Toy Industry Challenges
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).
1.0 Challenges faced by toy industry
As a major industry in the business world, there are several challenges that have faced by toy industry. 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 attractive.
1.1 Lack of advanced technology
First, lack of advanced technology, traditional toys such as barbie dolls, teddy bear that does not attach with high-tech will be more difficult to attract people to buy it. Children nowadays are playing games more frequently with their smart phone or tablet rather than playing toys. Even though the toy industry has tried to add some special functions on the toys such as sound and lights, but it still unable to compete with electronic games. Other than that, the price of purchasing a smart phone’s game is cheaper than purchasing a physical toys.
1.2 Short life cycle of products
Secondly, the seasonal changing of product cause the life cycle of the toys
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