cool Pals is boys and girls aged between two to eighteen. The name itself presents the affection towards the kids. The company is in the market for the last four years. The primary markets are USA and Canada. The lion part of the revenue comes from the US market. The company is one of the most innovative toy-making companies in the market. They sell their products through exclusive Cool Pals stores across the USA and also through some selected retail outlets in US and Canada. The company is relatively new in the segment. However, it is privileged with a 15 percent market share in the US toy market. The main successful formula of Cool Pals is the best quality products with the best service in the industry. Cool Pals is having a successful journey for the last four years in the USA and now it is planning to show its supremacy in international lucrative markets like India and Brazil.

The vision of the Cool Pals:
The Vision of the company is to be one of the ethically acclaimed leading toy manufacturing and retailing company in the world.
The mission of the Cool Pals:
The mission of the Cool Pals is to provide high-quality products and services to prospective customers to gain their trust and distribute knowledge and happiness among the kids. Cool Pals wants to become the soul mate of the kids forever so kids can cherish their beautiful childhoods.
The Market Segmentation:
Identifying the market segment:
Identification of the market is very vital for any company. The attempts to identify the segment are very tough challenges for any company. Markets are generally get divided into five to ten prospective segments and finding the proper segment is challenging it can be described vaguely as it is very tough to identify the proper marketing mix that is product, price, and place promotion for each segment. (McDonald and Dunbar 74). However, from the marketing scenario, the market segment can be defined as the process of dividing the market into relatively similar, meaningful, and identifiable segments of groups. (Lamb, Hair Jr and McDaniel 206).
The identified segment for the Cool Pals is the Innovative toy segment for kinds. The toy industry has become one of the most promising industries in recent times. It has become one of the fast-moving consumer goods on the shelves of retail stores across the world. The total global market size for wholesale toys and games is expected to be around twenty-two billion dollars a year. The United States is accounting for fifty percent of the total sales. (Pitts and Sarao 230). The toy market is very huge and there are many segments. ...Download file to see next pages Read More