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
| Wooden Grain Toy Company | |
| 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. |
| 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. |
| 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. |
| 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 |
| 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. |
| Music Arts Enterprises | |
| 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. |
| Our solution
Need Solution |
Target market
Need Solution. |
| The competition
Amazon, Musician’s Friend, Sweetwater Music, Guitar Center |
Revenue streams
Need Solution |
| Marketing activities
Direct email marketing, social marketing |
Expenses
· Product costs · Employee salary/ commissions · Inventory space for products |
| Team and key roles
Privately owned business. Based in Fort Lauderdale, FL. |
Milestones
Need solution |
