Wednesday, February 26, 2020

Briefing Paper Essay Example | Topics and Well Written Essays - 500 words

Briefing Paper - Essay Example Hornby Plc currently has the greatest market opportunity of the toy industry in the upcoming 2012 Christmas season. The firm has to implement a growth strategy this upcoming season to diversify its revenue stream. The company will penetrate ten new consumer markets utilizing an exporting strategy. The firm will implement a passive exporting strategy focused on capitalizing on the season boom that occurs every year on Christmas. The firm will target at least five Latin economies. â€Å"Goldman Sachs forecasts that Brazil and Mexico will be solidly placed within the world’s six largest economies by 2050† (Thecostaricanews, 2012). The Latino toy market has the peculiarity of having two days in which kids receive gifs which are Christmas Day and the 6th of January referred to as Three Wiseman Day. Hornsby will ensure that they have a wide variety of toys by enhancing its supply line of toys. The company is going to increase its number of suppliers to include more high technology toys, bargain toys, and educational toys. Educational toys are great gifts because the toy serves a dual function of entertaining and teaching. These toys help aid the child’s creativity and intellectual growth (Growingtreetoys, 2012). The firm will increase its Chinese supplier of toys. The strategy of increasing suppliers is implemented in order to improve product variety and to increase profitability by lowering acquisition costs. The firm is going to improve its procurement function by acquiring a new information system that will help the firm better access the prices available for toys in the marketplace. The new tactics and strategies at Hornby will only help the firm if the company is able to increase its customer base. The firm needs to pay close attention to its marketing strategies. The firm will reinforce its use of the internet to obtain e-commerce sales. Worldwide e-commerce sales are expected to reach $963 million by the year 2013 (Davis, 2012). The firm should get its

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