GIFT KIDS RECRAFTED
The start-up company is called Gift Kids Re-crafted which are toys made for kids by kids in kindergartens and schools till they reach the age of fourteen. The parents will be encouraged to bring all their kids old, broken or incomplete toys to kindergarten and schools or tell others who wants to donate to the specific kindergarten or school of their choice. The toys repaired/re-crafted by whoever donated the toys will receive a 20% discount if they want to purchase a new toy after they are finished.
The toys can also be sold online that target other individuals that buy into the vision of the company on either eBay or Facebook or Shpock and other free websites. The kids that build/repaired them can contact the company Gift Kids Re-crafted to have them bought for a specific amount or decide to sell it themselves. If they decide to sell it to us for above-mentioned websites for the price desired or by themselves to friends and relatives.
For this idea to be quickly wide spread it would have to be presented in as many kindergartens and schools across the country via email or Skype/Facebook chats or other social media platforms and as well to be posted on as many social media websites to create awareness of the brand and its vision.
The product is worth targeting the marketplace because it has the following characteristics:
- Sizeable enough to produce enough turnover or profit given the fact that the operating costs are low (it will take time until the company will be well known, start trading intensively and ultimately start making a profit)
- Growing mindset (there is an increased trend to have customised kid’s gifts)
- Not flooded with competition as the product stands out from the crowd (there are 3 possible competitors outlined below but they provide gifts and customised gifts which are already manufactured and all they do is re-sell them to customers in different packaging)
- Accessibility/Usability (there is always a way to make the products to be used and enjoyed by as many people as possible)
- Enough resources allocated to be able to compete in the marketplace (initially only a PC and internet connection needed, then a car will be needed to collect toys and lastly as the business grows it can hire staff and storage)
- “Fits in” with the company’s mission and objectives (recyclability, saving the environment, keeping kids happy and entertained, drive enthusiasm and sense of achievement among the kids, building social related skills)
The product has the following unique selling points:
- Recyclability – these old, broken or incomplete toys can be turned into new toys without the need to buy expensive or cheap ones depending on the budget and in turn will help save the environment
- Skills gained by children – love for crafting, innovation, creativity, focus and concentration, patience, problem solving, listening and following direction, social skills
The main competitors for the product might be the customised gifts companies within Austria:
The Gift Kids Recrafted will be creating low-cost products to capture a large target audience within Austria. The targeted strategy for the product would be concentrated marketing because the product is developed and marketed for a very well defined and specific segment of consumers. Within this marketing strategy the niche strategy is preferred because it avoids direct competition with the large players already established in the marketplace.
The customer segments are as below:
- Behavioural – individuals that appreciate products made by kids for kids and that love cheap and qualitative products
- Demographics – families with kids, grandparents, uncles and aunties, friends and relatives of the families
- Psychographics – individuals that want to make a change in the world (love recycling initiatives, promote environmental awareness, kids are the future – love the idea of helping kids to achieve great things and instil the feeling that everything is possible from a young age)
- Geographic – local individuals to the business (people that are in Austria)
