Toys and Games Industrys Response to Globalization - Coursework Example

The Toys and Games Industry’s Response to Globalization Introduction The paradigm shift in the many major industries leadsto the digitized mode of operation has caused major changes in industrialization. This move results in the change of consumer behavior, especially with regard to the Toys and Games industry. This industry has been influenced by the technological advancement, which leads to expansion and globalization of the scope of operation of the industry. In this respect, there are many digital options available for children besides the tendency of children to explore different forms of playing. The industry employs many strategies in order to embrace the aspect of globalization, which is an essential variable in the expansion of the industry. Toys and Games Industry The big information has culminated in the restructuring of organizational structure for efficiency and effectiveness in the Toys and Games industry operations. According to Cerra (2012, 34), the big data have led to the realization of new ways of achieving global customer satisfaction, continuous improvement and total quality management within the Toys and Games industry. These principles are key in the thriving of the industry. In the case of transportation of commodities, there is the use of sensors on trucks in order to streamline the delivery of goods through shipping. This contains the problem of stock-out cost and machine overhaul cost. The massive data has also helped the manufactures in tracking the trend of customer preference and taste (Gill, 2010, 56). This is made possible through scanning large sets of data at a glance in order to deduce the customer preferences hence boosting sales revenues. This is because the products manufactured will march the customer preference and taste; hence no stock holding costs will be incurred. Moreover, this reduces the marketing costs, hence higher profits for the firms. Many firms have also reviewed their human resource management measures, in order to retain the workforce and increase the industry productivity. According to Campbell (2013, 70), human resource outsourcing is a new phenomenon in the Toys and Games industry. The global problems facing different firms include the stiff competition from its rivals. Big data have brought a revolution in the management of originations. It has changed the traditional perceptions with regard to the directing, leading, organizing and staffing of an organization. The use of modern technology in the ferry of products and communication is as a result of the big data. With globalization, competition in the world market has become intense because of the opening up of world markets. Companies that enjoyed local markets are now faced with the challenge of competing with international companies with vast experience and innovative means of production/. In the international market, only companies that have implemented superior strategic operation management emerge above the competition (Charles and Meek 2010, 67) Globalisation Globalisation what sets apart the average performing companies and the world class companies. World class companies use Strategic operation management to create value in their products and services. Companies have the simplest way of creating a competitive advantage using pricing techniques and product differentiation. According to Siebens (2007, 89) globalization on ideologies on political scenes are not issues of the recent past, but were established a long time ago. An example of this is the aspect of democracy. This is a subject, which has been in existence for a long time. It has been applied by many nations intuitively. Furthermore, the majority rule always yields justice because almost all factors are considered by the majority of the people. According to Mayer (2013, 91), democracy affords people justice and fairness especially in the election process. This is what sets apart the average performing companies and the world class companies. World class companies use Strategic operation management to create value in their products and services. Companies have the simplest way of creating a competitive advantage using pricing techniques and product differentiation. According to Siebens (2007, 89) globalization on ideologies on political scenes are not issues of the recent past, but were established a long time ago. An example of this is the aspect of democracy. This is a subject, which has been in existence for a long time. It has been applied by many nations intuitively. Furthermore, the majority rule always yields justice because almost all factors are considered by the majority of the people. According to Mayer (2013, 91), democracy affords people justice and fairness especially in the election process. The majority of the third world countries constitutes of the poorer class. In this regard, democracy enables this group to contribute in the selection of good governance in order to have an equitable distribution of resources. This prevents the rich from domineering over the poor in this scenario. In addition, democracy is the best form of governance structure given that it is difficult to satisfy every person’s interest in the entire government. Furthermore, this aspect enhances consensus than any form of government structure. Charles and Meek (2010, 67) asserts that the equity principle is emphasized in this governance system because every political group contributes to the governance on an equal basis. This creates satisfaction among the employees because of career advancement which leads to acquisition of more skills. This makes them more relevant and marketable in society. The other aspect is the farming strategies. According to Perez (2012, 82), there are many aspects of globalization, which have arisen in the recent past like the information explosion and the internet influence. On the other, hands there are global aspects, which have been in existence for a long time like the majority rule principle and the agrarian revolution methods of farming. Critical analysis of the impact of Globalisation on Toys and Games Industry According to Bitzer and Christian (2011, 65), the Toys and Games industry undertakes to deliver value and the customer’s strong belief that he will receive value for the money spent on a service or good. The value proposition entails six stages. It includes the determination of the market for the creation of value proposition. The Toys and Games industry marketing team must also identify the line of product, which the market needs most at a particular time, toys for children. It entails the analysis of general market sales. According to Avery (2010, 36), it is possible to gather data from reliable sources like the media, pertaining to the sales made on a weekly basis (Murray, 2007, 97). For design to be effectively impressive there should be a need to consider branding as an effective means of achieving an end. Branding can change the manner in which customers perceive the products. Pricing helps determine a customer’s buying decision and believe in the toys for children. The location of the Toys and Games industry should be able to be stationed in a place where retailers and suppliers are able to access with relative ease. A key consideration in this value proposition is the relative ease of customers to the place of where the business operates. Promotion has all to do with the advertising of the products in order to create awareness. Through such initiatives, sales will be boosted to significant levels, hence raising the Toys and Games industry return on investments. The marketing strategy that the Toys and Games industry is able to use is wide and varied. For instance, the individual products can be established using different design materials to ensure a new look. The idea of promotion is to ensure that the company gets a competitive advantage over the rest of the company in the market. The Toys and Games industry will, therefore, seek to develop a promotional strategy that is capable of creating awareness to the customers that will in the long run boost the sales of the industry (Charles and Meek, 2010, 25). Through a number of promotional strategies, the Toys and Games industry will be able to widen the customer base through enhanced marketing. The practice involves finding new market niches for the company’s toys for the children. In addition, this aspect entails competitive analysis of the Toys and Games industry about other entities in a similar industry. According to Flamholtz (2006, 56), marketing management helps in the tapping of the Toys and Games industry’s marketing resource. The process also entails the tracking and the analysis of the effectiveness of the marketing principles and skills applied. The analysis of the strengths and weaknesses of the company is influenced by marketing. The company also applies promotion to the determination of the volume of sales made on a daily basis. Globalization is a recent phenomenon given the fact that virtual conferencing, which allows people to virtually meet is a recent innovation. This has improved the manner in which interviews are carried out in many organizations. However, the video conferencing and virtual systems can be employed in the interviewing process, hence eliminating the wastage of time in physically travelling to venues. The Toys and Games industry has overcome this challenge by employing local talents who operate using universal ethical standards. This has ensured that the company has maintained quality in its production chain across the world while accommodating local talent who help in connecting with the local market. The company amicably handles the customer grievances. Recommended strategic Response The major goal for the Toys and Games industry is the maintenance of its current customers in order to boost the sales revenue. The company ought to use different channels in the marketing for its toys. Cerra (2012, 45) asserts that the industry should be able to come up with methods to ensure market expansion. The pricing strategy is a major consideration in the buying decision making. When considering a marketing strategy, there should be considerations about the prevailing prices in the market. The market is flooded with toys. Before instituting a price, a proper market survey is necessary to ensure compliance (Wheatley, 2007, 47). While setting prices of the prices, relative competitiveness should be considered. In the event that a company is not able to get right in terms of pricing, two scenarios can be experienced. One is that the company can lose on sales and secondly irrelevance to run out of business. Conclusion The Toys and Games industry, through the enhanced strategy of product design will be able to widen customer base to a large extent. The strategies put in place by the industry are appropriate in embracing the force of globalization. Globalization is an aspect, which is propelled by dynamic change in the social, economic and financial aspect of management. Reference list Allison, A. Millennial monsters: Japanese toys and the global imagination, Berkeley: University of California Press. Augustine, F. 2010, Dictionary of toys and games in American popular culture, New York Haworth Press. Avery, G. C. 2009, Understanding Business Strategy: Concepts and Cases, London, SAGE Baker, T. E. 2011, A competitive assessment of the U.S. video game industry, Flushing, NY, Looseleaf Law Publications, Inc. Bhagwati, J.N. In Defence of Globalization, New York: Oxford University Press. Bigelow, B. and Peterson, B. 2006, Rethinking globalization: teaching for justice in an unjust world. Milwaukee, Wis.: Rethinking Schools Press. Butler, C. 2008, Too Many Toys, Basingstoke, Palgrave Macmillan. Campbell, S. 2009, Knitted Toys: 21 Easy-to-Knit Patterns Mountain View, Calif, Davies Black Pub. Cole, J. and Durham, D.L. 2004, Figuring the future: Globalization and the temporalities of children and youth. Santa Fe, New Mexico (USA): School for Advanced Research Press. Cerra, A. K. 2012, Innovation and Marketing in the Toy and Game Industry. New York: Wiley. Charles F. & Meek, G, 2010, Globalization, Edition 7. Publisher: Prentice Hall. Dukes, E. F. 2011, Whacky Toys, Whirligigs and Whatchamacallits. Charlottesville, University of Virginia Press. Fernando, M. 2007, Case Study Method Theory and Practice, Cheltenham, UK, Edward Elgar. Flamholtz, E. 2006, Exploring Supply Chain Management in the Creative Industries. Boston, Kluwer Academic Publishers. Gerdes, L.I. Globalisation, San Diego, Calif.: Greenhaven Press Gill, R. 2010, Toys, London, SAGE Publications Ltd. Hitt, M.A., Ireland, R.D., and Hoskisson, R.E. 1999, Strategic management: competitiveness and globalization. Cincinnati: South-Western College Pub. Mayer S. V., 2013, Big Data: A Revolution That Will Transform How We Live, Work, and Think. Boston: Houghton Mifflin Harcourt. Murray, L. 2007, Introduction to the Game Industry, [Ottawa], National Defence. Paikin, S. 2010, Paikin and the premiers: Personal reflections on a half Century of Ontario leaders Press. Perez, D. W., & Barkhurst, M. 2012, Toyland: the high-stakes game of the toy industry. Clifton Park, N.Y., Delmar, Cengage Learning. Siebens H. 2007, Management, Garant Uitgevers N V. Singer, P. M. 2009, Folk Toys: Patterns and Projects for the Scroll Saw. Chicago, American Library Association. Wheatley, M. J. 2007, Choosing a Career in the Toy Industry. San Francisco, Calif, Berrett Koehler Publishers. Reflection In this project, I had a good experience working on a project that was quite challenging but very essential in my learning and career development. I started the project with a plan. I drew a time schedule that enabled me to gather enough information on time and provide an effective approach to the paper. In the preparation, I included various sources of data needed to develop the project. Before starting the project, I ensured that I had enough information for the project. I also ensured that I understood the concepts of globalisation and toys and games industry. During the project, I developed my ideas based on the information I had collected. I also included new ideas that I gained as the project progressed. Linking globalisation to toy and games industry was not easy; but I used the knowledge and skills I had to achieve the objectives of the project. Through the project I learned that globalisation shapes business. Initially, I thought globalisation of toys and games was infeasible. However, the project enabled me to understand that there is a great marketing gap for toys and games in the international market. I faced a few challenges in the paper including interference of home duties and other class assignments, lack of resources and technical difficulties in accessing resources. Despite these challenges, I completed my work successfully. Indeed, it is a good performance on my part. Read More