Success Factors in the World Toy Industry Essay - 23

Success Factors in the World Toy Industry - Essay Example This is because wherever there is a fair competition market structure, the number of competitors becomes many, with each having its own business strategy. Whiles doing this, ways in which the company can take advantage of globalization through international expansion shall also be reviewed. Quote (year) noted that every industry has its own success factors, some of which are internal and others, external. As far as the toy industry is concerned, a similar situation can be seen. From the outcome of the market research by Key Note (2014), one identifies three major success factors that influence the outcome of the toy industry as to whether a particular company will be successful or not. The first of these is the child population in the market, which in this case is the UK market. This is an important success factor given that children serve as the direct consumers of toys and toy products. From Appendix A, it can be seen that there is a very favorable trend of child population whereby the number of children within the population keeps increasing by the year. The second success factor that is also reflected in the Key Note report has to do with the household activity of families in the UK. Quote (year) noted that household activity forms an important demographic factor that directly influences the purchasing behavior of families. As a success factor, it is expected that it is expected that most households will be involved in economic and social activities that make it possible for them to buy toys for their children. With this said, it can be seen from appendix B that there are several homes without dependent children. This is a bad indication for the toy industry because the more dependent children there are the more likely it is for there to be patronage of toys. Meanwhile, the number of workless households keeps reducing by the year, which means that the likelihood of homes to be able to afford different kinds of toys is higher.