Journal

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Dear friends and David,
In this week class, according to the further research we did last week, we improved related information of our business model canvas. When children play our products, it is easy to lose some parts. Due to this situation, we consider we can use strategy of “PICK-A-BRICK” to solve this problem. Customers can buy the parts which they lost in our retail store instead of buying whole products. It not only can help customers save money but also provide convenient for them. Additionally, it also in some extent increases the chance of shopping in our store. Sometimes, they just want to buy some lost parts, but once they see some new products, they will attempt to buy, especially for children. Moreover, we also think a new key partner: Grey market. For business, it would contribute to efficiency and significant reduce the costs. We still think some distribution channels- JustBricks Australia, which is online LEGO shop. However, it still requires discussion of this strategy. Market size---we found that the key customers of the Lego are boys aged between four and nine and the families which emphasis learning, activity and creativity. From interview of some customers, we set our hypotheses on customers’ problems, such as Lego are too expensive to buy regularly for kids comparing to other toys, some customers want to have their own Lego creations but lack of bricks and guiding ideas or families want to children participate other activities, for example sport, computer or reading, rather than playing Lego. Through some experiments, we found most customers want only minifigures not entire set, most of potential customers do not know they are paying up to 30% more comparing to the US and etc. by analyzing the result, we decide what to do next. We will expand boundary of target market and refined cost structure and pricing model. There are still lots of thing required to consider. We will continuously improve our business model.

In Tuesday class David...
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