Monday, February 10, 2020
Principles of Marketing for Example Toga Toys Essay - 3
Principles of Marketing for Example Toga Toys - Essay Example The business or marketing strategies of a company for the new product should be formulated on the basis of certain external market information. Thus, before formulating a marketing plan, Toga Toys should always acquire valuable information regarding the toy industry and external business environmental conditions (Baker and Hart, 2007). The growth of new business firms indicates the creation of greater employment opportunities. Thus the political authority of almost all the nations encourages new business growth and greater degree commercialization within their domestic economy. The toy companies are subjected to certain regulations imposed the government authorities. The Consumer Product Safety Improvement Act, 2008, the government of U.S. has stated that all the toy companies that manufacture toys of children under 14 years, should maintain the Federal Toy Safety Standards (Hoffman, 2010). Governments of other nations like China, India, and U.K. have also implemented similar types of regulations. Over time, with the rise in employment opportunities, the living standards of individuals across nations have increased. This has helped to augment the per person disposable income levels. Many toy companies conduct their manufacturing activities in emerging developing nations like China. This is because, the currency value of the country is low and companies are able to manufacture their products at lower costs (Hoffman, 2010). It is estimated that the proportion of internet users have significantly increased in the current era. Many children and young individuals prefer to spend time on social media over the internet. This has lowered the popularity of outdoor and indoor sports among children.