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Choosing an existing company, write a BUSINESS REPORT which recommends a marketing strategy and tactics for a new product or bra - Essay Example

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Choosing an existing company, write a BUSINESS REPORT which recommends a marketing strategy and tactics for a new product or bra

The demographic profile chosen for the products of Soul Mate are boys and girls both 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. The sell their products through exclusive Soul Mate 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 the 15 percent market share in US toy market. The main successful formula of the Soul Mate is the best quality products with best service in the industry. Soul Mate is having a successful journey for the last four years in USA and now it is planning to show its supremacy in the international lucrative markets like India and Brazil. Vision of the Soul Mate: The Vision of the company is to be one of the ethically acclaimed leading innovative toy manufacturing companies in the world. Mission of the Soul Mate: The mission of the Soul Mate is to provide high quality products and services to the prospective customers to gain the trust and distribute the knowledge and happiness among the kids. Soul Mate wants to become the soul mate of the kids for ever so kids can cherish their beautiful childhoods. SWOT analysis: Strength: Soul Mate is full of ambition and lust to achieve. The company is having a name which connects to the heart of the kids. The company is there in the market for more than 4 years. It is having its own retail outlets where they sell their products exclusively. The company is equipped with well trained research team who are monitoring the new trend in the market. And the main strength is the trust it has built among the kids and the real buyers that is the parents. They have the old toy replacement policy with the exchange with new one which works as a big strength of the company. Weakness: Weakness is a factor which is most of the time invisible but it is visible after something goes wrong. However, the main weakness is the product range. It is having a product range which is not too long. The product range is consisting of spy gadgets, board games, dolls and scale models and video games. They don’t focus on the cars and remote controlled toys. Opportunity: Toy market is not saturated and few big names are there in the industry, so the opportunity is there to be grabbed. Soul Mate has a promising future plan to focus on the unexplored lucrative markets like India and Brazil where people are having high spending habits but they don’t get quality products. Opportunities are waving hands toward the Soul Mate, it just has to react over it. Threat: The product life cycle of a toy is not too long. And with the passing of time the formation and psychology about the toys are changing very fast. Extinction is one of the main threats. The company needs to be innovative to survive among the highly competitive business world. However, the interactive website is a big problem solver for the Soul Mate Where Kids can Play Demo Games and may be some free online games which would be licensed under Soul Mate. Product line and the depth and breadth of the line: The product line of the Soul Mate is not too long. ...Show more

Summary

Marketing Concepts. Introduction: Marketing is the pre-sales activity which gives the live to a product so that it can be accepted by the customers. It is a phenomenal function which gives the identity to a product. Products are the tangible and intangible physical entities which cater to the needs and wants of the human society…
Author : lindgrenjulien
Choosing an existing company, write a BUSINESS REPORT which recommends a marketing strategy and tactics for a new product or bra essay example
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