September – December 2023 Respond to Peer Post 3
Business & Finance
In your second response, critique a student’s Part 2 reply to the scenario that has not been critiqued by others, for each of the following:Missing or out of place sequences of actions. Justify your assessment.Determination of essential decisions and uncertainties. Justify your reasons.Determination of risk profile for each choice. Explain your assessment.POST TO RESPOND TO IN LISTED BELOW, YOU WILL USE THIS POST TO RESPOND USING THE BULLET POINTS ABOVE.Toy 1 – Additional data needed:How much would it cost to advertise?What is everyone buying leading up to the holiday?How much the toy cost to make?Having a new toy on the market with no competitors is like driving into a parking garage that is empty. You are free to move around however you like. And because the competitors of ChoiceToys is missing out on this coming season, there may not be another competitor for a while. This allows ChoiceToys to make mistakes and correct those mistakes along the way. Since there is a 50/50 chance of it being successful, using advertisements can try to guide the success rate more towards the winning end. With a new toy on the market and no one knows how customers will react to it, it would be safe to say the profits maybe a little low. One way to have an idea of how customers will react is by using social media to see the people reactions.Toy 2 – Additional data Needed:How much more money can we spend on advertising this year?Are there any markets that have not be approached?How much the toy cost to make?Can we expand our online presence?Essentially, I would also try to figure out if there is anything else that could be added to the toy to maybe enhance it. Even if its just painting the toy with a more richer color than it normally is. I would also try to see if we can change the location of where the toy sits in the store. Maybe it could be closer to the front of the aisle and maybe make sure it sits low enough to be within kids eye view.The toy industry is a billion-dollar industry. There is enough money to go around even with competition. But the best way to stay competitive without raising the price of the toy is by negotiating the price of the toy with the manufacture. Maybe we can lower the cost of how much the toys can be made. This way, even if we do not sell more then the other toys, we will still profit.