LeanBusinessPlan2.docx

    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

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