Starting a Business and Fundamentals of Marketing Business Plan

This report discusses the business plan for Amalia Toys, including SWOT analysis, PEST analysis, market research, competition analysis, and target market suggestions. The report concludes that Amalia Toys has a viable plan to introduce its products and services to customers.

Starting a Business and
Fundamentals of Marketing
Business Plan

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
An overview of proposed business idea......................................................................................3
SWOT Analysis..........................................................................................................................3
An evaluation of the external environment (PEST)....................................................................4
Summary of the market research conducted with results............................................................6
A discussion of competition........................................................................................................7
A viable suggestion for the proposed target market....................................................................7
CONCLUSION................................................................................................................................8

INTRODUCTION
Marketing of business helps in analyzing the aspects as to how the products and services
are produced and delivered in the market (Gunelius, 2018). Amalia Toys are being taken as the
new business which is providing the customers games and toys both for educational and
entertainment purpose.
Thus, the report will analyze Amalia Toys to able to successfully introduce the products
and services to the customers through the business plan with the help of SWOT analysis, external
environment PEST analysis. This will also include the market research being conducted for the
Amalia Toys business with the help of various steps in performing market research and STP
analysis. Along with this, the competitors of the business will also be described in the market. A
viable suggestion for the target market will also be described to provide business growth and
development for Amalia Toys within market.
MAIN BODY
Assessment 1
An overview of proposed business idea
The business plan which is being taken is that some toys are being purchased from NDA
toys in wholesale for comparing toys with the UK best toy sellers and set an affordable price for
customers by setting up and earning of major toys in the market. The name of the business is
being set as Amalia Toys (McKeever, 2018). The business will be turned to online stage as soon
as there is some rental space taken for business to set up in proper manner. Delivery of products
will be made available for customers and will help them in analyzing basis through which the
toys will be made available to customers and how it will seek growth and development. The sale
of Amalia Toys will not only be focused for entertainment but for other uses such as for
education purpose, educational games and toys will be developed which will help in increasing
thinking capabilities.
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SWOT Analysis
SWOT analysis is being done and framed for analyzing and evaluating the business plan
effectively which Amalia Toys is providing to the customers. SWOT analysis helps in knowing
the strengths, weakness, opportunity and threats are identified for the business plan which has
been framed. It is described as -
Strengths — The strengths of Amalia Toys is that the products and services of Amalia are
provided to the customers at reasonable price which helps the customers in buying the products
either for their entertainment or educational purpose of playing games and purchasing toys. This
increases the scale of business and increases the profits and sales of business (Teoli and et.al.,
2019).
Weaknesses — The weaknesses which the Amalia Toys holds is that the business has just
started and is trying to cover the major market area in which it has not expanded the products and
services to the customers through online platforms. This is the major weakness which the
business is holding. This weakness degrades the aspects of how Amalia Toys will be selling the
products and services in the market.
Opportunities — There are various opportunities for Amalia Toys to expand the business within
market so that the products and services are reached to customers effectively and in appropriate
manner (GURL, 2017). The business can be expanded in evaluating the market criteria by
following the needs and requirements of customers. The expansion of market can be done with
the help of producing the toys and identifying the key customers which are interested in buying
the educational games and toys.
Threats — There are major threats to Amalia Toys in producing the products and services as
there are many competitors in the market which have been competing against the similar toy
products which are being produced by Amalia. The major competitors are NDA Toys itself
through which the toys for the business to set up for wholesale is being concerned.
Therefore, with the help of SWOT analysis, major modifications in setting up the
business can be done for Amalia Toys by identifying the strengths, weaknesses, opportunities
and threats within market for the products and services being served to customers (Vlados,
2019). SWOT Analysis helps in knowing the basis through which all aspects of growth and
development of products and services is being concerned.
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An evaluation of the external environment (PEST)
Evaluation for external environment for Amalia Toys is framed to analyze the political,
economic, social and technological factors which impacts the business plan. The PEST analysis
is done to ensure that the business of Amalia Toys effectively and gains maximum customers
with large market scale. It is described as -
Political — The political factors which impacts the Amalia Toys business is impacted by the
increase and decrease in taxes, foreign trade regulations, taxation policies and economies,
employment laws, political stability etc. These are the major political factors which impacts the
business and the production of products and services within markets of UK (LEYVA and et.al.,
2018).
Economic — The economic factors impacts the business plan which is Amalia Toys is interest
rates, Economic Growth Rates, inflation, exchange rates. These factors help in knowing that how
Amalia Toys business is being affected. The major changes within the economy is being
identified and catered and helps in knowing that how effectively and in appropriate manner the
changes are being taken place. The business ensures that the changes in the economy does not
directly impact the scale of products which are delivered in market.
Social — The social aspects within this factor consist of health consciousness among customers,
population growth rates, cultural aspects etc. These are the major aspects which helps in knowing
the basis through which the Amalia Toys is being impacted at large scale (Shtal and et.al., 2018).
The perception of the customers is also changed as people are more concerned in buying toys
which helps in delivering them educational and entertainment purpose.
Technology — The technology is the major factors which impacts the business of Amalia Toys.
The aspects such as research and development activities, automation, technology incentives are
concerned for the growth and development of products and services which are also affecting the
business of Amalia Toys (Zhao and et.al., 2019). The changes in technology and up gradation
impacts business of Amalia Toys and helps in analyzing the basis through which all measures of
growth and development are identified which initiates the variety of framing of games for both
educational and entertainment purpose.
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Therefore, PEST analysis helps in identifying the aspects which is affecting the business
of Amalia Toys. This helps in identifying factors as to how effectively and in appropriate manner
that how Amalia Toys are providing products to customers.
Summary of the market research conducted with results
Market research is being done for the products and services which Amalia Toys will be
providing to the customers in the market by satisfying the needs and wants of customers. The
services which Amalia Toys is serving to the customers will help them be happy and will buy the
products and services of Amalia Toys. This will also help in evaluating the results through STP
analysis so that segmentation, targeting and positioning of products and services of Amalia Toys
are being effectively valued and distributed in the market (Adamou, 2018). The market research
is done with some steps which are considered important for analyzing the key points for market
research. These steps are -
Defining the research objective — The first step in the market research process is to define the
objective for its fulfilment.
The objective of Amalia Toys is — To sell the toys online to customers by fulfilling their neds
and requirements after covering rental space.
Gathering Marketing Information — The major changes are being done when the market
information is being gathered effectively and in appropriate manner. The market information
which has been gathered helps in knowing and analysing the aspects as to how effectively the
changes are being observed which helps in increasing the basis of customers so that they are
within the reach of expanding the business at large scale (Michalitsi-Psarrou and et.al., 2019).
Making Decisions — The decision of how the products are being sold online is done. Amalia
Toys business is deciding to upscale through online platforms so that the customers are engaged
in distributing the products and services at large scale. Amalia Toys are deciding that the
products and services of business are to be provided to customers but after taking rental space.
Along with this, with the help of STP analysis the marketing research is done skilfully for
Amalia Toys. It is described as -
Segmentation — The demographic attributes are considered for Amalia Toys to identify the
type of customers and their attributes consisting of all gender types.
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Targeting — The targeted customers fall in the category of 30 – 60 age group. This helps in
knowing the target customers within market (Sitorus and et.al., 2021).
Positioning — The target customers are positioned in market for Amalia Toys which help in
creating value for the products and services delivered.
A discussion of competition
Competition is the term which explains that what are the similar products which are being
sold and distributed in the market. This helps in knowing that how the products and services are
distributed in the market. The competition in the market is known as how the products and
services are distributed among customers at large scale. Competition helps in knowing the basis
through which how effectively and in appropriate manner the changes takes place within market
and how effectively Amalia Toys are produced concerning the measure of producing games and
toys both for entertainment and educational purpose (Dolata, 2018). There are major competitors
to Amalia Toys which are Hamleys of London, The Disney Store, London etc. Both the
companies are delivering toys which are high in quality and price. These are the major toy
competitors which have taken over the market and have created the scale high. This has also
engaged high end customers in creating value for the products and services which they have been
offering. Customers get the best prices when two or more than two companies compete with each
other in the market to get the best possible prices, quality and quantity of products and services
which are to be made available to the customers. Competition among the Amalia Toys and other
toy companies within UK are engaged in providing the best quality products to customers but in
this competition there are major factors and aspects which have been increasing and creating
brand value of their own products and services to be reached to the customers.
The major supplier for Amalia Toys is NDA Toys which is providing small amount of
products at Wholesale (Dai and et.al., 2020). For expanding the business of Amalia Toys, the
company is taking in charge of how to compete with the competitors in the market by online
selling the products and growing their scale of expansion. The competition has also helped in
channelizing the aspects of growth and development of products to provide the customers better
quality products and services of toys both for fulfilling educational and entertainment purpose
for games to be provided to the customers. This is the unique approach through which Amalia
Toys is competing in the market and increasing the scale of business effectively and in
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appropriate manner. Therefore, Amalia Toys is competing against all the toy products in market
significantly.
A viable suggestion for the proposed target market
A suggestion to the target market is that as age group of 30 – 60 is being considered
which helps in knowing the customers and how effectively they are engaged. For enhancing the
target market scale of customers, effective strategy is being framed for the target market.
Competitors are being looked upon and identified and accordingly the strategies for Amalia Toys
is being framed (Camilleri, 2018). Understanding of the products and services is being taken into
consideration which helps in knowing the aspect as how the business plan for Amalia Toys is
being framed. Various promotional strategies are also taken use of such as advertising, online
selling of Amalia Toys which they are focusing into. Amalia Toy product features and benefits
are analysed and identified which helps in knowing the basis through which market structure is
being known. The target market also helps in creating value of the brand effectively within
market structure.
CONCLUSION
Thus, it is concluded from the above report that Amalia Toys has been able to successfully
introduce the products and services to the customers through the business plan with the help of
SWOT analysis, external environment PEST analysis. This also included the market research
being conducted for the Amalia Toys business with the help of various steps in performing
market research and STP analysis. Along with this, the competitors of the business were also
described in the market. A viable suggestion for the target market was also been described to
provide business growth and development for Amalia Toys within market.
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REFERENCES
Books and Journals
Adamou, B., 2018. Games and Gamification in Market Research: Increasing consumer
engagement in research for business success. Kogan Page Publishers.
Camilleri, M.A., 2018. Market segmentation, targeting and positioning. In Travel marketing,
tourism economics and the airline product (pp. 69-83). Springer, Cham.
Dai, L. and et.al., 2020, August. Enterprise Cooperation and Competition Analysis with a Sign-
Oriented Preference Network. In Proceedings of the 26th ACM SIGKDD International
Conference on Knowledge Discovery & Data Mining (pp. 774-782).
Dolata, U., 2018. Internet companies: Market concentration, competition and power. In
Collectivity and Power on the Internet (pp. 85-108). Springer, Cham.
Gunelius, S., 2018. Ultimate guide to email marketing for business. Entrepreneur Press.
GURL, E., 2017. SWOT analysis: A theoretical review.
LEYVA, M. and et.al., 2018. A framework for PEST analysis based on fuzzy decision maps.
Revista espacios. 39(16).
McKeever, M.P., 2018. How to write a business plan. Nolo.
Michalitsi-Psarrou, A. and et.al., 2019. Empowering product co-creation approaches through
business interoperability concepts: The toy industry case. In Enterprise Interoperability
VIII (pp. 397-408). Springer, Cham.
Shtal, T. and et.al., 2018. Methods of analysis of the external environment of business activities.
Sitorus, S.A.T. and et.al., 2021, July. Business Model Improvement: A Study Case of
Channeling through E-commerce. In Journal of International Conference Proceedings
(JICP) (Vol. 4, No. 1, pp. 197-206).
Teoli, D. and et.al., 2019. SWOT analysis.
Vlados, C., 2019. On a correlative and evolutionary SWOT analysis. Journal of Strategy and
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Zhao, J. and et.al., 2019. PEST Embedded SWOT Analysis on China's E-Commerce Industry
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