Before introducing a new product to the market, you first have to study about the competition level. Many of the business markets classes have taught those who participate in performing a strength, weakness, opportunity and threat strategies to curb any situation that may arise in the market. You have to look at the competitors in the market and the demand of the customer about the needs of the products they want. Look into your product and evaluate whether it will sustain the market for you to thrive.
Having a target customer is another essential factor that should be considered. To successfully come up with a new brand product that has minimal outlay, it's then significant to have a much concentration on the customers who are likely going to buy from you. The customers may be the ones who are buying the same goods, and they will have an appreciation when you add additional features to your new product to outdo the others in the market. You must have it in mind that it is always straightforward to fill a need than having a creation of a new one.
Another essential factor is targeting your ideas and the approach n the market and having all the capital with you doesn't mean that you necessarily run onto the business without having a plan or testing the new market. You must, first of all, have a test on the demand to gauge whether you will gain a profit or not.you can have a research on the people about the product that they want before setting up the new product into the market. You can distribute the sample of your product and gauge how the customers received it. Use the finding to know whether you will have a modification of or reducing something's on it to fit with the customers want.
With the aid of the above guidelines can be able to bring up a new product into the market. I there want to talk about Lego toy company and the strategies of it entering into the market. However, there is a story that inspires the creation of a new product to the market. The Lego company produces toys for children. This company came because the founder of the company was so much attached to children and he wanted a way of making children spend their leisure time well. Therefore the making of toys was the most efficient was of coming up with ways of helping the children have fun. His wife had passed away, and he decided to craft toys for his four children.
After knowing where his strength was, he decided to leave other projects that he was doing to concentrate on the crafting of the toys since he was right in it. However most of the toys during theta time was made of metals, and much metal was required to create other tools in the market many companies that created dolls using metal were much affected because the material which they were using was much demand on building big machines by big companies. Therefore it made it inadequate.
Since Lego toy s were made of wood, it was however much essential and made the children still have a smiley face. When there was the introduction of plastics, the company did do away with the wooden toys and stored making the plastic toys. The, therefore, came up and established the Lego Brick that is now most widely spread in the market. The first Lego bricks did not have any of the mechanism that made each other stick together. The block, however, was not holding each other until there was an advancement of adding tubing like a feature on it. This enabled the toy to stick to each other and could easily fall like it as before.
Having much effort in the market, Lego Company came up with a new product the "Ninjago" a show in which it incorporated the classic Lego Brick characters with the new ninja theme. The kids, however, went for the products with all their love, the kids were amazed at the product, and this brought up a platform to expand in their market. Lego, therefore, came back and did what was best for their targeted markets which were the children. After realizing that many customers were in love with their product, the company decided to come up with a Lego movie. The movie, however, was successful.
After the success of the movie, the company was therefore boldly enough in the market, they made a significant rise and decided to come you with girls product .instead of inventing their products based on wheels, they chose to use the models that were exciting. They modeled up a product for girls known as Lego Friends which came from the once invented original product. (Howard, Kate. pg39 ) It, however, recalled to the idea which was initially made to its success by coming upsets that children be able to create and build their cities.
Despite the duration that the company used to fit their product into the market, Lego Group has now been able to venture into the market, and they are officially the largest toy company globally. With the words from the Fast company, they said that In the last ten years, Lego has been able to grow into much than Apple of toys, making much profit, generating, design-driven, being intuitive and highly admired products that their customer want more and more from them.
After long time research, the Lego company broadened its apples to girls, and they found pit a solution to bridge up the gender gaps. They, therefore, introduced a product for girls and this strategy made them be a win the market. Lego's success along the girls can much be seen for the girl's creation of toys in the United States and other larger European countries that ripples to about $899 million according to the research. The increase was hower much boosted with the introduction of pg the product which was for girlsLego Friends. (Reinhart, Matthew.pg28 )
With the long thought of creating a boy's toy, Lego, however, decided in previous years to establish lines that targeted the girls, with less achievement. Scala, a range in which was contractable jewelry, was developed but later discontinued. A pink and pastel-colored set named as Paradise was formed, but it was halted years later. It, however, took years of research to find out that girls enjoyed construction just as much as boys and just had a difference in what they wanted to contract along with the colors in which they favored their sets.
Lego Company was able to be in the market by use of their market strength. The global head growth where we see the urban captures the market shares in all the markets. Even though in the European parts, the consumers are already on the leader bricks the growth was, however, being double in the European countries. Lego company had the highest top level with support is Christmas sells. The company however proceeded in the recent years where the expanded the production and warehousing storage facilities. They created a new warehouse where the duel at the factory at the Czech Republic and the new molding shop in under the construction of the factory Mexico.
The company has had an expansion that has been driven by reason its growth self mostly in 2010 why the group I improve on stock and his men that they were able to reach that their retailers. Lego group health strategies on the expansion of the market where the employed over 8000 workforces who worked full-time. This, however, decreased production and made them rise in sales. The Lego group is, however, taking measures to ensure that they reduced its impact to their right environment by making sure they use efficient energy sources.
The company has become the safest workplace for workers. According to research, there was little accidents analysis that was registered in the company; therefore, growing the safest workplace globally.
Lego Company aims to be a leader in all the companies in producing toys. The toys materials from the Lego group fulfilled all nations and international requirements governing the play materials for children at minimum prices to add on those Lego products med products which are of high quality and while much safe to the customers taking each account in the design and the habit of play which could not be hazardous to children. All the Lego play toys materials produced had the European market carry the label. The label guaranteed that the product fulfills the European safety directive.The Lego group, however, uses plastic its products. They have provided a unique connective group highly close, and color stability characteristics of the label group choice products the room materials that were used on the products were tested and internal and external laboratories to make sure that it was most efficient for the manufacturer of your choice since the health of a child was first considered. Telugu group is, however, a member of the toy industry of European at the tool industrial America which is the open community for the standardization in the area of safety of the toys. The level group is, however, working hard to that toy industry of America and the European committee of standardization to ensure that the development of toy standardization is promoted and the safety-enhanced since the toys are always associated with children.
Howard, Kate. The Lego Movie 2. , 2019. Internet resource.
Reinhart, Matthew. Lego Pop-Up. , 2016. Print.
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