INSTRUCTIONS:
Group TWO has chosen Music Arts Enterprises as the brand for our Lean Business Plan. Music Arts Enterprises is a small business, established in 1963, and needs to learn how to compete and adapt to the increasingly online-driven sales approach that is prevalent in the Musical Instrument retail industry today.
SAMPLE
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Wooden Grain Toy Company |
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Identity Wooden Grain Toys manufactures high-quality hardwood toys for children aged 3-10. |
Problem Parents and grandparents are looking for high-quality, durable toys that will entertain kids and foster creativity. |
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Our solution Our handcrafted toys are made from solid hardwoods, and are designed with sufficient moving parts to engage young children without limiting imagination. |
Target market The target audience is adults, specifically parents and grandparents who wish to give toys to their children or grandchildren. |
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The competition Wooden toys are part of a niche market with companies of all sizes. Large companies include Plastique Toys and Metal Happy Toys, which sell internationally. Smaller companies sell locally in shops, craft fairs, or online. |
Revenue streams Wooden Grain Toys will sell directly to customers at craft fairs and online. |
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Marketing activities Wooden Grain Toys will communicate with customers with an email newsletter, targeted Google and Facebook ads, social media, and in person at craft fairs. |
Expenses · Materials for toys including wood, steel, and rubber · Craft fair fees and travel costs · Inventory space for products |
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Team and key roles Currently, the only team member is the owner, Andrew Robertson. As profits increase, Wooden Grain Toys will look to add an employee to assist with social media and online marketing. |
Milestones As business grows, Wooden Grain Toys will advertise in target markets—especially in advance of the holiday season. |
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Music Arts Enterprises |
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Identity Musical Instrument Retail Store. (Brick and Mortar and E-Commerce.) |
Problem In-store sales have slowed down since the online sales have become increasingly popular with customers. Additionally, the e-commerce initiative has not produced satisfactory results in sales. |
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Our solution Need Solution |
Target market Need Solution. |
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The competition Amazon, Musician’s Friend, Sweetwater Music, Guitar Center |
Revenue streams Need Solution |
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Marketing activities Direct email marketing, social marketing |
Expenses · Product costs · Employee salary/ commissions · Inventory space for products |
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Team and key roles Privately owned business. Based in Fort Lauderdale, FL. |
Milestones Need solution |
