Assignment-4

User Generated

Evpx129876

Economics

Ottawa University

Description

  prepare a very brief SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) of your approved business venture. Calculate a Product Cost Analysis (per unit), identifying variable and fixed costs, showing Contribution Margin. Discuss the cost method chosen for your business. Collaborate with your group using your group discussion board. Your participation in the group discussion is mandatory and is how I will assess your overall group progress and individual contributions.

 

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Running Head: LEARN TOYS (NEW BUSINESS VENTURE) 1 Learn Toys (New Business Venture) Learn Toys (New Business Venture) Developing a business venture as a group is not an easy endeavor. In particular, new ventures play an essential role today because they account for a substantial portion of new product innovations. Despite many success stories, many ventures often fail long before they have fulfilled their intended goals (Klotz et al., 2014). Therefore, it is important to come up with NEW BUSINESS VENTURE 2 a product that meets the demands of the customers. As an entrepreneurial team, the success of the project could be higher than with a single entrepreneur since there more people to deal with challenges. Precisely, each member will contribute his or her complementary skills, competencies, and their experience to the new venture, bringing in a collective nature to the business. On this note, this paper aims to describe the new group venture, a company that makes interactive toy product. The paper will first describe the company products and basic logistics. Then, the paper will explore a possible role for each group members in making the new venture a success. New Company and Product Description In this project, our group will develop a line of educational tools for children to make toys more engaging and fun to play when compared to other standard toys. The company name will be Learn Toys. Having considered all requirement of starting a Toy manufacturing company, we believe that the company may help bridge a huge gap that exists in the Toy Market. According to ECSIP Consortiun (2013) report, the U.S toy market large, accounting for more than 14 billion dollars in revenues every year, but its demands are increasing every year, especially for interactive toys. Learn Toys will, therefore, bridge this gap by manufacturing three lines of education toys and hobby kits. The first products will be the Number toy designed to teach young children numbers skills. The second line of toys will be the HintToys designed to help middle-aged children to learn more about the alphabet, and then three will be Children Hobby Kitts, which will be targeted to children of all age. This line will involve action figures, dolls, stuffed toys, science kits, and possibly interactive children video game machines. The advantage of this entire venture is that it could be done with few resources, as long as there are few resources and good strategic plan. NEW BUSINESS VENTURE 3 Logistics Learn Toys product will have a competitive edge because it will be more interactive at all age levels. In particular, the toys will be designed to encourage skills development while allowing parents to play with their children with a quality product. The product will be printed and assembled in the workshop with all members taking part in the development stages. The aim is not to create another regular toy manufacturing company; rather the company mission is to establish a venture that makes a better product than the existing one. We will develop an appropriate logistics and supply chain, which will allow the provision of the products to all customers across the globe. We will organize the entire shipping process in the destination port to ensure that all customers receive quality products. The aim is to ensure that the goods arrive at the right quality, the right time, and the agreed location. Customers will purchase our interactive toys online, and our partners will sort out shipments accordingly. Group roles Leadership: The role of leadership is to focus on company production and project content. The leader will ensure that all participants in this project have an equal contribution to the project and similar motivation towards making the project a success. According to Donate and de Pable (2015), leadership must encourage the development and use of creation and innovation practices for the team. Thus, in this project, leadership will ensure that all areas of the project are covered and that every group member understands what they are doing and when they should do it. Additionally, leadership will ensure that they encourage more participation and collaboration and solve any conflict with the peacemakers in the group. Organizer: The organizer will be responsible for organizing group meetings and ensuring that the communication requirement and timelines are adhered to by all participant (Kelly, NEW BUSINESS VENTURE 4 2012). The organizer will also ensure that during meetings, every member is working towards the assigned task; this way, the project will move according to the assigned timeline. The aim is to ensure that the project meets its deadline and that every member in the group does their part without delaying others and the entire project. The organizer will also be involved in any reorganization throughout the project and will start any new aspect of the project when necessary. Harmonizer: The harmonizers are essentially the peacekeeper in a project (Kelly, 2012). The primary role is to work with leadership and expediter to solve any conflict among group members. When conflict arises, the peace-keeper will ensure that there is proper conflict management; this way, no conflict will stop the progress of the group. Expediter: The expediter role is to ensure that the group is one track towards completing the project (Kelly, 2012). He or she will not push members mindlessly towards completing the project; instead, he will focus on solutions on all project issues. An expediter guides the project and ensures that it does not move towards the unintended direction. Group member: Every group member will be responsible for project participation, following directions from leadership, meeting deadlines, and ensuring proper collaboration (Kelly, 2012). Every group member will have to recognize the unique role of others should support them to ensure success in this new venture. Notably, the member should willingly participate in the project progress without being cohoused by anyone, which means that they should be positive and not distracted from the main project objective. Essentially, in order to make the new venture a success, group members need to actively engage in both the implementation and development of the new products and be part of the evolving strategy of the new venture. Markedly, this includes setting the mission and vision and NEW BUSINESS VENTURE 5 how to acquire resources. Working as a group means that more information will be available due to the variety of backgrounds and experiences from every member. Additionally, a group can stimulate creativity; therefore, regarding problem-solving, there will be no delay in the project. Lastly, working as a group will foster learning and more comprehension. Nonetheless, all group members need to have a common goal, which every member will agree on in order to get along In such situation, an effective communication technique will be needed, and this means proper participation in the group discussion forum and active participation in physical bonding activities. Notably, with proper commitment and active participation of all members, this new venture can be a success. References NEW BUSINESS VENTURE 6 Donate, M. J., & de Pablo, J. D. S. (2015). The role of knowledge-oriented leadership in knowledge management practices and innovation. Journal of Business Research, 68(2), 360-370. ECSIP Consortium. (2013). Study on the Competitiveness of the Toy Industry. Netherlands: ECORYS. Kelly, T. (2012). Group work: Strategies for strengthening resiliency. Boston, MA: Routledge. Klotz, A. C., Hmieleski, K. M., Bradley, B. H., & Busenitz, L. W. (2014). New venture teams: A review of the literature and roadmap for future research. Journal of Management, 40(1), 226255.
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Attached.

Running head: LEARN TOYS BUSINESS VENTURE

Learn Toys Business Venture
Institutional Affiliation
Date

1

LEARN TOYS BUSINESS VENTURE

2

Learn Toys is the name of the new approved business venture. The venture will involve
manufacturing interactive toys for children. The toys will be more engaging and fun to play with
compared to other standard toys. Before starting the operations, there are various things that must
looked into and done. A SWOT analysis, choosing the best costing method and determining the
cost per unit are some of these things and this paper will address them in detail
I.

SWOT ANALYSIS

Every business venture has an upside and downside, and it is where the strengths,
weaknesses, opportunities, and threats (SWOT) analysis comes in. SWOT analysis is meant to
help a venture identify their strong suit, opportunities and the roadblocks that may arise
consequently ensuring that it achieves its goals (Pickton & Wright, 1998). It the reason why it is
vital to do a SWOT analysis for Learn Toys. Below is Learn Toys’ SWOT analysis.
a. Strengths
The first strength is the vast untapped market of those in need of interactive toys. The United
States market has a high demand for interactive toys, and it undoubtedly good news for Learn
Toys. The second strength is that only a few and readily available resources are required to make
the toys. The third strength is that Learn Toys has excellent short and long term strategic plans
for their product. This proper planning ensures preparedness, and it inc...


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