The Toys and Games Industrys Response to Globalazation - Essay Example

THE TOYS AND GAMES INDUSTRY’S RESPONSE TO GLOBALIZATION Personal Reflection on the Toys and Games industry The paradigm shift in the Toys and Games industry leads to 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. The strategies used by this industry to effect globalization include a comprehensive marketing and online-selling of its products. This aspect enables the company to access many customers from diverse backgrounds of culture, race, beliefs and religion. According to Baker (2011, 82), the industry’s products and services get an international recognition and much revenue. Moreover, the management in the Toys and Games industry has learnt new management strategies through the recent access to large volumes of data. The access to volumes of data is a recent occurrence, which has greatly globalized many aspects of business (Butler, 2008, 41). For instance, the access to bid data has enabled the Toys and Games industry to gather crucial information with regard to global performance trends in various sectors and product lines. Mayer (2013, 46) asserts that new methods of product differentiation and diversification have been learnt after the acquisition of bid sets of data from a global platform. The Toys and Games industry highlight 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 critical 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 have 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 (2009, 70), human resource outsourcing is a new phenomenon in the Toys and Games industry. 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. Video conferencing and virtual systems can be employed in the interviewing process, hence eliminating the wastage of time in physically travelling to venues. Online marketing is another contribution of this big data in the corporate world. This marketing strategy has culminated in large volumes of sales because of a big market niche. However, globalization brings the challenge of harmonizing human resource management strategies. The different cultures of the world have different standards of operation and different management styles. According to Dukes (2011, 35), 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. 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) 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. According to Saleem (2010, 87), the Toys and Games industry’s management is required to respond positively to the contribution of the workforce concerning the change instituted. Critical evaluation Management will succeed through adoption of the divergent ideas obtained from the employees. This will give the folk a sense of belonging to the organization and will own the change. This eventually will make its implementation easy. Democracy enhances the operation of a free market economy, which leads to equitable distribution of goods and services. The other aspect is the farming strategies. According to Perez (2012, 82), globalization is both a past and recent phenomenon depending on the subject being analyzed. 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. In both cases, globalization has resulted in great prosperity of a diverse nature. 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. The business enterprise should have a clear guideline in so far as the toys are concerned. In the event that there is a clear separation in the toys used, revenue for The Toys and Games industry can be raised to significant levels. The customer’s perceptions about the toys can only be changed when there is proper design of the toys. Consequently, when a new design is affected, The Toys and Games industry will have a significant competitive advantage over the rest of the players in the market (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 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 can company to run out of business. According to Mayer (2013, 51), pricing strategy should be a key consideration for The Toys and Games industry. Location is one of the key considerations in a marketing mix. Having a company in a place that can be accessed by the customers is of the essence. The toys should be in stores and establishments that are not in remote areas. 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. The value proposition in this sense will be to develop a promotional strategy capable of ensuring that the customers are aware of the toys (Jewell, 2010, 51). 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. Strategic response 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. According to Singer (2009, 61), an 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. 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. 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. Design can be enhanced by ensuring that the branding system is above board and effective. Branding, as is conventionally known can potentially change the products to look to a great extent. According to United States (2005, 27), the Toys and Games industry should come up with fashionable design of toys that are quite able to demystify the use of toys. The Toys and Games industry must restructure its toys in a bid to have a value proposition. Reengineering will help reduce the cost of manufacturing and improvement of toy quality (Bitzer and Christian, 2011, 67). This company also needs to find out the design of toys its competitors are offering in the market. This will help the marketing team to select the suitable toy design to present in the market. In a wider sense, mapping in a perceptual manner is quite able to boost the sales of the company significantly. Through perceptions, consumers are able to visualize the products to be offered in real time. Conclusion The Toys and Games industry, through the enhanced strategy of product design will be able to widen customer base to a large extent. 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