Emerging Themes Project: The Toys and Games Industry - Essay Example

Accordingly, innovation and new product development strategy should be adopted in order to ensure that products are de-featured and prices are lowered, so that business operations are conducted in a profitable as well as sustainable manner. Subsequently, the strategy of innovation and/or new product development is used by business organisations with the objective of designing as well as developing new products in accordance with market conditions, so that business operations are conducted competitively (Mundim & et. al., 2012).

The toys and games industry faces ample challenges in the present competitive business scenario owing to increased globalisation and advent of technologies. Contextually, the industry in order to conduct business operations successfully and retain competitive position in the market segments is required to produce innovative products in accordance with the preferences of customers. Additionally, the industry with the assistance of innovation and/or new product development strategy is able to use products and services efficiently (Fedders & Villadsen, 2013).

Presently, the global market can be seen to be intensified with growing competition owing to different factors that include increased globalisation and adaptation of contemporary technologies. In this respect, business organisations are required to conduct an in-depth analysis of the market segments in order to possess relevant information about market demands, competition, preferences of customers and prices among others. Product innovation is determined as a process in accordance with which new products are developed or existing products are rejuvenated with better added features, so that the needs of the customers are met efficiently.

Consequently, there are two pivotal concepts that are prominent in the business organisations which include technology and knowledge (Maass, 2012; BHP Information Solutions Ltd, 2009; Rafinejad, 2007). Technology and