Financial Crisis And The Global Financial System - 858 Words

Financial crises have plagued the international financial system for many decades. Indeed, they are becoming quite common lately. This quasi-permanent and problematic aspect of the global financial system can be highlighted by the problems regarding the sovereign debts of Asia, Africa, Central Europe, Latin America and the Middle East in the 80s, the 1987 stock market crash, the European foreign exchange crisis in 92-93, the bond market shock in 94, the financial problems that affected Asia, Brazil, Mexico and Russia in the mid-1990s , and more recently with the 2008 global financial collapse. This paper addresses the need for a globalized approach aimed at establishing a well-crafted legal framework capable of dealing with crises within the banking system, hence being able to protect the entire economy of the detrimental cascading effect that those instabilities can create. It compares the approach taken by the UK against the efforts being directed by the G-20 nations. It sheds ligh t on the perspective that several important areas, such as systemic risk, consumer protection, market integrity, macro-prudential and micro-regulatory policies, as well as international competitive equality and shadow banking need to be scrutinized if we are to establish an effective international legal structure. OVERVIEW OF THE CURRENT REGULATORY APPROACH 1) The UK Approach During the last financial crisis, weaknesses were exposed within the UK’s system. The tripartite regulatory framework,Show MoreRelatedGlobal Financial Crisis : A Social And Economic System Driven By Network Technologies3327 Words   |  14 PagesRachel Botsman, defines collaborative consumption as â€Å"a social and economic system driven by network technologies that enable the sharing and exchange of assets from spaces to skills to cars in ways and on a scale never possible before† (2012). In this peer economy access is as convenient as ownership, which is attractive to many for economic, environmental, and lifestyle reasons. In the aftermath of the global financial crisis, hundreds of companies have been founded to facilitate peer-to-peer or shareRead MoreThe World Experienced A Tremendous Financial Crisis Essay1131 Words   |  5 Pagestremendous financial crisis which rooted from the U.S housing market; moreover, it is considered by many economists as one of the worst recession since the Great Depression in 1930s. After posing a huge effect on the U.S economy, the financial crisis expanded to Europe and the rest of the world. It brought governments down, ruined economies, crumble financial corporations and impoverish individual lives. For example, the financial crisis has resulted in the collapse of massive financial institutionsRead MoreThe Global Financial Crisis Of Broward College920 Words   |  4 PagesResearch Paper: The Global Financial Crisis Michelle Beira Broward College There have been few financial crises in the United States. The Global Financial Crisis of 2008 to 2009 was the most recent and before that was The Great Depression of the 1930s. The Global Financial Crisis actually began in 2007 when prices of homes tanked. It not only affected the U.S. but it also affected economies overseas. 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It is important to differentiate between the loss of financial actors associated w ith mortgages, which was the initially crisis, and the losses caused by theRead MoreThe Global Financial Crisis Of 2007-20081123 Words   |  5 PagesThe Global Financial Crisis of 2007-2008 is the worst financial crisis since the 1930’s The Great Depression (Reuters, 2009). Even if bailouts of banks by national governments prevented the collapse of major financial institutions, worldwide stock markets continued to drop. Evictions and foreclosures overwhelmed the housing market while severed unemployment embraced the labor market (Baily and Elliot, 2009). This global financial crisis was responsible for the decline in the consumers’ wealth, andRead MoreThe Global Financial Crisis Of The Usa1383 Words   |  6 PagesThe recent global financial turmoil started on July 2007 ,mainly in the USA and spread among developed nations in the later part of 2008 and subsequently shifted to the developing nations .this crisis consisted of some prime drawbacks not only for the dev eloped countries but also for developing countries .the most talked about issue in the recent financial arena in the global financial crisis ,which started to show its effect in the middle of the year 2007.the turmoil ,however ,was rooted in theRead MoreThe Financial Crisis And The G20 Essay1456 Words   |  6 PagesIntroduction: The collapse of the financial market in the United States created an accelerated momentum that pushed the global economy towards a detrimental downward spiral during 2008. In response to the crisis, the world’s top economies created the G20 leaders’ forum in order to manage the financial downturn. Although the crisis was somewhat managed by the G20, the Great Recession left the world with a weak and stagnate global economy. The rise of secular stagnation was a viable threat followingRead MoreThe Problem Of Global Financial Crisis1122 Words   |  5 Pagesreceivables and other financial assets are pooled together, with their cash flows or economic values redirected support payments on related securities.† â€Å"Securitization first emerged in the 1970s with the sale of securities backed by residential mortIn the 21st century, economic problems have incurred an increasing number of people s attention as the economic develop rapidly, and these problems are usually caused by human themselves. For instance, the occurrence of Global Financial Crisis (GFC) in 2007

The Between Science, Policy And Sustainability - 1103 Words

1 Introduction The notion that there are limits to growth is not new to science. The debate that exponential population growth and economic growth, coupled with natural resources depletion, cannot be sustained has started already a few centuries ago with a ground-breaking publication: â€Å"Essay on the principle of population† Thomas Malthus in 1798. With more scientific knowledge developed around this debate, a reverse strategy was formed on the international political agenda called Sustainable Development, and nowadays became a widely used terminology. This essay will outline the interplay between Science, Policy and Sustainability to address the following question: How Sustainable Development, Science and Policy are connected? It will do so by first illustrating how the sustainability debate began in science, how it later developed into a global political movement, and how it currently boosts scientific knowledge generation to think of solutions for establishing sustainable development. 2 Sustainable Development and synergy in Science Policy 2.1 Limits to Growth Key works for scientific community, that highlighted the notion that human activities could have severe and negative impacts on the planet, and that current patterns of growth need to change are: ‘Silent Spring’ (Carson, 1962), ‘Tragedy of the Commons’ (Hardin, 1968) and ‘Limits to Growth’ report for Club of Rome (Meadows, Meadows, Randers, Behrens, 1972). 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The aim of economic relies on describing policies that will improve individuals lives. This makes economics unique and different from other forms of sciences. For example, sociology an d political science have a policy contribution, but primarily focus on understandingRead MoreThe Scholarly Format Appropriate For The Field1322 Words   |  6 Pagesinvestigate the various policy and attitudinal barriers that prevent more meaningful change at the local level, and then comparing them with energy policies and cultural attitudes in Germany, such as the German Federal Government’s guiding principles of Sustainability: â€Å"[†¦] intergenerational equity, quality of life, social cohesion and international responsibility† (German Federal Government). 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Firstly I will talk about each journal and summarize what it is about; I will then try and relate the journals to eachRead MoreHealth And Sustainability Of Marine Ecosystem Degradation1026 Words   |  5 PagesGoal 14 of the UN Sustainable Development Goals (SDGs) seeks to â€Å"conserve and sustainably use the oceans, seas and marine resources for sustainable development.† Targets 14.1, 14.2, 14.3, 14.4, 14.5 and 14.a, aim to improve the health and sustainability of marine ecosystems by a specified date, and avoid adverse impacts to the environment by addressing specific kinds of marine pollution. These are measurable in so far that it is scientifically possible to quantify nutrient pollution, ocean acidityRead MoreHealth Knowledge Translation Initiatives In Uganda1045 Words   |  5 Pages This article is on a national framework for the sustainability of health knowledge translation initiatives in Uganda. It is subsequently based on an evidence brief from the best available literature on the design and implementation of policies for the sustainability of knowledge translation (KT) initiatives in Uganda’s health system. Several different terms are used in this paper: ‘knowledge translation’ refers to the dynamic and iterative process involving the synthesis, dissemination, exchangeRead MoreEssay on APES Ch 1 Study Guide1271 Words   |  6 PagesIntroduction to Environmental Science Sustainability Reading Questions 1A Opening Story: The Mysterious Neuse River Fish Kill Environmental science offers important insights into our world and how we influence it. Humans alter natural systems. Environmental scientists monitor natural systems for signs of stress. 1. What happened in the Neuse River, and how did it affect the local population economy? 2. What is the importance of studying systems in environmental science? 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Global Journal Management Business Research -Myassignmenthelp.Com

Question: Discuss About The Global Journal Management Business Research? Answer: Introduction Dell was founded in the year 1984 by Michael Dell by the name of PC limited with a capital of $ 1,000 and a game changing vision about the design, manufacturing and selling of technology in the future. The company soon changed its name to Dell in the year 1987 and has now become one of the largest Multi -National computer Technology Company. The headquarters are located at Round Rock, Texas United states and employees over 100,000 people[1]. The company is in the business of developing, selling, and repair of computers and also supports the computer and related product and services. The company sells PCs,Laptops, servers, data storage devices, switches, software, computer peripherals, HDTVs, camera, printers, players and electronics built by other manufacturers. The company has made a name for itself in the computer industry and boast of a global reach. The company is presently focussing on the developing economies and is providing them with best of computer devices to strengthen the existing ecosystem of laptop market.[2] Dell faces strong competition in the Hong Kong market from its rivals HP Lenovo. The purpose of the report here is to understand and analyse the current marketing strategy and position of the company. The report will also focus on the USP of Dell; perform an environment analysis for Dell. The report will further focus on the competitive landscape in the laptop market and conduct a SWOT analysis for the company. Microsoft, HP, IBM, Apple and Lenovo are the main competitors of Dell. The report will give an insight about the micro and macro environmental forces which are critical to the company. Environmental Analysis-Dell The purpose of environmental analysis is to focus on the external and internal factors which might affect the business in the future; hence the organizations have to take a calculated move in order to prevent the damage from the uncertain environmental conditions. Micro and macro environmental forces thus play a very important role. [3] Macro Environmental Analysis Macro environment can affect any kind of business and hence it is advised that companies do a thorough understanding of the forces relevant to macro environment and accordingly make a back- up plan for any adversity in the future. PESTLE 5 forces is the most popular model which is used for the analysis of Macro environment. PESTLE Analysis DELL is one of the renowned brands when it comes to PC Laptop industry, globally, the company has created a positive image in the minds of consumers by providing quality products further supported by excellent customer service guarantee. The Laptops of Dell are considered as safe, reliable, equipped with good performance and pocket friendly. PESTL analysis will help in understanding the effect of external environment on DELL. Political Forces It has been seen that the political forces have a major impact on businesses which are operating internationally. The global players have to deal with the growing political pressure, policies related to foreign businesses, tax regulation and the ever hanging political environment. In context of Dell, the prevailing tension between US and China and cause trouble to the US laptop giant. In addition to this, political stability plays an important role, if the government changes it changes a lot of policies which might affect the business of Dell. In the last few years, the European union have been facing a lot of political and economic turmoil which has been affecting the business of Dell in a lot of European countries. Dell depends on China for the raw material and cheap labour, hence if relation between US and China do not improve quickly the company will either have to look for an alternate market or suffer a major blow.[4] Economic Forces Economic forces not only change the condition of the nation but it can also adversely affect the purchasing power of people, further slowing down the economy. The world is recovering from poor economic condition of few nations, especially in the EU; this has significantly affected the business of Dell. Although the Asian economy is doing good, but Dell has not been able to penetrate the market to the level as expected earlier. Hence, reduction in the purchasing power of the consumers, coupled with slow growth rate of an economy can cause problems for any brand.[5] Social Factors Social factors play a very important role for businesses, especially with the changing ecosystem of technology, companies have to keep on reinventing themselves to better suit the needs and wants of the consumers. The pattern has now been shifting from large PCs to compact desktops, tablets and smartphones, all the brands are doing their best to use the economies of scale to best use. It can thus be said that in order to be ahead of the race brands have to consistently keep revamping their product strategy to fit the growing needs of the consumers Technological Factors It is a known fact that Dell is a technology company and hence the company keeps on inventing new products according to the changing consumer behaviour and technology. Over the last decade smartphones have hurt the PC and the Laptop market significantly, hence Dell has been hurt adversely due to the changing technology ecosystem. Dell has been consistently been changing its brand strategy to target its existing and new customers, but, the sales have dropped after proliferation of Smartphones and Tablets across the globe.[6] Legal Factors Complying with the legal requirement of a nation is really important for any brand having international operations, as different nations have different legal requirement thus the international brands have to comply with all nations requirement. Environmental Forces The governments have been going really strict with preserving the environment and have posed severe fines on the companies not complying with the environmental regulation. Customers have also become aware of the growing euphoria around the environment and thus prefer to buy from companies who are focussing on environmental sustainability. Dell is not behind its competitors and has invested heavily in recycling; energy efficiency and other areas to improve the impact Dell product have on Mother Nature. Marketing Strategy-Dell Perspective Marketing strategy can be understood by analysis the 4Ps of marketing mix of any company. The marketing mix focuses on the company Product, price, place and promotion strategy, and how the company used these parameters to classify its market and keep market dominance over its competitors. Product Leading producer, distributer and marketer of PC, Tablets, Laptops and computer peripherals. Dell believes that marketing is not only limited to providing goods to the consumers, but it is related to catering to the changing needs of the consumers. The company provides a number of products which cater to the needs of both family and businesses.[7] Price Dell changes its pricing strategy according to the life cycle the product falls into. Dell focuses on producing low cost laptops for its audience. Dell has been cutting prices recently to cut the competition. Dell products are customizable and hence its price is a function of customization.[8] Place Place is the channel for distribution of Dells product. Dell uses retailers, distributers and warehouses for the distribution of its products. Place is the component Dell excels in, its products are available at the nearest dealers and thus customers have easy access to Dell products.[9] Promotion Dell uses both the traditional and contemporary tools of marketing to promote its products. It is heavily focussing on the Digital medium to increase the brand awareness of its products. The company keeps on sponsoring a lot of industry events to create the brand awareness. It has recently gotten into organizing quiz and contests for people to participate, thus increasing the product sales. Competitive Advantage- Dell Focus One of the biggest competitive advantages the company has is due to its logistic dominance over other players; the company maintains a direct relationship with the consumers despite using a retail channel. The company also follows a built to order strategy for its consumers, giving it an edge over its competitors. There are other parameters which makes Dell unique in the way it is, some of the notice worthy points are: Dell has an extremely fast communication system. Dell keeps its IMC clear and sound, thus everyone is aware of what Dell does the best. Dell selects partners after a detailed scrutiny and tries to keep a long term association with them. Dell has a minimum number of suppliers to be in a position to check the product quality. The company uses the modern days tool of digital marketing for increasing brand awareness. The company focuses on the best solution and not just the technology, the comprehensiveness of its solution is one of the biggest USP of the company. Dell has adopted a unique innovation strategy; it listens to customers problem in order to solve them so that a positive impact can be created in the society. Dell has one of the best supply chain networks, which makes its product easily available in the market, at the nearest dealer.[10] Dell has a customer centric approach, the company believes in fostering a positive relationship with the customers based on the pillars of trust, faith and mutual respect. Due to this the company has been able to retain a large number of its customers. Further adding to it is the customer service centres of Dell; these are one of the best consumer service centres which are always on their foot to resolve customer query and concerns. All the points mentioned above serves as unique selling point of the company and also help Dell to build a competitive advantage over other players in the market. Segmentation, Targeting and Positioning Strategy of Dell Dell segments its offering on the basis of Psychographics Demographic factors. It basically targets people who are tech savvy, professionals, working in tech industry and executives. Dell works to make its consumer channel engagement strong in a bid to stay ahead of its competitors. A strong connect, followed by excellent service to its customers are the biggest contributors to the success of Dell. Strategy of Dell is Global, it believes in staying closer to the customer so that it can build a long lasting relationship with them. User and Benefit based strategies is the positioning strategy of Dell. Marketing Analysis- SWOT, USP, Competition STP Parent company Dell Incorporation Sector IT Technology Tagline Power to do More, Yours is here USP Dell offers customizable products to its consumers. Segmentation People in a lookout for customizable laptops and PC Targeting Home users, business users, government users, business houses, large corporates, urban sectors, colleges, school etc. Positioning The company has positioned itself as a leading provider of customizable products. Strengths Strong customer support 24*7 Excellent customer services Customizable products Brand loyalty and recognition Merger Acquisitions Direct model approach Strong advertising and branding strategies Weakness Less number of exclusive stores of Dell creates some problem for Dell, it is slowly moving into a completely online model of sales. The sluggish growth in the market due to increased competition. Opportunities Increase in the e-commerce sector has opened new realms for Dells online stores Dell can tap the low priced tablets in the rural areas to increase the penetration Tie ups with a number of institution New product development. Threats Consistency in technological advancement, soon a disruption can be harbingered in the Laptop sector Computers become out-dated due to increasing innovation Rise in competitors which are providing low cost laptops posing threat to Dell Competitors HP Toshiba Apple Lenovo Acer Identification of Marketing Objectives Identification of marketing objectives sets the tone for any business organization, and hence it becomes really essential to define SMART goals/ objectives for the firm. SMART goals are one of the most important frameworks used to define the marketing objectives of any company. The SMART goals are highly specific, measurable, achievable, and relevant and are time based. For the purpose of this study, SMART goals will be created for duration of one year for Dell. SMART Goals S-Specific Create brand awareness among the target group 15-24 Years Increase the revenue by a margin of 15% from the preceding year Increase the digital footprint of Dell by a margin of 20% Increase the traffic on the website by 25% Increase the engagement and conversation on Social media sites by 10% M-Measurable All the goals mentioned above are measurable via: Brand awareness can be mentioned by noticing the online behaviour of the targeted group Sales number is a direct measure for the revenue. Social mention, number of Impression will help in measuring the digital footprint. Number of people coming on the website Social media monitoring Focus on the Asian market and create a market dominance A-Achievable All the numbers mentioned are achievable because of the historical data collected in the past, and also realizing some loopholes in the earlier marketing strategy. The new marketing strategy will help in getting the desired numbers. R-Realistic The goals mentioned are realistic as the company has done remarkably well in the recent past and surprised the management, thus it has to repeat the history. T-Timeline All the goals have to be achieved in a duration of 1 year, W.e.f 1st of march 2018 Dell- Marketing Strategies Marketing strategies helps a company to achieve the desired goals and objectives. The goals set for Dell revolves around increasing the brand awareness, increasing the revenue, increase in customer footprint, increasing the digital footprint and establish a market dominance In the Asian economy. In order to achieve all the objectives, the company will have to create a formidable strategy to achieve the set goals. The primary function before setting up a marketing strategy is to deeply analyse the entire marketing mix of the company. As mentioned in the earlier part the company wants to focus on the Laptop division, keep its prices low, wants to sell laptop via global model and use both the traditional and contemporary methods to market and promote its product. The company has a competitive leverage over other new players owing to its strong brand loyalty and brand recognition; moreover its USP of providing excellent customer service and support 24*7 makes the company ahead of the race. Hence the entire recommended marketing strategy for the company has to revolve around its marketing mix. The marketing strategy will thus focus on increasing the sales numbers and creating a very strong digital presence to tap the targeted audience. Digital in the last few years have created a very strong impact on the marketing strategies of domestic as well as international brands. Brands are investing in hug e sum of money to cater to that audience and build a relationship with them. The rise in millennial and the growing internet penetration has made the targeting easier. Adding to it, business analytics tools help in doing a profile targeting on any device a person uses to access the internet. Thus, the entire marketing strategy has to revolve around digital communication and less focussed on traditional modes of communication[11] Marketing Strategy Goals Marketing Strategy Increase the brand awareness among the age group 15-24 years This is the fastest growing consumer audience for Dell. The audience consist of college, school going kids and early professionals. They will be using the laptops in their daily life and Dell has to target this audience segment. In order to do so, Dell has to go forward with Mobile targeting and Facebook targeting. The age group is the one which is consistently engaged with digital media and hence it becomes easier to target them through the channels of digital marketing. Increase the revenue by a margin of 15% In order to do so, the company will have to adhere to the following strategy: Increased promotion on TV, Print and Digital media. Increase the number of impression to the target audience. Buying ad inventory on Google ad-words, Facebook and you tube for banner and video promotions. Conducting quiz and contest to increase both the brand awareness and revenue for the company. Sign up a celebrity from tech world to promote its hi spec laptops Increase the digital footprint by 20% In order to do so, the company has to do extensive promotions on social and digital media. Dell has to sign up with various bloggers and tech forums to write about their latest products. This will help the tech enthusiasts know more about the company and its innovation. Facebook is the fastest growing social media site and thus Dell has to ensure that it creates good engagement on Facebook. It has to come up with daily posts which are engaging for the audience and wants the consumers to interact with the brand. Increase the traffic on the website by 25% The same has to be achieved by employing both organic and inorganic tools of marketing. The organic tools comprise of SEO and inorganic tools comprise of SEM. As part of the organic strategy Dell has to put relevant content on the website with the best performing keywords in the tech industry. This will certainly help Dell in achieving a high ranking in the content relevancy and organically the company would appear on top every time somebody searches about laptops and related product. The company has deep pockets and thus it can spend some money on search engine marketing. The SEM will allow Dell to come on top of the organic search showing paid advertisement to the audience. Another thing which the company has to do is by delivering number of impressions on the popular tech sites, such as mashable, tech crunch and on social media sites, you tube and so, All these strategies in comprehensiveness help in reaching the set target. Increase the engagement and conversation on the social media page by 10% Dell has a very good brand loyalty and a good brand recall, this however has to be translated in the numbers and achieve revenue for the company. Social media plays a very important role in achieving this metric. The TG of Dell is 15-24 year people, this TG is always mobile and hence mobile and social targeting will be really beneficial to them. The company has less reach on Facebook and Instagram, in order to increase the reach Dell has to come up with a campaign Participate to Win Dell, under the campaign post a lot of quiz, contest and relevant material to increase the engagement with the audience. The company has been slow with posting regular updates on the social media sites; it has to definitely come up with posts targeting the target group of Dell. Following the above mentioned strategy, Dell would be in a position to achieve the SMART objectives laid for the company and increase the brand awareness, market revenue and digital footprint in the industry. It certainly will also help the company to make a connect with the new audience which will further translate into numbers. Conclusion Dell is one of the leading marketer, producer and manufacturer of Laptops, PC and computer peripherals. The company operates globally and without having a retailer in its channel of distribution the company has created a name for itself in the market of PC and laptops despite facing tough competition from numerous players. The company has been living up to its excellent customer service and after sales support, this can also be seen as the USP of the American giant. However, it has been felt that the company has not been doing exceedingly well, like the way it should have. There are gap in its marketing strategy which poses a challenge for its ubiquitous position. Hence, certain things have been strategized for Dell as a part of its marketing strategy. The company has to focus on the tools of Web 2.0 in order to spread awareness in the market, focus on the Asian economy and take the leverage of its dominance in customer support and service. Digital footprints of Dell are low in compa rison to its competitors and thus the right way to move forward is by deploying the gimmicks and tactics of digital marketing. References Beyer, C.A., 2017.Optimizing shipping pricing on Dell. com on build to order notebooks to US consumers across customer experience, profitability and working capital(Doctoral dissertation, Massachusetts Institute of Technology). He, Yuanjie. "Supply risk sharing in a closed-loop supply chain."International Journal of Production Economics183 (2017): 39-52. Jackson, G. and Ahuja, V., 2016. Dawn of the digital age and the evolution of the marketing mix.Journal of Direct, Data and Digital Marketing Practice,17(3), pp.170-186. Khan, M.T., Durrani, M., Ali, A., Inayat, I., Khalid, S. and Khan, K.H., 2016. Sentiment analysis and the complex natural language.Complex Adaptive Systems Modeling,4(1), p.2. Kraemer, K.L., Dedrick, J. and Sharma, P., 2009. One laptop per child: vision vs. reality.Communications of the ACM,52(6), pp.66-73. Larsen, A.I., 2017.DELL Technologies(Bachelor's thesis, BI Norwegian Business School). Nilsen, A.B., 2017.DELL: 2: 1 Convertible Notebook(Bachelor's thesis, BI Norwegian Business School). Pedersen, M.H., 2017.DELL Technologies(Bachelor's thesis, BI Norwegian Business School). Saleem, A., Ghafar, A., Ibrahim, M., Yousuf, M. and Ahmed, N., 2015. Product perceived quality and purchase intention with consumer satisfaction.Global Journal of Management And Business Research. Stark, J., 2015. Product lifecycle management. InProduct Lifecycle Management (Volume 1)(pp. 1-29). Springer, Cham. Xu, L., Chen, J. and Whinston, A., 2011. Price competition and endogenous valuation in search advertising.Journal of Marketing Research,48(3), pp.566-586.

Marketing Plan for a New Product

Current Market Situation Baba Buddy is a toy for little children aged three years and below. The toy is an innovative idea that was developed by Arnold Amacha who has worked in the cartoon industry for 20 years. The combined efforts of Arnold and his wife Mary Amacha have brought forth the entrepreneurial activities witnessed in Baba Buddy Industries. The toy is new in the market but it faces stiff competition from brands such as Telletubies, Barbie Toys, Brown Babies and Bunny Rabbits.Advertising We will write a custom essay sample on Marketing Plan for a New Product specifically for you for only $16.05 $11/page Learn More The latest statistics indicate that there are 2 million babies born every year in America and the age group below three years includes about 5 million kids. Baba Buddy is a toy that is too interesting for kids to share and so each child requires a personal product. From the design and practical use of the product, it will be understoo d why the developers perceive that each child have his or her own Baba Buddy toy. The market is however proliferated by toys meant for young children. Telletubies holds majority of the customers with 35% market share while Barbie Toys holds 20%, Brown Babies 15% and Bunny Rabbits 12%. The remaining 22% is shared between dozens of small scale toy manufacturers who target low income consumers. It will be of great importance that Baba Buddy positions itself well in the market so as to appeal to its customer segments using the appropriate marketing strategies. Market description The market of Baba Buddy consists of the expectant mothers and parents of children aged three years and below. This market is very large because there are many people who become expectant every year whether through planned or unplanned pregnancies. The aim of Baby Buddy is to provide young children with safe and educative toys which provide both entertainment and knowledge. The customer segments identified by Ba ba Buddy marketers include the following: high class customers who have a monthly income above 3000 USD, middle income earners earning between 1000-3000 USD and low income earners earning anything below 1000 USD. The targeted customer segment will include children between 12 and 24 years. Children below one year are not targeted because they require colorful and noisy toys which they can grab but those between 1 and 2 years can play with toys with informative details such as numbers and the alphabet. Product review The Baba Buddy toy will be designed in the shape of a sheep. It will have a flurry covering which will be white in color. The sheep will be the size of a pillow and it will have letters of the alphabet spelt on one side and the numbers 0-10 written boldly on the other.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The Baba Buddy toy will have a tail which if twisted triggers a musical alarm which sings â€Å"Baba black sheep have you any wool, yes sir yes sir three black wool†¦Ã¢â‚¬  The neck of the sheep will also have a button which, if pressed, initiates the recitation of the alphabet and numbers 1 to 10. This musical theme will be intended on getting children to recite these syllables so as to assist them with pronunciation. This toy will be ideal for children aged between 12 and 24 months as they have the ability to comprehend their surroundings. Competitor review The toy market has been proliferated by competing products because children have always been there since the beginning of time. The toy industry began centuries ago since children have always had the need to play with items that are around them. In the US toy market, there are four major players who aggressively compete for market share. Telletubies which are the market leaders have the advantage of a strong brand because of their famous cartoon series which was aired all over the wo rld. The Telletubies Show captured children from all backgrounds and races and this was translated into sales through development of the Telletubies toys. Telletubies toys are highly priced because of their brand name and they are mostly bought by high class consumers. Barbie Toys, on the other hand, are slightly cheaper than Telletubies but are more available in the market as the strategy adopted by the producing company is the market penetration strategy. Brown Babies are commonly bought by parents who have rough kids. They are made from tough materials which last long and are harder to tear. The Bunny Rabbit toys have the shape of a bunny which resembles the Bugs Bunny, a character from Walt Disney. The shape of the famous bunny is what provides competitive advantage to this competitor. Channels and Logistics Review Baba Buddy will be distributed in retail stores such as Babies Us R and Toys Us R. These retailers are ideal because they are already established and have a ready mar ket for toys. Many parents are loyal customers of these stores and so Baba Buddy toys will get a ready audience if marketed in these stores. Stores like Walmart will also be convenient for the distribution purposes because they stock a wide range of toys. This will give Baba Buddy toys competitive advantage since they are unique in design and will be attractively packaged. When displayed together with other toys, Baba Buddy toys will stand out because of their sheepish shape and pillow size. Some shopping parents may even buy it in place of a teddy bear or ordinary pillow for their children. SWOT Analysis The SWOT Analysis is a powerful analytical tool that is useful in the assessment of the environment in which Baba Buddy operates in. It is a summary of strengths, weaknesses, opportunities and threats which exist in the internal and external business environments. These are assessed below.Advertising We will write a custom essay sample on Marketing Plan for a New Product speci fically for you for only $16.05 $11/page Learn More Strengths Baba Buddy toys have several advantages that prove to be strong points for their success in the market. With the price of $14 or between $13 and $15 depending on location, Baba Buddy toys are set to appeal to new parents and day care guardians who commonly go for cheap items. The strategy to use a low price so as to attract the greatest number of customers within a short time will enable the company to penetrate the market easily. The low price will also catch the attention of shoppers who will want to try out the new product which is good looking and affordable. Other than the attractive price, the design of Baba Buddy will also greatly appeal to many customers. The pillow size and the shape of a sheep will be something that parents will want their children to have. The design can also make some parents kill many birds with one stone since they will not have to buy teddy bears if they get this to y. Baba Buddy is developed by people who have been in the cartoon business for a long time. Arnold Amacha will be of much benefit to the team of professionals who manage the production and sale of the toy. His experience in the cartoon industry gives him great knowledge on how to handle and entertain children. It is this experience and skill that led to the innovativeness seen in the Baba Buddy toy. The marketing strategy adopted by the company will also give competitors a hard time to outdo Baba Buddy because the market is perfectly competitive. They may have to forego some portion of profits if they want to compete against the affordable prices of Baba Buddy toys. Weaknesses The market for Baba Buddy toy will be a new market for the product which is also fresh. Entry into a new market is not an easy task and this will provide great challenges for the marketing team. Since the product is also new, it will require a lot of convincing before potential customers are turned into actual customers. The new product will also lack customer loyalty within the first few months since it will be unknown and untested in the market. These factors will be disadvantageous to the marketing team who will have to come up with measures to overcome these barriers. Baba Buddy is a new brand and thus the market lacks brand awareness as far as the product is concerned. The Baba Buddy toy is also larger than the average toys in the market. Most toys are smaller in size as compared to Baba Buddy and so before customers get used to the large size, much time will have elapsed. Opportunities There are elements available in the toy market which Baba Buddy toys can benefit from. The toy market is getting larger since more and more parents are adopting technology and the modern ways of life. Toys were not traditionally bought by conservative parents. Conservatism is however decreasing as more parents are opening up to modern lifestyles and products. In this wave of change, Baba Buddy stands to gain from the increased openness and acceptability of toys.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More As more parents become more modern, they will be more likely to buy toys and Baba Buddy can gain from this new set of customers. The global financial crisis has also made consumers weary of prices and budget conscious. They will in future not go after expensive luxury commodities such as toys. The competitors who sell at higher prices might suffer losses as customers go for cheaper toys such as Baba Buddy. Threats While opportunities increase the likelihood of prosperity for a product, threats are elements in the external environment which threaten the profitability of a product. Even though there are many competitors already in the toy market, this does not stop additional companies from entering the market. New products reach the store shelves everyday and children get more exposed to different types of toys. As the market continues to grow, so does the rate of proliferation of toys. There is also increased importation of toys from China which offers cheap products. These toys wil l threaten the profitability of Baba Buddy since their prices will be as competitive as our product. Increased competition might force Baba Buddy to consider lowering the price further yet the set price is already very low and almost at the break-even level. Aggressive marketing will be required to overcome these set of challenges identified in the external environment. This essay on Marketing Plan for a New Product was written and submitted by user Shaun Peck to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.