The Creation of a Remote Control Helicopter for increasing the Target Market for Aero Toys Company - Example

Project Report Document The Creation of a Remote Control Helicopter for increasing the Target Market for Aero Toys Company Executive Summary The project on the development of a remote control helicopter for children between the age of 10-15 addresses the issue of market expansion through targeting the age group of children between the age of 10-15. This category of children has not fully been exposed to such product. The report also outlines the methodology used in developing the product which includes innovation, developing the product in line with the required safety standards and the engagement of users. The project outlined various outcomes that were attained after the users were exposed to the product, this include market expansion, increase in sales volume and enhancing customer satisfaction. A major recommendation of the project is that the project team should ensure that it effectively deals with the external aspect of competition and imitation from other toy manufacturing companies. Table of Contents Project Report Document 1 Executive Summary 2 Table of Contents 3 Introduction 4 Methodology 5 Implementation 7 Outcomes 9 Recommendations 10 Conclusion 11 References 11 Introduction The motivation behind the remote control Helicopter project was to expand Aero Toys Company target market. Developing the helicopter was drawn from the experience that there is need to cater for a target market population that has not been captured before. The project selected a target market of children between the ages of 10-15. This was basically because the project acknowledged that children above the age of ten are very exploitative. In addition older children between the ages of 10-15 have not yet gained the experience of being exposed to a highly designed remote control helicopter. Thus based on the fact that within the contemporary market, parents are willing to buy their children toys, in addition children have a great potential of influencing the type of toys their parents buy, the developed project of a remote control helicopter for children of the age of 10-15, is bound to capture the target market effectively essentially during the Christmas season. Methodology The project on the development of a remote control helicopter has been a marketing response project supported by the Aero Companies marketing department. The Aero Company has provided technical expertise in order to ensure that that product is developed according to the required safety standards. This was ascertained by the technical experts ensuring that the developed design is incapable of presenting a substantial harm or hazard to users. The project therefore introspectively ascertained that all the safety standards that are outlined by the Australian Toy safety Association (2012) are met. This was undertaken by ensuring that the developed design and the material used for the construction of the helicopter were verified to be safe when used by children during their play time. On the marketing perspective, this particular project was to expand the company’s capabilities in terms of product innovation and development. Millennium Research Group (2010) highlights that innovation is basically an essential aspect in capturing a certain target market. The project introspectively addressed the issues of market expansion through product innovation. By inventing the remote control helicopter for children between the age of 10-15, the project therefore provided a platform of widening the companies target market through innovation. From the initial stages of the project the focus has been to come up with a product that will capture older children between the age of10-15. At the policy and cultural level, shared practice and the engagement of the users have been key to the project. Shared practice entailed involved activity involving every stakeholder as outlined by the project plan. User engagement was also facilitated by soliciting the opinions of the users concerning the quality of the product in terms of safety, attractiveness and appeal to children between these ages. For instance, from the initial stages of the project the marketing department worked towards getting the views and feedback of parents and even children, concerning the product. After getting the feedback of the users, the project team was able to integrate their views in the development of the product. Hately (2011) highlights that in many incidences users are not always able to articulate their ideas in a product, it is however essential to get their feedback during the initial product development stages. Implementation The initial stage of the project was undertaken through undertaking a market research. Karyn (2005) highlights that market research is essential due to the fact that consumers posses different preferences and tastes. In most cases organizations may come up with a new product thinking that it is a good idea, however they may discover later that the users or the customers do not want the product. As a result conducting a market research is very much important (Karyn, 2005). The marketing department considered marketing research as essential based on the fact that it would assist in attaining the following goals; Identifying the areas where the product is most likely to sell Findings market niches and segments Identify both international and domestic competitors in the market Understand the needs of customers Evaluate new market trends Initiate a market price that is fair for the products Selecting the distribution channel The second step of the project entailed coming up with a relevant design that would incorporate the ideas of the users concerning the product. In addition the design stage entailed coming up with a product that would meet the set safety standards in the manufacturing industry. Other relevant aspects that were put into consideration during the product design stage entailed; The identity of company; The helicopter was designed in a manner to depict the image of the company. The image of the company was displayed on the design of the product through the use of colour and the materials. Aesthetics; the form and the shape of the helicopter were designed in manner that is stylish. The style that was developed in the outer parts of the product also influenced the technology that was used inside the product. Fashion; Fashion was also a great factor that was considered in the design phase of the product. The look adopted for the helicopter was an up to date look. This is because people usually have preference for up to date products. Culture : The product was designed in a way that would serve not only domestic cultures but also cultures in other societies Functions: The functions to be performed by the helicopter were also put into consideration when designing. The specific functions include flying using a remote control The environment: The designed product was to use materials that will not be an environmental hazard. In addition the materials used were also recyclable and would therefore not be a hazard to the environment. The third stage of the actual product development entailed the development of a unique product that would be appealing to the target market. In addition the product integrated all the proposals given by the users during the market research. The final stage of compliance testing was undertaken by the stakeholders that were identified in the planning document. These include: Electronic designer, Mechanical designer Industrial designer, workshop support, Project Manager, procurement specialist. The product attained the compliance requirements. Outcomes The development of the remote control helicopter will enhance market expansion for the Aero toy manufacturing company. This is due to the fact that by targeting children between the age of 10-15, the company will expand its target market not just for young children below the age of ten both rather for older children. Other outcomes of the project include; Increased market share to satisfy the needs of children between the ages of 10-15. Improved sales essentially from the Christmas holiday opportunity Enhanced level of customer satisfaction of children between the age of 10-15 Recommendations After making an evaluation of the business needs of the Aero toy manufacturing company, this particular report makes a recommendation that the company should also purse the development of remote control helicopters that can exhibit a variety of functions. For instance apart from the helicopter just being a helicopter toy, the company can come up with a product that can take up various functions such as being a train or even a car. With such a product the company can be able to attract a wider segment of the market. Another recommendation is that the company should undertake continuous market research in order to evaluate how the product is fairing on the market. Continuous market research will also facilitate the realization of customer feedbacks concerning the product. This will enable the company to evaluate whether to continue with additional production or whether there is need for intensive adverting. The company should also deal with external aspects that may affect the ability of the product to capture the target market as outlined by the objectives of the project. Karoal and Beebe (2007) highlight that one of the major external factors that may prevent a new product form capturing the intended market is competition from other companies. In this context, other companies in the toy manufacturing industry may imitate the product and therefore affecting the company’s potentiality to reach its target market. In order to prevent the problem of imitation by other toy manufacturing companies the company should acquire patient rights as the original product developer. Conclusion From the above presentation what is evident is that the project has a great potential of giving older children between the age of 10-15 an exciting experience when interacting with toys. The report has outlined the methodology adopted in developing the product. This entailed attaining the set safety standards, developing the product in line with the required safety standards and the engagement of users. The implementation stage of the product is also bound to effectively attain the stated objective of the project if all the milestones are effectively managed. In conclusion the project on the developing a remote control helicopter will effectively attain the motive of market expansion for the Aero toy manufacturing company . References Australian Toy Safety Association , 2012, Retrieved 26th May 2012. Hately, M, 2011, Two Ways You Can Be More Innovative Karyn, G, 2005, "Ground Truth" and the Importance of Market Research. Karoal, R and Beebe, N, 2007, New Product Development For Dummies, John Wiley & Sons. Millennium Research Group, 2010, Product Innovations driving market expansion, Millennium Research Group Inwood, D, 1993, Product Development: An Integrated Approach, Kogan Page. Read More