Then using SF as the business analysis methods employed to present the degree to which product technologies match to customers’ needs. In the market section, based on the products attributes and product it, the target market is narrowed and locked on the children who are in 8-14 years old. Then using SOOT method in competitor analysis and comparison to figure out the existing advantages and disadvantages, potential chances and threats. In the last part, the predicted sales, resource requirements and potential problems have been demonstrated for the future prediction and hidden issues in risky.
To sum up, developing flying broomsticks is new product putting in the existing market, which has the huge business opportunities to invest and potential risks in both. Company should have ware of the benefits and risks; then maintain the advantages and avoid possible problem as much as possible in broomstick’s development. 1. Introduction Working as the NYPD department of the company, the main task is to developing new and competitive product to the business and decreasing the risks as much as possible. The new product idea is developing the broomsticks as new toys.
In order to put the product idea ought to progress onto the later production, development and launch stages, this paper will demonstrate in several dimensions like idea generation and screening, incept development and testing in business analysis methods and market research development. To have a better understanding of the whole product developing process, it also includes the future prediction and potential part for the risk analysis. Both these two big parts are aim to provide a business product protocol which includes supporting evidence for the novel product real practice employed. . Ideas Generation and Screening In this part, the idea processing will be introduced which shows the whole brainstorming process and demonstrated several reasons for developing broomsticks. 2. 1 Idea Generation Due to the Harry potter is popular by British, it drives relative industry s development, take for example of Brow. Studio Tour in London which is set of Harry Potter (VISIT LONDON, 2012). Therefore, the broomstick as the magic tool in Harry book and film has been chosen as the new product and been defined as children’s toys.
Figurer . The source of inspiration is coming from a UK film named “Harry potter. ” (source: OXFORD ECONOMICS, 201 2) The figure shows 10 of most popular films in LIKE and as can be seen, Harry Potter ranked the first and second places in 201 1 . In addition, UK film industry has grown significantly to 41 0 million pounds this year, which indicates the potential business opportunities behind film industry (OXFORD ECONOMICS, 2012). In the film, people can experience and feel the magic such as wands or cloak as real scene in Harry Potter.
The origin source of the business idea generation is according to Harry Potters excellent performance in the UK market, it may leave people deeply impression of magic world, which can reflect people expect to have a magic experience. People will expect live as a wizard and using the broomsticks as the vehicle. 2. 2 Idea Screening It has serial magic relevant product designs at the beginning, like invisibility cloak that can disappear in air, or LED night sky, which is a light, can reflect to ceiling a changeable stardust sky. Figure 2.
Idea Screening process (Source: Slack et al, 2007) The broomstick is the final chooses in considered of its feasibility, acceptability and vulnerability. 2. 2. 1 Feasibility The flying broomstick has possibility adopted in toy market due to its customer’s needs and technology supported. As the developing of technology these years, the broomsticks can be true in real life by technology supported. The technology witch will be adopted is named “Cyclotron” and “geomagnetic Activity Effect”. Those technologies will be given its detailed in technology part.
For the consumer’s needs in toy market, it is increasingly to focus on the toy that is more freshness, interesting, what’s the important, high technology involved. According to NYPD Group prediction, the UK toy market will be dominated by high technology and innovation ideas (NYPD, 2013). (Source: Buchanan, 2013) In 2013, the 50 top toys by take used of high technology are popular and the two pictures above show two of them which rank first and second places in UK toy market. It is predicted to achieve an excellent performance at the Christmas day (Buchanan, 2013).
Both of the most popular toys in UK toy market are relevant with flying, from this aspect, it can reflect customers’ need increasingly prefer high technology to seek freshness, especially the flying toys. On the other hand, it also can be reflect that most toy producers are trying to develop their toys with advanced technology to fit and attract customers. In order to against competitors and maintain market, it requires companies to produce the in time product and to develop novel technology o that improve new functions.
Due to this reason, broomstick may be is one of the best chooses to be developed for it can offer customers a real fly experience. 22. 2 Acceptability As the toy market becomes more emphasis on high technology toys, and customers’ eyes also start to look at high technology items, children’s toy tablets will be increased to 80 million amounts by the end of 2013 (NYPD, 2013). This substantial benefit can promote broomsticks to have excellent growing in the future of toy market. 2. 23 Vulnerability Doing the new product development, company will take corresponding risks.
If business decides to carry on plan, it will cost company’s capital on research and product development, take business’s human resource and research places, materials and so on. If is failing company may lose more on the R investment, as it needs to combine with high technology. 2. 3 Product Description This is the product’s blueprint. It can be defined as a flying toy; it can give people a real flying experience, it also can used to be a short-range transport, like roller skates.
In considering of safety factors, it has the speed limitation of 15 km/h. In addition, the high limitation is 1. 5 meters in case. What’s more, for the aspect Of technology limitation and security issue security, the broomstick’s weight limit will less than keg. 3. Business Method In this part, it will demonstrate the relationship between customers’ needs and technologies provided. In addition, SF method could examine the customer needs in detail from a variety of angles (Terrines, 1997). Figure 3.
Customer requirements for technology-setting versus effort in broomstick developing process (Adapted from: Crow, 1996) As the SF shown above, it can be seen that the most needs are concentrating on the coordination appearance that focus on the product reference and after sales service. In the table, stick pull force, security and battery efficiency rate are the most focusing points in the technology part. In addition, the customers’ needs are not only good product performance, but also the broomstick’s flexibility and maximum storages.
Consumers want to get the product with high quality and in handle flexible. Moreover, the technologies also have the international influence. For instance, the stick pull force has high positive relationship on the security issue for the pull force will determine the potential security problems and relevant protect solutions. The battery using is relevant to the whole product performance and plays a key role when researchers take different tests on broomsticks. Detail data will be presented after the research group has more tests and researches. 4.
Target Market The broomstick will mainly aim to children who at the stage between 8 to 14 years old for the following reasons: first of all, the product’s weight limit is keg, due to this, the most fit group is the children and older children can keep balance well than the younger children. Figure 4. The retail sales forecast of children’s toys (source: HOCK DC, 201 3) Second reason is the customers’ need. As the bar graph shows above that EX. has the biggest toy market sales volume among these seven areas, which can reflect the children’s large demand for toys as the UK is part of European. Figure 5.
The proportion of children who had participated in sport between 2008 and 2010 in UK (source: Edwards, 201 2) The second bar chart above shows the situation of sports participation proportion of children that include 5-10 year old children and 1 1-15 years old children. It can conclude that the children at the stage of 1 1-15 doing the sports more than the children who are 5-10 years old. It can reflect that the older children have more positive attitude toward sports and outside door activities. The flying broomsticks can meet these needs as for it can be one of the ways to do exercise outside the doors.
Third reason is the parents’ expectation. Broomstick is one of healthy ways to do exercise outside door, which can close to natural rather than playing computer games and watching TV at home. 5 . Product Differentiation and Position As the new product, broomstick could be stand out in the market if the concept and characteristics could be delivery to customer prospective erectly and timely (Trot, 2012). The broomsticks will be regards as the toys category and in the market position part, it will be divided into three part: functional position, symbolic positions and experiential position.
In addition, the product position could help the customer know more about the product and make sense to the marketers what the current market information it is (Tide and Peasant, 2009). 5. 1 Functional position In the function section, the broomstick is trying to help people to have the feeling of FLY. Thus, company will work hard on the technology and make effort to provide flying benefits to customers. The product is the new one, which has never been appeared on the market. Therefore, it is a good chance for marketers to investigate and a good business selling point for the investors. 5. Symbolic Position In the symbolic position, company could use the new product to enhance the brand product range and take it to bring new perception of brand image. The broomstick is belonging to the toys industry. Moreover, it has the deep social meaning when this kind of technology has developed in mature, company can innovate it as a new type of the traffic tools. Because the target market, which has been mentioned above, the target market is for the children who are between 8 and 14 years old, it has determined our product must fit this age taste in attractive, cool and youthful (Economist, 2013). . 3 Experiential Part In the experiential part, due to it is the new product setting in the existing market, thus company will adopt other electronic toys in their early Stage for reference. 6. Product Attributes The product attributes refer to the fashion, modern, excitement, funny and youthful. Due to the target is the children between 8-14 years old, the product attributes should be fit the taste of this age period. 7. Competitors Analysis and Comparisons In the competitors’ analysis, from some figures, it can be seen that the wheeled and electronic toys are the threat.
Here are some figure which could offer some evidence that the toy market in UK has a big potential chance (Holey et al. , 2012). In the first figure, I-J toys sale was the third rank in 2012 and in the second figure, I-Ski’s children have spent most on the toys in 2011. The model and wheeled toys are the biggest competitors for broomstick, which is shown in the third graph. 7. Using SOOT in competitor Analysis This model could help company to know more about the product advantages, distances between other toys and the competition. Figure 6 The SOOT of broomstick (Source: L’S, 201 0) 7. . 1 Strength of the Broomsticks In the product advantage part, the strength is based on the product attributes and fits. The proposal of broomsticks is to provide the chance to help people have the chance flying and leaving the ground. The new customer experience is the selling advantage to the product (Toy retailers association, 2013). The new technology is one of the strength points. The technology in the broomsticks promotes the product and customers forward and flies. Technology is also the strength for the product development (FAQ, 2008). 7. 1. Weakness Of the Broomsticks owe product awareness is the common weakness for the new product. Company should make more effort on the market promotion strategy like using different channels to advertise in order to make more customers know the broomsticks. Moreover, the new product broomsticks are lack of reference group and customer loyalty, which will be improved as the product enrolled in the maturity stage. The security issue is the problem, which Anton be ignored. In addition, the security problem will be discussed in detail in the potential issue part. . 1. 3 Competition and Threats According to IBIS World industry(2013) analyst, it demonstrates that UK toys industry has been suffering from by foreign-made toys and games, which accelerates the competition among the UK domestic toy industry and serious the relationship between toys manufacturers and retailers. That is a warning signal that UK local manufacturers should get awareness with it. As for broomsticks, the biggest competitors are the model, construction sets and heeled toys. Figure 7. The toys market growth and decrease in UK between 2010 and 2012. Source: HIKED, 2013) From the figure shown above, it can be seen that the competition between the model, construction sets & wheeled toys and electronic toys & games. The model and wheeled grabbed most customers and affected the electronic type toys sales amount. 7. 1. 4 Opportunities Due to UK is the home country of the Harry Potter, it is easier for marketers to transport the concept to the consumers. The amazing and mysterious wizard world has inspired the children into the occult especially the romantics could flying in the sky.
And our broomsticks helps customers’ dream to come true. That is the unique selling point for broomsticks and the market opportunity as well. The demand will be large due to the local culture. Figure 8. The Annoys Metric (Source: Draw, 201 3) using Nations Metric theory, it is obvious that the broomstick is the new product put in the existing market, therefore, the market size is large and there is large potential in market. 7. 2 The Future Trends in Toys Industry The revenue of toy will be driven down and revenue will be hard to increase IBIS World, 2013).
That means the competition for the future will be much difficult thus marketers must investigate the trends of industry developing and the customers preferences. The data shown that the future trends for toys should fit these five points. And broomstick satisfies the requirement, which indicates the potential development (Carbon, 2013). Figure 9. The sales of traditional toys and games by distribution channel in 2012 ( source: HIKED, 201 3 ) Figure 9 is about the sales of traditional toys and games by distribution channel in 2011. It can be seen that UK ranked No. N the toys consume. Figure 10. The average dollars amount spent per children on toys by county in 2011 (Source: Worldwide, 2011) Figure 10 is the average amount of money spent per child by country in toys in 2011. It demonstrates the children in UK spent the most on the toys than other countries children. These two figures show the potential chances in ELK market and it is crucial for company to take market share in the new flying toys area (Reporting, 2013). Furthermore, the toys industry has shown the trends of being retro and pop culture persuasion (Toy association, 2013).
The romantics fit the trends in the people’s concept and innovated in the technology. The retro tends to playthings that evoke feelings Of excitement and beloved tried-and-true staples in every household that kids will always love. The pop culture persuasion has inspired a new range of toys and encourages kids to build abilities outdoors. Parents could use the broomsticks to exercise children’s sport abilities like keeping balance and performance in calm if kids who like to build and have a flair for creativity. . Resources Requirement Broomstick as a brand new concept requires lots of technologies and sources to support on research and development, such as technology for power system and safety system, resource for building a brilliant development team, which will all discussed in this section. 8. 1 Power System The broomstick equips a large capacity battery to provide electric power to support all its movement, for its lifting power, it still needs the help of the geomagnetic field.
The earth, which can be regarded as a magnetic dipole, can generates magnetosphere from each of the dipole (ANUS, 201 3); therefore, the broomstick can use electric power to creates diamagnetism to against the magnetosphere to get the lifting power, compared with aircrew, the advantage of the counterforce from the geomagnetic field is more safety and less noise, so it is the first choice for the lifting power of the broomstick. In addition, the cyclotron system could provide the forward power for the broomstick.
Under the effect of the electric power, electrons are accelerated in cyclotron, and then the outputting of beam of high velocity electrons can push the broomstick move forward (HP, not dated). 8. 2 Protective Measures Safety issue is always the significant part of toys product; thus, the aromatics focuses a lot on the safety issue. There might be the voice that the broomstick is not safe for users, because its hard to keep balance and hard to control the direction; however, there is still the same problem on bicycle, and people already mastered the cycling skill.
Therefore, for the broomstick, practice makes prefect. For its safety issue, first of all, to in case of the electric shock, the broomstick uses light, tough and insulating material to build its surface, such as PVC or resin material (PVC, not dated). Moreover, the digital dashboard can show the electric quantity to the users, and a backup eatery also installed for emergency, such as the malfunction of power system.
Furthermore, infrared sensors is employed to ensure the safety flying scope for the broomstick, the broomstick will slow down or make some signal to the users if there is not enough space for its flying. 8. 3 Experts and Financial Support As a brand new concept, the broomstick needs lots of advanced technologies to support its operation; therefore, the experiments, analysis and researches of experts are necessary for its development, as well as the financial support, money is another power that provide the lifting power for the broomstick. Sales Prediction As it said before, the concept Of broomstick is brand new to the market; therefore, the features of broomstick and the sales of substitutions will be used to predict the sales of broomstick. 9. 1 Sales Predicts by Its Features Theoretically, the new product always has a low sale volume at the beginning of its sale, which could be explained by the product life cycle below: Figure 1 1 .