Introduction
This assignment is to determine the challenges that faced by toy industry. Moreover, this assignment is to discuss about what toy industry will do when they are facing the challenges and how the company evaluate their business performance by using strategic tools. Toy industry is one of the major industry in the world, it impacts the business, consumer, and the economic (Syed Tariq Anwar, 2014).
Children learn and know the world through playing toys. Generally, toys are played by children and pets, toys are designed for all age of human. Toys include traditional toys, electronic games, sport toys, crafts sets and more. Well-known toy companies such as LEGO, Nintendo, Toy R Us, Mattel, Sony and more. These are world’s leading in …show more content…
Nowadays, challenges has increased due to the advancement of technology, quality of the product, price of the product and other challenges. Other than that, the sales of toys industry have decreased year by year because the toys are not …show more content…
Furthermore, strong brand equity, due to longer operating history toy industry has built up a strong brand equity in the business world. For example, Barbie, it produce dolls that are able to change hairstyle and clothes. Barbie is a big brand in the toy industry, it has variety of dolls and accessories that are able to attract customers. Barbie is well-known among the young girls’ world.
Weaknesses
Most of the toy stores are heavily depend on the seasonal sales (Toy R Us, n.d.). The sales will only boost up during the peak time such as Christmas. Most of the times, manufacturers are unable to make decisions on how much the manufacture need to produce, thus it will lead to wastage, if they overproduce and unable to sell it. There are also cases about the safety of the products, companies would have to recall back all the toys and may get
This assignment is to determine the challenges that faced by toy industry. Moreover, this assignment is to discuss about what toy industry will do when they are facing the challenges and how the company evaluate their business performance by using strategic tools. Toy industry is one of the major industry in the world, it impacts the business, consumer, and the economic (Syed Tariq Anwar, 2014).
Children learn and know the world through playing toys. Generally, toys are played by children and pets, toys are designed for all age of human. Toys include traditional toys, electronic games, sport toys, crafts sets and more. Well-known toy companies such as LEGO, Nintendo, Toy R Us, Mattel, Sony and more. These are world’s leading in …show more content…
Nowadays, challenges has increased due to the advancement of technology, quality of the product, price of the product and other challenges. Other than that, the sales of toys industry have decreased year by year because the toys are not …show more content…
Furthermore, strong brand equity, due to longer operating history toy industry has built up a strong brand equity in the business world. For example, Barbie, it produce dolls that are able to change hairstyle and clothes. Barbie is a big brand in the toy industry, it has variety of dolls and accessories that are able to attract customers. Barbie is well-known among the young girls’ world.
Weaknesses
Most of the toy stores are heavily depend on the seasonal sales (Toy R Us, n.d.). The sales will only boost up during the peak time such as Christmas. Most of the times, manufacturers are unable to make decisions on how much the manufacture need to produce, thus it will lead to wastage, if they overproduce and unable to sell it. There are also cases about the safety of the products, companies would have to recall back all the toys and may get