Description
For your first assignment, I want you to come up with the total market size for fidget spinners in North America. If you don't know what a fidget spinner is, check out this rockstar: https://www.youtube.com/watch?v=bunBgEDc8Kc.
I want you to come up with two potential market segments (check the book chapter on segmentation if you need a bit of background). Tell me about the market segments you have created and list the decisions you made to come up with your market size. Tell me the total market size for each segment. Tell me how much of EACH of those segments you could expect to capture with each of these two specific products:
- https://www.fydgetspinner.com/collections/collectors-edition/products/nine-gears-customized-hand-made-metal-fantastic-hand-spinner
- https://www.gearbest.com/fidget-spinners/pp_641693.html?wid=21
To repeat: you will give an approximate market capture for each of the two products in each of the two markets, so you will give me four estimates in total.
Lastly, how would you convince people in each segment to buy those products? Write a short pitch for each, addressed to each market segment.
Please include references for any websites or information sources you use. You don't have to reference your text.
Let me know if you have any questions or if this isn't clear
Explanation & Answer
Thank you for working with me
1
Running Head: FIDGET SPINNERS
Fidget Spinners
Author:
Date:
2
FIDGET SPINNERS
Fidget spinner
Fidget spinner refers to a little spinney toys used by children to play. Fidget spinners are useful
in keeping one’s mind from wandering and helps children to focus on the task at hand.
Engaging in fidget spinning activities makes the child’s brain occupied and free to concentrate
on class activities (King et al. 2017).
According to fox business, fidget spinning made its first appearance in North America, through
Tony Fair Company. The total market size for fidget spins is approximately over 200 million.
A fidget spinner contributes tremendously to the growth of small companies in North America
since the companies investing in such business react promptly, once they get an order to ship
(Libassi, 2017).
A market segment involves dividing customers based on their type of shared characteristic such
as colour, pattern, size and shape. The potential market segments in fidget spinning are: fidget
spinners made of aluminum, fidget cubes, those made of plastics adorned with tie-dye and those
spinners made of light up version. Companies specialized in producing fidget spinners, solely
focus on the demands, taste and customers preference.
Fidget spinners which are cube-shaped large and dice, followed by light up version fidget
spinner, have a surge in demand among the adults and children since the consumers use it for
numerous purposes. Light up version fidget can be used during the night and daytime. On each
side of the spinners cube, an individual can press or can click to relieve their nervous emotions
(Willingham, 2017).
Due to more demand for cubed fidget spinner and light up version spinner, it is of the excellent
essence for companies specialized in production and invention of fidget spinners to focus more
of their attention on various decisions. The decisions include coming up with a better strategy
FIDGET SPINNERS
3
to expand their market size choices include profits made from the sales of fidget spinners’
products, time to conquer the market, and the anticipated market share. Fidget spinners must
consider the profitability of the revenue, for example where there is a considerable percentage
of profit. Fidget Company can consider expanding and specializing in meeting the demands of
the customers. Time to conquer market refers to the time that fidgets spinner market will take
to succeed or fail. If it is likely to prosper within a short span of time, then it is wise to specialize
on the customers’ demands in the market. The decision regarding the anticipated market share
involves the determination whether the winner in the fidget spinner market takes all the market
due to a well-established network and connections with the customers. W...