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Wil Planet Exercise

In: Business and Management

Submitted By sherry786
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What basic principles Wild Planet adheres to in their product development? Think about non-product benefits to the child and in the long term benefits to the Wild Planet which ensue.
Wild Planet conducts Market Research for each of their products. It seems like they go through the whole marketing research process as explained in figure 4.1. They are addressing their customer needs by their value proposition, which is a combination of quality, service, and price. Their products enhance kids imagination, prompt them to be active. They design toys that kids find cool, and at the same time parents can afford and would want to buy for their kids, so they are taking care of both sets of customers, parents and kids. They do ethnographic research, watch kids in their play environment. They are also involving kids in the product development, by the Kid Inventer Challenge Program. They take opinion of kids about what kind of toys they want and they also test their newest toy ideas on the kids to get direct feedback from them. They are getting information from primary data source, which is more time consuming and expensive, but it is definitely paying off for their company, as they develop a relationship with the consumers.

Specifically how does wild planet involve the children in their marketing process, what type of research is/are being employed?
Wild Planet is involving kids at every step of their marketing process. Their consumer is “kids”. They are using marketplace and marketspace. They are taking care of needs, wants, and demands of the kids. They are involving kids in their marketing process. They design new toys and then get the kids to test out the newest toys. They reach certain families, they get their feedback and also through a phenomenon called “School Yard Buzz”. Kids want to be the first one to use the coolest toy. If one kid has used the toy then other…...

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