• Becoming and recognized as the leading company in smart toy products in the Kid Wonderland market operating ❖ Mission Kids Wonderland is a 4M brand toy business from Hanoi.. This is al
Introduce
• With the motto "Give children good things", Kid Wonderland always aims to build a brand that specializes in providing quality toy products for children, always at the forefront in quality and design
• Desire to strive to become the largest distributor of children's toy products, with a reputation in the region and more broadly, Vietnam
• Becoming and recognized as the leading company in smart toy products in the Kid Wonderland market operating
Kids Wonderland is a 4M brand toy business from Hanoi Innovation, creativity, prestige has been at the heart of everything we do, along with our unwavering commitment to excellence in linking with our disciplines This is also our goal to build and develop the brand Kids Wonderland in general and brand 4M in particular, to satisfy customers and provide innovative, high-quality products that help to improve learning so easy, interesting
Kids Wonderland will achieve this goal by:
• Innovate, educate and create opportunities for children to develop positive curiosity and learn through discovery
• Explore, design, and create fun, safe ways for children to participate in meaningful play experiences
• Put quality and safety first
• Integrating green perceptions and social values into our educational products
• Demonstrate a sincere interest in staff, stakeholders, children, parents, and teachers worldwide
• Grow our company by developing our brand
With the goal of pioneering in the market to provide safe and best quality products, Kid Wonderland always focuses on promoting and continuously improving the 4 core values of the company
Business Model Canvas
Customer Segment
Customer segmentation is the process of dividing customers into groups based on common characteristics so that a company can market to each group effectively and appropriately
Common types of customer segments
You can look at parameters such as age, generation, gender, education, occupation, income, marital status or ethnicity to create customer segments
It is easier to collect and measure data to segment demographics than other types of customer segments A simple way to collect data is to have your customer or email subscriber fill out a form like this
Geographic segmentation involves grouping customers by country, state, region, climate, or market size You need to tailor your message to different geographic segments, keeping in mind local culture or weather
Behavior segmentation involves segmenting customers based on how they interact with your brand
• Lifecycle or Customer Journey-Based Segmentation
In addition to understanding your buyers' preferences and interests, you also need to know where they are at the stage of the buying process This type of customer segmentation is known as cycle or customer journey segmentation
Here our group chooses geographic segmentation
- 35.88 million VND / person in 2018 in 2018 (the Mekong River Delta decreased to 1.41 times, the Southeast 1.57 times, Ho Chi Minh City decreased to 1.32 times with income level in rural areas, it is 58 million VND / person / year) (https://dangcongsan.vn/kinh-te/tang-nhanh-thu-nhap-binh-quan-dau- nguoi-nam-o-nong-thon- 554604.html)
- Average income of Hanoi in 2020 is estimated at 130 million VND / person / year (https://vov.vn/chinh-tri/ha-noi thu-nhap-binh-quan-dau-nguoi-gap-18 Lan-army-of-country-784708.vov)
- In Ho Chi Minh City, the average salary of employees is 456 USD / month
(about 10.3 million VND / month) (https://thanhnien.vn/tai-chinh-kinh- doanh/tphcm-co -muc-of-the-high-average-to-be-938809.html)
=> Realizing that the income in the city is much higher than in the countryside and the Kids Wonderland group's product is also in the mid-range, maybe a bit high compared to rural families, so we decided to locate in Hanoi
- According to the statistics of Nhan Dan newspaper, compared to the school year
2018 - 2019, tuition fees increased sharply in educational institutions in urban areas with an increase of 41.9%, in rural areas by 26.7% and in mountainous communes it is 26.3% In addition, more and more families are investing in their children to study abroad so that their children have the opportunity to be exposed to the development of the educational environment
=> Children's spending on education has also increased significantly in the country
=> Parents are very interested in their children's learning => toys help stimulate curiosity, help children learn while learning play, orientation, not whip has huge potential in the market
- The population density of Vietnam is 290 people / km2, an increase of 31 people / km2 compared to 2009 Vietnam is the country with the third density in Southeast Asia, after the Philippines ( 363 people / km2) and Singapore (8,292 people / km2)
- Urban population is 33,122,548 people, accounting for 34.4% of the total population of the country; rural population is 63,086,436 people, accounting for 65.6%
- The total fertility rate (TFR) is 2.09 children per woman, below the replacement fertility rate This shows that Vietnam has maintained a stable fertility rate for more than a decade, the trend of having two children in Vietnam is common TFR in urban areas is 1.83 children / woman; in rural areas it is 2.26 children / woman Women with university education have the lowest fertility rate (1.85 children / woman), much lower than women who have never attended school (2.59 children / woman) Ho Chi Minh City is the locality with the lowest fertility rate in the country (1.39 children / woman), Ha Tinh is the province with the highest fertility (2.83 children / woman)
Despite a significant rural population, socio-economic disparities limit disposable income in these regions However, marketing strategies should consider both urban and rural markets Utilizing social media platforms and collaborating with shipping partners can effectively reach and engage consumers in both areas.
- The average age at marriage of Vietnamese people is 24
=> About 3-4 years after a high rate of families will have children aged 2-5 years old => run ads to target customers from 28-40 years old
Typical information collection methods include:
• Joint research using published information about market types
2 ways are chosen by Kids Wonderland:
• Use information already in the market to find a niche and select potential customers
▪ Are you willing to invest a lot of money to buy toys for your children?
▪ How much money are you willing to spend to buy toys for your kids?
▪ When do you change toys for your child?
▪ How often do you buy toys for your child?
▪ Do you put a lot of emphasis on educational toys for your child?
▪ Do you think your children should learn through play?
▪ Do you think oriented parenting is a good way?
▪ Do you know about STEAM education method?
▪ Do you know about 4M toys?
▪ Do you think that toys really help increase intelligence for children or not?
▪ What criteria do you evaluate a quality toy product?
▪ How often do you choose toy products for your children?
▪ What do you hope toys can help your baby develop?
▪ How much time do you spend playing with your kids a day?
Value Proposition
The value proposition of a brand is the combination of products and services provided to customers These values need to be unique and different from the competition
Value solutions deliver value through a number of attributes such as flexibility, performance, work completion, and branding
Business, design interface, innovation, pricing, cost, risk mitigation, multi- dimensional interoperability,
When building a value solution, the prerequisite question is what problem you want to solve through the value of the product / service Then, find ways to improve your product, service, or overall customer experience to deliver greater value than your competition Finally, businesses need to define core values.As for our value solution, we ask 4 specific questions to make customers better understand what we are provide users, 4 questions including: "What, Who, Why, How" From these 4 questions we will analyze in more detail
➢ What: The product that we provide to the customer is the scientific toy product, it helps to give the user the utmost creativity to execute his ideas in mind Why did we choose this product? As you know, there are many types of toy products on the market, but many models do not bring positive purposes to consumers, there are many violent products, making photos Affect the development of consumers, especially children, so we decided to use this product
➢ Who: Our target groups are the ages from:
• From 3 to 10 years old because this is one of the age groups with the most curiosity
• These products will bring practical value to young children and arouse their curiosity Our products give young children a new understanding of the surrounding objects as well as things that children have not seen
• While learning while playing, it also gives children useful things, increased intelligence Moreover, at this age, young children will learn very quickly, they will apply the knowledge in the classroom to the toys, thereby helping them understand more and be able to connect families together because there are families that do not have lots of time for the kids
➢ Why: Why choose our products that rival kp Because all of the products that we distribute, I have patents from our inventors and also the parent company's trademarks More:
• Our products have also been brought to the international arena by our favorite kids to compete in prestigious competitions
• In terms of prices, our products are very age-appropriate, divided by each item, each item will have a different price suitable for the age of the baby
• Eye-catching, easy- -use product that attracts young people to
• And in addition, every month we have gratitude programs for customers who trust to use our products and have gifts for babies
At the heart of our smart toys lies the belief that parents can actively witness the transformative effects these toys have on their children By engaging with smart toys, babies are empowered to enhance their cognitive abilities, sharpen their thinking, cultivate their intelligence, and develop a deeper awareness and understanding of the world around them without relying heavily on parental assistance.
Channels
Because the cost is not much and is also a start-up, do not use the store but target to use the main online channels and the family's warehouse to save costs
Depending on the purpose, channels in digital marketing can be classified in many different ways However, in this article, Markus will focus on the classification method introduced in the course "Digital Marketing: Brand & Performance" - divided into Online and Non-online channels a Online Channels
This is a paid form to advertise on major search engines such as Google, Bing, (SEM) and optimize the website to get higher rankings in natural search results through search engines ( SEO)
For example, when you search for the keyword "timekeeper" on Google, you will see about the first 3-4 articles with the word "Ad" or "Ads" next to them Those are articles that have paid advertising fees to Google to prioritize display to readers (SEM)
Mobile marketing leverages mobile devices like phones and tablets to reach target audiences It encompasses various marketing techniques, including app store optimization (ASO) to enhance app visibility on app markets, push ads to send targeted notifications, and in-app displays to encourage app installations These approaches effectively harness the capabilities of mobile devices to connect with consumers and drive marketing outcomes.
A prime example of the Mobile Marketing channel are image or video ads that appear in mobile games
This is a very popular Digital Marketing channel, but if you abuse it, it is easy to create the opposite effect When applying this marketing channel, marketers will send email to the available database to promote products and services However, the point to note in this channel is to determine the number of potential customers' database and try to "personalize" in each email to avoid the customer
"straightforward" to put the email in the spam mailbox and press bad brand image
A good example for the deployment of Email Marketing channel is emails sent to customers on holidays, New Year, birthdays, to increase the frequency of brand appearances without making customers lose love
This is a popular channel, but it is not always effective by businesses In short,
Content Marketing is the creation of content on potential platforms to attract a large number of customers, in order to increase brand awareness or increase conversion rates
One way of producing content that content marketers often do on social media is to make a connection between their brands and popular trends The event that Apple launched the iPhone 11 pro with three unique cameras is a trend that many brands
"catch the trend", including Grab
Social Marketing is a channel to reach customers through potential social networks such as Facebook, Instagram, LinkedIn, Twitter, Youtube, with the aim of reaching a large number of customers to increase brand coverage
An obvious example is that almost all brands have social media accounts, especially Facebook, Twitter Besides, they are very active in posting and replying to comments to increase interaction with customers
In essence, display is programmatic advertising through platforms Display forms of display varied from images (static banners, animated banners), video, html,
For example, when you open a news page, the top or corner of the page often has ad frames of many different brands This makes customers always have to see you everywhere at all times, unable to "hide" anywhere
=> Kids Wonderland uses Social marketing because they have internship experience in the previous period and are familiar with running ads on platforms such as facebook ads, zalo ads, along with saving face costs By choosing to run online ads, using social media for running ads will be more convenient and economical
Below are the total quarterly costs as well as the total quantity of products we import for both wholesale and retail quarter, based on this we can estimate the price of each product after adding all types of expenses enter, and then offer the best selling price for the customer
Describing the essential assets of the business, the company provides value to its customers Resources can be classified into several categories such as human, financial, physical and intellectual resources
It is necessary to list the main resources of the business, it plays an important part in the sustainable operation of the business and moreover, it helps your business to clearly define the idea of products and services service to your business to support customers and thereby get certain costs for your business and save costs in a reasonable way
In a business that is in the momentum of starting a business, developing and having a foresight and vision, the issues, essential elements and assets of that company are one of the important factors that cause the development long-term business In theory, in "Key resources" includes the following factors: Physical resources,
Key Resources
Describing the essential assets of the business, the company provides value to its customers Resources can be classified into several categories such as human, financial, physical and intellectual resources
It is necessary to list the main resources of the business, it plays an important part in the sustainable operation of the business and moreover, it helps your business to clearly define the idea of products and services service to your business to support customers and thereby get certain costs for your business and save costs in a reasonable way
Key resources, a critical component of long-term business development, encompass essential physical assets, intellectual property, and human capital These resources provide a foundation for competitive advantage and enable organizations to achieve their strategic objectives.
Human resources, intellectual resources, and financial resources are indispensable factors for startups and established businesses alike These resources serve as the foundation for evaluating and addressing critical issues, and their scale and quality are often indicative of a business's size and success.
Kids Wonderland is dedicated to implementing the principles of sustainable business practices By analyzing specific factors, the company aims to identify areas for improvement and further develop its sustainability initiatives.
• Physical resources: tangible resources that our company uses to create its value Kids Wonderland is aiming to be one of the largest distributors of 4M, scientific toys for children in Vietnam market The new distribution address has a unique address in Hanoi and will develop more in Saigon in the future and in places that thrive in the territory
• Intellectual Property: Intellectual property resources such as trademarks, proprietary knowledge, patents and copyrights, partnerships and customer databases are increasingly important components of a business Strong business model For us, as a distributor of children's toys, we focus on copyright and trademark Regarding the branding, we have a separate website to avoid confusion among other brands
• Information about product categories by "price, by product's theme "
• Best-selling products are displayed at the top of the page
• Video instructions on how to use the product, how to play for children
Human: Every business requires human resources, people who are particularly prominent in certain business models For Kids Wonderland, HR is an inevitable factor, the main elements of our company are:
• Bui Thi Thu Trang: Market and customer research
• Nguyen Thi Linh: Managing page, website
• Nguyen Thanh Duc: Interface design for web, video, logo
Financial: That is the source of revenue that we bring in after starting the startup project Our revenue stream comes from the sale of our products and from advertisements on our websites
Key Activities
Key activities are actions that allocate resources (KR) to deliver unique value propositions (VP), driving profitability (RS) This concept is exemplified in Facebook's platform development and data center infrastructure, which form the foundation of their business Similarly, a law firm's primary activities encompass legal research and consultations, providing valuable services to clients.
What are the most important strategies for selling what value offers?
These are key activities that will create valuable solutions for the business and make the business model effective An entrepreneur can start by listing key activities that take place alongside the busine -related revenue stream ss
Now, it is essential to evaluate which activities will be the main activities, then consider the impact of these activities and decide to add or remove them
Describe the most important things a company must do to run its business model
• What key activities will create value for the company?
• Which activities are most important in distribution channels, customer relationships, revenue streams?
The main activities of the business are the actions the business takes to achieve value proposition for its customers
• What activities does the business take in achieving value propositions for customers?
• What resources are used for?
• What actions lead you or your employees to achieve value exchange?
These activities are the most important processes that must be taken in order for the business model to be effective From there, assess the impact and conduct to eliminate unnecessary activities
• Kid Wonderland's striving goal is to bring every family and child in Vietnam to moments of fun and rewarding through safe, high quality, educational and training toys By distributing carefully selected toys, Kid Wonderland wishes to comprehensively develop Vietnamese generations of Vietnamese children in terms of knowledge, skills, and physicality, while enhancing affection and understanding among parents and children, among family members
• Kid Wonderland's mission is to create and develop a prosperous and prosperous Vietnamese society, rooted in the nucleus that each child, individual has a full
25 range of knowledge, abundant health, and morality good and come from playful, happy families
• The values of activities that Kid Wonderland always wants to aim for are:
• Customers have the service experience by booking experience at shopping centers, schools, entertainment areas so that they can have a closer look, familiarity and understanding of the product by Kid Wonderland
• Kid Wonderland always affirms its brand in the Vietnamese market by approaching customers in the most friendly way, customers are satisfied when using Kid Wonderland products
• Kid Wonderland's direct distribution channel is Online on Kid Wonderland's Social Media channels including Facebook, Zalo, Instagram, Web… Next to that is B to B to businesses and schools
• Customer relationship: Kid Wonderland branding goes deeply and is a sustainable partner with schools, students' parents, bookstores, marketing across the region
• Revenue stream: The main revenue that Kid Wonderland wants to target is the
B to B partnership between schools and bookstores, bookstores and especially large play areas for children
Building strong communication channels is paramount, fostering close collaborations with businesses and key partners to generate value for the enterprise These collaborations enhance brand recognition in the market, translating into increased revenue for the company.
• Always try to ensure input and output for the company in the most optimal and effective way
Key Partnerships
Collaborations with diverse partners are crucial for business success These partnerships can take various forms: strategic alliances with non-competing companies; competitive partnerships to expand market share; joint ventures to establish new businesses; and procurement partnerships to secure essential inputs.
The partners involved in providing value to the business include those who provide resources and conduct business
In order for the business model to work effectively and minimize risks, businesses should build partnerships with high quality suppliers You and these partners will complement each other to help the company create a value solution
Business partners include three types:
Strategic alliance between competitors (also known as coopetition)
• Relationship between buyers and suppliers
You should start to identify your main partner, then plan future partnerships You can rely on partnerships to assess which problems need to be fixed, and what type of partnership will be needed next
Describe the network of other vendors and partners with which your business model can work
• Who is your main partner?
• What important resources are available from the partners?
• Main activities implemented by partners
It is one of four categories:
• Strategic partnerships between companies are not competitors
• Partnerships between companies are competitors to push the market
• Joint ventures (joint ventures) to create new business
• Relations purchase to ensure input for the company
• Kid Wonderland is the exclusive importer of the most famous 4M toy company in China in terms of education form, features, utility and especially price
• 4M is an innovative and handmade toy manufacturer established in 1993 in
Hong Kong Belonging to DIY toys (Do- -Yourself) and for children aged 8 It years and over, 4M toys are scientific tool sets for children to create and make their own toys 4M toys typically involve household items and are recycled to make toys or useful items on the basis of discarded items such as plastic bottles, aluminum cans, etc 4M toys give children the opportunity to create their own toys by hand by applying theorems, principles of physics, mechanics, chemistry, etc and using disposable items that are easy to find in life 4M toys
4M scientific toys are designed to entertain and educate children They encourage creativity, problem-solving, and scientific curiosity By building and playing with 4M toys, children develop fine motor skills, observation abilities, and logical thinking These toys foster confidence, self-esteem, patience, and persistence in achieving success 4M's commitment to high quality and safety is evident in its compliance with European and American standards (CE, ASTM) This has earned 4M toys prestigious awards, including the "Best New Toy of Creative Category" from the British Toy and Hobby Association.
• In addition, Kid Wonderland will also cooperate with preschools and primary schools across the country to bring Kid Wonderland products closer and create intimacy, as well as understand the usage and value of products that Kid
• The customer partner is also one of the partners that Kid Wonderland always puts on the top, giving them the best service quality, satisfaction - trust and love
• Business to Business partner Kid Wonderland partners with bookstores, book supermarkets, children's stores and children's play areas
• Kid Wonderland always tries to create the most value for customers including: Students, Parents, Customers who trust products, Principals and teachers,
School teachers, Partner companies distribution…
Cost Structure
Cost structure: Describes any costs incurred to run a business model
The main types of costs in our business are:
➢ Costs over some are known as fixed costs, which are expenses that a company will have to spend on a quarterly basis, usually the costs will not change or will only change slightly trivial
➢ And some of the variable costs will vary from quarter to quarter and depend on the level of freight
Are you properly utilizing economies of sales?
With the changing times like today, we are also trying to catch up with the trends in the market to fully satisfy all the best services for customers In order to keep up with the 4.0 era we have come up with the best sales solutions for our sales and developed it so that we can reach both outside and at home
Kids Wonderland has always wanted to be at the forefront in terms of sales so we have constantly changed to bring the best to users, as you know Kids Wonderland is a brand of toys Smart development for young children, so we always have to innovate or update the best with the latest to our users
How do your key activities and key resources contribute to the cost structure?
Kids Wonderland's main activity is to provide 4M science toys to the market In addition to retailing, Kids Wonderland is trying to spread 4M toys to schools that are teaching STEAM educational methods
The main human resource comes from the team members In addition, Kids
Wonderland needs to recruit some more staff to support customer care and consulting These employees enjoy a fixed company salary and a commission bonus on successful transactions
The main way of operation and human resources to help the company increase revenue is to increase the building of communication channels, PR to increase brand awareness In addition, human resources will go to schools, agent stores, supermarkets to learn about, connect and distribute company's products
How do your costs relate to your revenue streams?
One of the first ways Kids Wonderland uses cost to generate revenue is by associating with schools, events, and seminars The purpose is to both bring practical experiences to customers, help them understand more about the product, in addition, Kids Wonderland wishes to cooperate with retailers, distributing scientific toys to become learning materials for schools that have followed the STEAM educational method
Here is the Kids Wonderland Financial Expenditures Sheet for the first year
➢ Importing goods: Kids Wonderland will be divided into 4 quarters of importing goods, of which the quantity of imported products will be high for the first 2 quarters for the purpose of market survey and used in some marketing campaigns on holidays such as: Closing Teaching, Summer
Vacation, International Children's Day June 1, Mid-Autumn Festival,
➢ Marketplace: In this section, Kids Wonderlands will have a fixed cost for a
Branding job We will contact to sponsor a number of amusement parks,
MKT1303 Kid Wonderland aims to provide career guidance through product experience sessions Outreach to Level 1 and Level 2 schools promotes educational products to prepare for future B2B procurement Financial constraints drive a focus on securing funding or building relationships to minimize expenses during the initial stage Market research and education efforts are prioritized to establish a solid foundation.
➢ Marketing: The first year, most sales will be in B2C format Marketing expenses here are money to run Ads, averaging 30 million / quarter (the first
2 quarters), the next 2 quarters of the year averaged 20 million / quarter, when the brand name was on the market
➢ Staff: The above cost for 1 logistics staff: receiving orders and delivering goods to shipping units At the first time, there are not many orders, so the average cost for logistics staff is 3 million / month, in addition to other positions 5 members will take over
➢ Website construction: This goes hand in hand with branding We want to build a professional image, easy to find, easy to shop for users In addition, the construction of a Website helps us reduce the time to consult customers when posting full information on the website, manuals and old customer feedback
➢ Other: This item is for incidental charges Kids Wonderland has a fixed cost of 12 million This money can happen when running ads, paying to schools, paying or returning customers, designing publications for each campaign marketing
Conclusion
• Kid Wonderland is a project with high potential to bring the best value and best things to young children, help you understand broader world, awaken potentials as well as imagination
• Through the Canvas Model, they also bring deeper things, deeper analysis about the Kid Wonderland project and bring many things to help the group need to look back