The paper "Market Feasibility Analysis - Toy Industry " is a good example of a finance and accounting assignment. The success of any business is largely dependent on the innovation and development of new products so that a niche market can be aimed at. Organizations based on customer needs develop a product that helps to increase the level of satisfaction and increases the chances of being successful in the future. This report looks into the manner in which developing an educational toy program will help to improve efficiency in the manner in which services are rendered.
This thereby looks into the Australian educational toy industry so that the different aspect which can help the new player to be successful can be identified. Based on the market information the target market for the product is identified so that steps can be taken to attract customers towards the product. The report further looks into the competitor that is working in the market and evaluates the marketing mix so that proposition for the success of the business venture can be identified. This will thereby help to understand whether the business idea of having an educational toy program will be successful or not.
Based on the different findings analysis will be developed through which the success of the business venture can be identified. Australian Educational Toy Industry The toy industry is growing at a rapid pace and includes all type of toys. It is estimated that the global toy market is 84 billion US dollars in 2012 (Toy Industry, 2013). Out of the total toy industry, the Australian toy industry is around 15 billion dollars and helps to contribute immensely towards the employment opportunity in the country.
The toy sector has helped to generate over 250 thousand jobs and is constantly growing at a rapid pace. Australia is seen as one of the major markets where toys are imported from other countries. The majority of the toys is imported from China and contributes immensely to the toy industry in Australia. The toy market is dominated by players like Hasbro, Mattel, JAKKS Pacific, LEGO, and Namco Bandai to name a few.
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