Toy
Toy
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Contents
Introduction    3
Business Name    3
Doll Market Definition    3
Doll Market Size    4
Doll Market Drivers    4
The key drivers of the doll market    4
References    8
Introduction
Starting a company may not be cheap, but what is certain is that if you can successfully start a viable company, then you will be very happy. This is so because starting your own business is a reliable way to ensure financial stability.
Business philosophy is everywhere, but one of the challenges facing aspiring entrepreneurs is how to understand a profitable and successful company. The rule of thumb for choosing a business to start is to find a business that needs its products or services in daily life; businesses whose products can be purchased by the rich and poor, and businesses that are less competitive in your area. One of these businesses is the toy manufacturing business. The toy manufacturing business is indeed a lucrative business, and aspiring entrepreneurs with aspiring start-up capital can successfully start and grow from scratch to profitability.
Business Name
The name I chose for my business is Hiraeth, a customizable doll manufacturing business.
Developed market analysis or analysis of Hiraeth’s production or service development requirements as well as costs; Hiraeth is a customizable doll making company[footnoteRef:2]. [2: Hiraeth, "What Does Hiraeth Mean to Me?", in , , 2020, [accessed 18 October 2020].]
Doll Market Definition
This belongs to toy business, because our business will based entirely on the customizable toys production that people require. This is a viable business because the industry generates approximately $3.7 billion in annual revenue[footnoteRef:3]. According to Craig and Cunningham (2017), 2.5 million Australians are interested in purchasing toys in average of three weeks. The doll, toy and game market includes the sale of dolls, toys and game products and related services by entities (organizations, exclusive traders and partnerships) that produce dolls, toys and game products. A doll is a small statue of a human being used as a child's plaything. i toys are objects used as children's playthings. Game is a problem or activity, usually involving skills, information or opportunities, which can enhance children's cognitive ability. [3: P Marren, "High‐functioning business strategy", in Journal of Business Strategy, vol. 28, 2007, 37-39.]
Doll Market Size
The value of the Australian doll market reached nearly A$102.6 billion in 2019, with a compound yearly development rate (CAGR) of 7.1% since 2015. The market is predicted to develop from A$102.5 billion in 2019 to A$128 billion in 2023[footnoteRef:4]. The growth rate (CAGR) is 5.7%. The slow projected growth is mainly due to the blockade and social distancing regulations imposed by various countries and the economic slowdown of various countries due to the COVID-19 outbreak and its containment measures. Due to the upcoming global recession, demand is uncertain and the market is also restricted. It is estimated that by 2025, the market will reach 153.1 billion U.S. dollars and by 2030 it will reach 235.5 billion U.S. dollars. [4: D O'Shea, "Toying with STEM: Marketing educational toys, kits isn't all fun and games", in , , 2017, [accessed 18 October 2020].]
Doll Market Drivers
The key drivers of the doll market
Increasing Popularity of Educational and Scientific Toys
The doll toy market is expected to be driven by the increasing popularity of children’s education and scientific toys. Parents of growing children are increasingly investing in educational and scientific toys for future generations to encourage their children to experiment and gain new learning experiences[footnoteRef:5]. An online survey conducted by the Parents Choice Foundation and the Michael Cohen Group (MCG) in 2018 showed that approximately 70% of respondents classified the toys they bought in the past year as educational or learning toys. iii During the forecast period Market. Considering the sparse population in the area, the toy market in Australia is much larger than people usually think. [5: Technavio, "Global Educational Toys Market 2018-2022 | Growing Popularity of Green Toys to Boost Growth | Technavio", in , , 2019, [accessed 18 October 2020].]
Analysis of production/service development needs and costs
Products can also be tangible (materials that people can touch) or intangible (for example services, beliefs, or experience), even if sometimes services as well as other procedures are different from goods[footnoteRef:6]. Although there are other differences in the nature of products and services (described below), for convenience, this topic will also use the term "product", and this topic focuses on product development rather than product-specific Continuous management. [6: L Wood, "Global Doll, Toy & Game Manufacturing Market Analysis 2014-2022 - ResearchAndMarkets.com", in , , 2019, [accessed 18 October 2020].]
Non-profit organizations usually provide services in the form of "programs" rather than "products"-although the services provided by programs are undoubtedly "products or...