A brief history of the company, including the history of its international operations (if applicable)
Innospark is a company created by Vita Markevičiūtė. Innospark produces and sells educational toys for children. Creative education is what they believe in. The educational play light table is their main product and it develops the creativity and the constructive thinking of the children.
In June 2012, Innospark was created in Lithuania. The owner of the company developed it quickly and succeeded to make his first sales revenues in October 2012. In December of the same year, she expanded her business into Latvia, Innospark’s first international expansion. Innospark has recently participated in a toy fair event named “Toyzeria” for Middle East.
The products of the company are not sell in a store but to the customers because they are generally not familiars with the products and therefore, they need presentations in order to understand how the products are working. It is the unique sale channel of the company. A brief review of the existing products/services. If the company offers many products, special attention should be devoted to the one product or product line that should be offered in the new market, including its comparison with competing products offered by other companies. If you are suggesting developing a brand-new product (“the next big thing”) or a modification of an existing product, provide a more detailed description of the product design and features.
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Innospark’s main product is the educational play light table. This table costs €211 to €249 and is designed for children from pre-school to primary school. The children can play with sand while observing the shadows and colours thanks to two daylight lamps. According to Innospark, the light table improve several abilities of a child such as his artistic expression, his social skills and so forth.
Next to the educational table, Innospark sells accessories such as sand and water tray, forest tales, sea tales, letters and number, sand creations, nature treasures, etc.
Moreover, the company produces and sells sensory play space divider that helps the children to develop their sensory skills. They can decorate the panels with cocoons and spikes that are available on their store too. This product costs €78 to €405.
Finally, Innospark sells a furniture toy tetricube that engage the children in creating and designing their own space and is available for €260. The light table is the flagship product of Innospark and it should be offered in new markets because it is already successful in Lithuania. In order to succeed, they should continue to innovate on their product because there is an existing threat of competition. They could for example develop a sound system in order to work on more senses or use the lamps for a colour therapy to relax the children.
In our opinion, Innospark should develop the light table technology on other devices such as tablets. Actually, it could be a great opportunity to increase its target market and sell its products not only to schools or companies but also to families. Moreover, by using the tablet system, children could share their creations with their friends or parents if the tablet is connected to the Internet and be controlled by their parents too. Key competitors and analysis of strengths and weaknesses compared to the competition, including in terms of (a) the product quality and service, (b) prices, (c) market share, and (d) threats and opportunities in the foreseeable future. This section should be given the most attention and should provide concrete numbers and comparative analysis.
The Business plan on Develop market research plan
In this assessment you are required to establish guidelines for researching and gathering information and work with your staff to gather and evaluate the data. Assessment description You need to review existing policy and procedure documents (in the appendices of your Student Workbook) and develop guidelines for managing the process of gathering research information. You also need to identify and ...
TOYS “R” US INC.
MATTE INC
BANDI INC
Tomy INC
Strength: research and development
Weakness: marketing and distribution
Threat: Possible competitors
Opportunities: Alliance with strong company or parteners. innovative approachMilestone 4
In this part of our work, we will develop the key market factors that are relevant for the economic success of Innospark in a new market. We have chosen a demographic factor and more precisely the age distribution, the income levels on an economic environment basis, the political stability and finally, the level of education.
First of all, the age distribution is important for the development of Innospark. Typically, a country with a lot of children will be profitable for our company because they target this population. It is an important factor to increase the sales of the light table that offers Innospark because we know that it is designed for children from pre-school to primary school. For example, when we look at the age distribution in Europe, what we can see is that the population ageing from 0 to 14 years old is decreasing except for Ireland, where the young population is quite big compared to other European countries. Source: ec.europa.eu
Secondly, the income level is an important factor as well because the products sell by Innospark are expensive. Moreover, if we develop the tablet technology, we have to target markets where it is possible to sell our products at a relatively high price. In order to know where we can expand Innospark’s business, we can look at the purchasing power by country. When we look at the purchasing power in Europe for example, we can easily find the countries that are more appropriate to develop Innospark’s activities.
Thirdly, we are truly convinced that a political stability is always better to develop a business. Actually, uncertainties in the macro environment are something we want to avoid because we base ourselves on expectations and forecasts when we plan to expand our activities in another country. The macro environment factors could be affected by political dysfunction. Moreover, in a politically stable country, we could benefit from cooperation with governments. It is also important to take into account the tax policies of the country we plan to operate into, the employees’ rights or the economic policy. All the factors mentioned above are really important to build a successful business in another market.
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Finally, because Innospark sells educational products, we have to take into account the level of education in the market we want to expand ourselves. It will be easier for us to convince a country to adopt the light tables where the education plays an important role. This market factor is linked to the age distribution in each country because it can be a good indicator of the number of schools present in the country for example. For example, Ireland again appears to be the number 6 on the world education ranking in 2013.
