P1 Final Report Deck

Date: Thursday, February 10th,2016
To:
Professor Benedict
Professor Lambert
Professor L. Marchese
Professor Wright
From:
PM 101 Group 5
Sam Breiter
Robert Gorney
Duncan Lang
Evan Rose
Steven Turner
Subject: Toy and Manufacturing Industry: Hasbro vs Mattel, JAKKS Pacific, and Overall Industry
This research report on the toy industry has been compiled by PM 101 Team 5 as requested by the
senior managers of Copeland Associates on January 11th, 2016. Our team has analyzed the
industry, conducted a market analysis, as well as proposed several key success factors for the
industry as a whole. Additionally, our team has analyzed the company Hasbro, while also looking
at the company’s competitors Mattel and JAKKS Pacific. Similarly, from this research, our team was
able to compare each company using the previously noted key success factors that were decided
on. Our team concluded our report with recommendations for our analyzed company, Hasbro, that
could be used to improve the company or continue improving on their strengths.
For the purpose of this report, our team considered the following criteria:
• Macroeconomic trends currently affecting the industry
• Current and future consumer trends within the industry
• The company’s ability to capitalize on the proposed key success factors
Finally, our team would like to thank professor Scott Wright in his assistance as a senior mentor in
the creation of this project, as well as the rest of the senior managers of Copeland Associates. If
any of the senior partners of Copeland Associates have questions regarding the contents of this
report, please feel free to contact any member of our team. Thank you for your time and
consideration.
LETTER OF TRANSMITTAL

Prepared By:
Robert Gorney
Sam Breiter
Duncan Lang
Steven Turner
Evan Rose
Prepared For:
Prof. Scott Wright
Prof. Jamie Lambert
Prof. Lori Marchese
Prof. Paul Benedict
Dinosaurs of Consumer Discretionary:
An Analysis of the Toy Industry

The Toy and Manufacturing Industry is a global, seasonal industry, being led by billion dollar companies, who sell to
huge retailers, and thrive through licensing and innovation. Companies like Hasbro, Mattel, and JAKKS Pacific make
the industry what it is today, selling to retailers like Toys R Us, Walmart, and Target. These companies have many
strengths and weaknesses that keep them alive, but opportunities and threats can either help or hurt their
company objectives. To promise growth, consistency, and success, the following success factors should be
implemented by toy companies.
Key Success Factors should be part of Hasbro’s, Mattel’s, and JAKKS business strategy.
1. Penetration of Emerging Consumer Markets in Asia-Pacific
2. Access to Master Licensing for Popular Franchises
3. Innovation of Previously Successful Product Lines
It’s understood that in the toy industry emerging markets are valuable for toy companies to do business in,
especially because many regions outside the U.S have growing economies, increasing values in there kids
happiness, and significant youth population increases. Although it’s too brief to just say emerging markets, which is
why we specifically chose Asia- Pacific, which represents 30.6% of the total global market value for the industry,
and is the fastest growing region in the industry at 8.4% CAGR. Asia pacific is expected to have a 6% growth by
2019, with an estimated market value of $37.9 billion. China makes up 43.8% of the region's market value, and
even though they just suffered their lowest economic expansion in years, they still had a 6.9% growth in GDP. They
have 211 million people under 14 years old, and retail sales are expected grow to $13.8 billion by 2019, especially
since they have more money to spend on discretionary goods than most other emerging markets. In terms of India,
they have over 700 million people under 30, a 0-4 population twice the size of France, and by 2025 are expected to
be the world population leader with an estimated 1.5 billion. China and India are expected to represent 35% of the
global population by 2030. For Hasbro, the transformers brand does very well in Asia Pacific, making $318 million
at the Middle Kingdom box office. Hasbro had a 8.8% increase in revenue from Asia Pacific from 2013-2014.
Licensing has been a way toy companies can work with the companies who produce popular movies and TV shows,
and under royalty fees have the freedom to make their toys. There has been a 22% increase in revenue from
licensed toys in the United States. In 2014, there was $5.9 billion in licensed toy sales. Even though the profit is
lower per toy because of the royalty fee, the volume of toys companies are able to sell because of high demand
makes up for it. Globally as well, licensed toys have an impact, with 40% of Asia Pacific toy sales being licensed
toys. Hasbro had a 5% increase in product revenue from licensed toys, and has recently seen a 60% increase in
sales due to the 2015 films that have came out. Hasbro also recently acquired the Disney Princess licensing deal,
allowing them to sell Frozen products. This doubled girl sales in 2014. Transformers, and Star Wars have helped
immensely, and with the new movies that have recently came back, 2015 revenue numbers are expected to be
impressive.
Toy companies have had a lot of success, just like any business, of taking a toy brand they have, and investing in it
to keep it growing, and continually having new products. Many of the top toy products today have been around for
over 20 years, but are new advanced versions of the previous models. When looking at 2015’s top toys, Easy Bake
Oven, Razor, and Elmo toy brands came out with new products that were on the top of the list. Easy Bake Oven has
created 11 different models through their 53 year history, and have been constantly been increasing revenues
during new product release year's. Razor, has gone from a simple Scooter, to an electronic HoverBoard. The Elmo
brand has helped increase Mattel's yearly EBIT, giving them a 90.8% growth in 2000, and over a 40% growth in
2002. Although there lack of innovation with there new product in 2012, actually resulted in a 2.6% decline. For
Hasbro, between there franchised, challenger, gaming mega mini, and partner brands, they have established a
baseline of products to constantly be innovating. In 2011 33% of Hasbro’s revenue came from the Transformers,
Beyblade, and Nerf brand, which all had over $400 million in revenue, helping revenue reach almost $4.3 billion.
Although, after 2011, Hasbro did a lot of R/D. It took until 2014 for them to get revenue back up to where it was in
2011, although it was their highest year in terms of percentage of toys from franchised brands, which was 55%.
Overall, these success factors clearly have a lot of proof backing up the potential impact they could have if toy
companies followed them. Based on looking over Hasbro, and their competitors, Hasbro was rated the best
company for these factors, receiving a composite score of a 7.53.
EXECUTIVE SUMMARY

TABLE OF CONTENTS
Introduction Page 5
Market Analysis Page 6
Key Success Factors Page 7
Key Success Factor 1 Page 7
Company Analysis Page 19
Competitor Analysis Page 21
Mattel Analysis Page 21
JAKKS Pacific Analysis Page 22
Recommendations Page 23
Conclusion Page 24
Appendix Page 25
Appendix A Page 25
Appendix B Page 27
Appendix C Page 28
Appendix D Page 29
Appendix E Page 31
Appendix F Page 32
Appendix G Page 35
Appendix H Page 36
Appendix J Page 36
References Page 37
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis
Recommendations Conclusion Appendix

Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis
INTRODUCTION
Introduction
*See appendix I for more detailed version of weighting table
Key Success Factor Weight% Hasbro Mattel JAKKS
Pacific
Penetration of Emerging Consumer
Markets in Asia-Pacific
45% 3.0 3.15 1.2
Access to Master Licensing For
Popular Franchises
35% 2.8 2.03 2.10
Ability to Innovate Previously
Successful Product Lines
20% 1.73 1.41 0.67
Weighted Total 100% 7.53 6.59 3.97
The goal of our project was to analyze and
understand the Toy Industry. After analyzing the
industry, our team find three factors that
formulate success for companies within the
industry. Our Key Success Factors are as follows:
1. Penetration of emerging consumer markets
in Asia-Pacific
2. Access to master licensing for popular
franchises
3. Ability to Innovate Previously Successful
Product Lines
We gave emerging consumer markets the largest
weighting due to the trend of large companies
within the industry moving part of their operations
overseas to generate larger amounts of revenue.
Additionally, strong demographics in countries
such as China and India offer promise for
companies who are able to move operations
overseas.
Similarly, our team decided to weigh licensing at
35% due to the increasing importance of
partnerships with top franchises and
entertainment companies. Many companies in the
industry today have seen licensed toys add
stability and growth to their top line, most notably
Mattel and Hasbro.
A company’s ability to create relations with top
entertainment may be the difference between
growth or failure for a company.
Lastly, we weighted the ability to innovate
previously successful product lines at 20% because
of the familiarity it creates with a company’s
customers. Company’s are able to build off the
familiarity of a product by continuously
reinventing and re-releasing it. Several large toy
companies including Mattel and Hasbro have been
able to see success in their franchise brands by
innovating and re-releasing previously created
products.

Currently the traditional toys and games market is under assault. The market has been experiencing pressure and
strain from the rise in popularity of video games, smartphones and tablets. Digital entertainment is also competing
for the share of children’s attention (Erwina, 2015). Also, children are maturing at a faster rate, which makes the
lifetime of consumers less than it was in the past (Erwina, 2015).
While increase in child population does not always equal increase of toy revenues, but the overall child population
in developing countries was 1.6 billion in 2011 and comprising of 90% of the global child population (Daujotas,
2013). This allows for an active market place for traditional toys and games as the Asia Pacific region accounts for
52.5 % of the global children population.
2015 is expected to be a year of slow growth within traditional toys and games as global retail value sales will likely
post a 2.1% increase over 2014 in constant terms (Euromonitor, 2015). Emerging markets in Asia Pacific are
currently the biggest drivers of growth in the toy industry, with three of the five fastest-growing markets in the Asia
Pacific region (Euromonitor, 2015).
MARKET ANALYSIS
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

0%
5%
10%
$0
$10,000
$20,000
$30,000
$40,000
%Growth
$million
Year
Asia-Pacific Toys & Games Market Value
Forecast
$ Million % Growth
Key Success Factor: Penetration of
Emerging Consumer Markets in Asia-Pacific
As the consumer market for toys in the United
States begin to thin, companies are beginning to
look towards strong growth economies elsewhere.
Two countries that come to mind immediately
include China and India. The Asia-Pacific is
comprised of both these countries. Currently
representing 30.6% of the industry’s total global
market value, the Asia-Pacific is the industry’s
fastest growing geographical region at a
compounded annual growth rate of 8.4% (see
figure 7) (Ebscohost, 2015).
Growth Economy – China
China just recently experienced their lowest economic
expansion in 25 years, citing GDP growth of 6.9% in
fiscal year 2015. However, the country boasts strong
demographics that could offset the recent decline in
GDP as the country switches from their historically
industrial, manufacturing economy, to a more
consumer-based, market economy.
China’s population under fourteen years of age in 2014
was 211 million people, with approximately 0.6
children-per household. Likewise, retail value sales are
expected to grow year over year through 2019
(Golovko, 2015). Moreover, further currency
devaluation and interest rate cuts made by China (see
figure 8), will result in declining returns on investments
and savings, potentially increasing consumer spending
(Golovko, 2015). Specifically regarding the lending rate,
China has now cut their benchmark lending rate six
times since November of 2014, most recently setting it
at a record low of 4.35%.
Asia-Pacific Region
The Asia-Pacific region is comprised of countries
such as China, India, Australia and Japan and
makes up approximately 30.6% of the global
market value for the toy industry. Over the past
five years, the region has experienced a
compounded annual growth rate of 8.4% (see
figure 7), and such growth is expected to continue
through 2019, albeit at a decelerated rate of
roughly 6% (see figure 8). From this, the region is
expected to increase it’s market value to $37.9
billion (Ebscohost, 2015).
Within the Asia-Pacific, China makes up 43.8% of
the market value for the region, with Japan
accounting for an additional 20.2%. However, both
countries have differing growth potentials, as
analysts predict China to continue growing at a
compounded annual growth rate of 6% compared
to Japan’s 0.4% (Ebscohost, 2015).
Lastly, activity toys remain favorable within the
industry, representing $6.16 billion in sales for the
region, or approximately 21.9% of total revenue
(Ebscohost, 2015).
0%
2%
4%
6%
8%
10%
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
2010 2011 2012 2013 2014
%Growth
$million
Year
Asia-Pacific Toys & Games Market Value
$ Million % Growth
Figure 7
(Ebscohost, 2015)
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
InterestRate
Date
China 1YR Benchmark Rate
Figure 8 (Ebscohost, 2015)
Figure 9
(Bloomberg
Terminal)
KEY SUCCESS FACTOR 1: PENETRATION OF EMERGING CONSUMER MARKETS IN ASIA-PACIFIC
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
20102011201220132014
PercentageofRevenue
China Traditional Toy Sales by Demographic
Young Children
Pre-teens
Teenagers
Adults
Growth Economy – China Continued
As previously stated, China currently has nearly
211 million children under the age of 14. This
demographics statistic is represented by the
country’s increasing percentage of traditional toys
and game revenue from the young children (age 0-
6) and pre-teens demographic (see figure 10).
Additionally, such demographics lead China to be
able to spend a significantly more amount on
young children than other emerging consumer
markets within the industry (Golovko, 2015).
Growth Economy – India Continued
Growth Economy - India
Despite low economic indicators and a higher rate
of poverty than some other emerging economies,
there is an abundance of untapped potential for
the toy industry in India. In 2012 alone, India’s
population of people aged 30 and younger was the
largest in the world, totaling 704 million people.
This demographic was better than countries such
as China and the United States. Similarly, the
country’s population aged 0-4 totaled 126 million,
which equates to approximately twice the size of
the population of France.
Furthermore, India’s demographics are continuing
to grow at a remarkable rate. The country is
expected to overtake China as the world’s largest
population by the year 2025, with a total
population of nearly 1.5 billion people (see figure
11). Combined, India and China are expected to
account for nearly 35% of the total global
population by the year 2030 (Euromonitor, 2012).
Furthermore, nearly half of India’s population is
expected to be aged 30 and under, with the
densest population amongst the top 5 emerging
market economies at nearly 510 individuals per
square kilometer (see figure 13) (Euromonitor,
2012).
Figure 10 (Golovko,
2015)
Figure 11 (Euromonitor, 2012)
Additionally, “with the election of Narenda Modi as
prime minister, business confidence – both
domestically and abroad – has returned to India”
(Boumphrey, 2014). Some key statistics regarding
India are nearly remarkable. Nearly 1 in 5 children
born in 2015 will be born in India, and at
approximately 26.7 million births, this is more than
Latin America, North America, Western Europe, and
Eastern Europe Combined (see figure 12).
Figure 11
(Boumphrey, 2014)
Figure 13
(Euromonitor, 2012)
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Growth Economy – India Continued
Likewise, India’s GDP growth is expected to be
6.7% in 2015, with nearly 18% of households
having a disposable income greater than $10,000
US (see figure 14 and 15) (Boumphrey, 2014). Both
of these indicators give future hope for consumer
spending growth for the country.
Hasbro – Asia-Pacific Operations
Hasbro has long been active in international
markets, specifically China, where some of their
franchise brands, such as Transformers, have done
well. Recently, Hasbro inked a deal with China’s
top film company “DMG” to “launch the world’s
first live-action Transformers attraction in China”
(Jaafar, 2016). The attraction will likely launch in
2017. The brand is largely popular in China, having
made nearly $318 million at the Middle Kingdom
box office, with Michael Bay’s Transformers: Age
of Extinction being China’s top-grossing film ever
(Jaafar, 2016). The Transformers brand is credited
to have helped Hasbro spike their emerging
markets revenue in 2014 by roughly 20% to $689.8
million (Abrams, 2015).
When looking at Hasbro’s geographical
breakdown, there has been a shift away from
North American revenue towards more
international revenue. Hasbro had a 8.8% jump in
revenue from the Asia-Pacific from 2013 to 2014
right after a 3.6% spike from 2012 to 2013 (see
figure 16). Similarly, the company’s domestic
operating income (EBIT) only saw a 6.3% increase
from 2013 to 2014, and actually saw a drop of
1.7% from 2013 to 2014 (see figure 17).
Comparatively, International EBIT saw a 12.9%
jump 2013 to 2014, and a 8.5% jump from 2012 to
2013.
Figure 14
(Boumphrey, 2014)
Figure 15 (Boumphrey, 2014)
-5.0%
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5.0%
10.0%
15.0%
20.0%
25.0%
$-
$50,000
$100,000
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$200,000
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$350,000
2010 2011 2012 2013 2014
TotalOperatingIncome($USM)
Hasbro Asia-Pacific Revenue
Asia-Pacific Revenu % Growth
Figure 16 (Hasbro,
2015)
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
2010 2011 2012 2013 2014
%Growth
Hasbro EBIT North America v. International
Int'l % Growth NA % Growth
Figure 17 (Hasbro, 2015)
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Hasbro’s Ability Continued
International markets, especially markets within
China, have added an increased amount of
stability to Hasbro. “Last year, oversea sales of
$2.02 billion made up nearly half of Hasbro’s total
revenue and increased 8% from 2013” (Abrams,
2015). The company was able to see net
international revenues increase to approximately
$2.24 billion in 2014, a 5.1% increase from 2013
levels.
In recent years, Hasbro has begun to increase their
international operations. So much so, that in 2014,
15% of net revenue for the company came from
emerging markets.
Mattel – Asia-Pacific Operations
Mattel has done exceptionally well in integrating
their products into consumer markets in recent
years, especially in India. In India specifically,
Mattel is the only company that holds over a 5%
share in value terms, at roughly 9%. Much of the
success for Mattel in emerging consumer markets
has been related to their ability to localize their
products. For example, in India, the company has
seen success in the sale of one of it’s main
franchise brands, Barbie, due to the company’s
ability to model the dolls after Bollywood film
stars (Porter, 2014). Such facts aided to the
company’s top line, where it was able to grow
revenue for the brand approximately 3% in 2013
from 2012, and Asia-Pacific revenue grew roughly
1.2% from 2013 to 2014.
However, in China, Mattel has had reasonable
difficulty enjoying the same success. Specifically
speaking, in 2011, the company closed operations
for its House of Barbie store in Shanghai after
failing to integrate the brand. Unlike the US where
the brand signifies a cultural symbol in a way, in
China, it is considered just another doll (Wang,
2013).
0%
5%
10%
15%
$0
$100,000
$200,000
$300,000
$400,000
$500,000
%Growth
Revenue($USM)
Mattel Revenue for the Asia-Pacific
Asia-Pacific Revenue % Growth
Figure 15 (Mattel, 2015)
JAKKS Pacific – Asia-Pacific Operations
JAKKS Pacific, the smallest of the three main toy
manufacturers, appears to have been bullied out
of international markets in recent years. Given
their smaller market cap, the company has not
been able to compete against larger competitors
within the industry such as Hasbro and Mattel in
international markets, let alone emerging markets.
Statistically speaking, over 80% of the company’s
net revenue in 2014 came from the United States,
as compared to Hasbro and Mattel, whose
domestic revenue totaled approximately 47% and
50% respectively (JAKKS Pacific, 2015) (see figure
16).
Similarly, the company’s product line is not as
diverse as its competitors. Despite JAKKS Pacific’s
recent deal with the WWE, Mattel still holds the
master license. The deal is expected to hit stores
in 2016, with termination in 2019 (Middleton,
2015).
0%
10%
20%
30%
40%
50%
60%
2010 2011 2012 2013 2014
%NetSales
International Revenue
JAKKS HAS MAT
Figure 16
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Licensing is increasingly becoming a major
component of the toy industry. In 2014 alone, the
top three toy licensing sales were 5.9, 1.7, and 1.5
billion dollars for the United States, Japan, and
United Kingdom markets, and global sales accounted
for 30% of all toy sales in the world in 2014
(Passport, 2015). Licensing is important for toy
companies because it allows for the capitalization on
huge entertainment trends into toy products for not
only children but also adults as well. Licensing
generally takes place in developed markets and that
is why countries like the United States, China, and
the United Kingdom are all among the top markets
for licensing (see figure 5). With that information,
companies need to recognize the potential for
licensing deals in more underdeveloped countries. In
countries like South Korea, nearly 50% of all toy
purchases are licensed purchases compared to only
27% in the United States (Passport, 2015).
Although South Korea makes a mere $274 million
total for licensed toys, they do a sell a higher
percentage of licensed toys. In contrast, China and
India’s toy licensing markets were among the
lowest with only a mere 6-15% in 2014 even
though they are some of the largest toy markets in
the world (Passport, 2015).
The biggest indicator that toy licensing can lead to
more profit for the toy industry can be seen by the
unforeseen amount of success with the movie
Frozen. The movie single handedly nearly doubled
the overall sales for Disney Princess based toys
(see figure 6). The movie proved that the toy
licensed market is still far from saturation, and this
means the toy industry will stand to profit even
more in the upcoming years (Tansel, 2015).
Key Success Factor: Access to Master
Licensing for Popular Franchises
Developing Markets
KEY SUCCESS FACTOR 2: ACCESS TO MASTER LICENSING FOR POPULAR FRANCHISES
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Key Success Factor: Access to Master
Licensing for Popular Franchises
In the US, licensed toys only generated around 4.8
billion dollars in 2008 as opposed to 5.9 in 2014.
This is an increase of 22% in just 6 years (Tansel,
2015). The increase in sales is supposed to steadily
rise over the next 5 years with sequels to all of the
highest grossing movies like Star Wars, Frozen, The
Avengers, and The Lego Movie (Tansel, 2015).
Although sales for licensed toys has been a major
factor for toy companies in recent years, they
generally produce a lower profit margin for toy
companies because of royalties fees which gives
the licensor 10-15% of all profits from sales. If
royalties become too high, toy companies may
back away from licensing deals in the future. This
also an important reason why toy companies must
have a healthy balance of licensed and unlicensed
toys so they are not heavily relying on licensed
toys as their main source of sales (Passport, 2015).
Macroeconomic Trend – Social Media
The last trend that has been boosting licensed toy
sales is the usage of social media. According to
Passport’s global briefing for licensed toys, it is a
“good way of creating brand loyalty which lets
commercial enterprises uniquely connect with its
fans” (Passport, 2015). In the case of Frozen, a
Facebook page was created and generated 24.5
million “likes" in just 18 months. This, along with
multiple other media platforms, is thought to be
the reason behind the “Frozen-mania” explosion of
sales. Companies who can use social media can
boost their products value, generate buzz about
their products, and ultimately profit more than
companies who don’t (Passport, 2015).
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Hasbro Analysis Important Acquisition
Hasbro is a unique position right now in the licensing
game because of some of its major licensing
contracts that they have right now. The company
saw an increase in revenues for licensed toys of 5%
with some of its most popular brands like
Transformers and My Little Pony (Abrams, 2015).
Hasbro recently saw a 60% increase in sales of toys
that were connected to upcoming films in 2014
(Abrams, 2015). Along with this dramatic increase in
sales, Hasbro has also just acquired one of the most
successful licensing deals around today. The Disney
Princess line of toys, due to the success of the
popular kids movie Frozen, nearly doubled in sales in
2014, and Hasbro gained the rights over Mattel to
start making products in 2016 (Passport, 2015).
Along with this huge gain, Hasbro also has the
master licenses to some of the biggest movie
franchises of all time including Star Wars,
Transformers, and Jurassic World. These Movies,
which dominated at the box office over 2014-15, are
all scheduled for sequels over the next 5 years. Toy
sales are expected to surge over each of the movies
leading up to and following the releases. (Gensler,
2015).
Hasbro has also taken further steps to increase its
presence in the media with two new entertainment
initiatives. The first, along with its partner Discovery
Communications, is an update to Hasbro’s television
channel The Hub that was renamed Discovery Family
Channel in 2014. This new channel, along with the
newly created film label Allspark Pictures, were
created to produce television shows based upon
Hasbro’s brands. With content to start being released
in 2015 on programs like Cartoon Network, Hasbro
will seek to further expand its licensed merchandise
depending on the popularity of these television
shows (Passport, 2015).
.
Investments
One of the most important foreign licenses that
Hasbro currently acquired was the Yo-Kai Watch. In
the span of just one year, Yo-Kai Watch became the
largest selling brand for traditional toys and games in
Japan (Passport, 2015). Originally a game launched
for the Nintendo 3DS, Yo-Kai Watch’s popularity
spawned a manga and anime, which led to the
creation of toy products based on the Yo-Kai Watch
universe. Hasbro now has the rights to bring Yo-Kai
Watch into Western Markets, and the potential for
huge sales could be huge for Hasbro.
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Mattel Analysis JAKKS Pacific Analysis
From 2013 to 2014 JAKKS Pacific saw a total net
increase in sales of 27.4% for Traditional Toys and
Electronics and a 28.6% increase for their Role Play,
Novelties and Seasonal Products. The reason for
both increases, according to MarketLine Company
Profile, was “…primarily due to an increase in
toddler dolls based on Disney Frozen, Star Wars
figurines, and Marvel characters figurines” (Business
Source Complete, 2015). Along with these sales,
JAKKS also saw a 14% increase for their dress up
and role-play category due to the success of Frozen.
JAKKS Pacific has 70% of all its toy sales coming
from licenses, a higher percentage than any other
toy company (Taylor, 2015). With its powerful
partners including Nickelodeon, DC Comics, and
Power Rangers, JAKKS has done well with licenses in
recent years.
Although licensing has paid off well for JAKKS Pacific
in recent years the company must be careful.
Licenses can expire or be transferred so it is
important to not rely too heavily on them (Taylor,
2015). This, along with not knowing when a movie
will be a dud and therefore have reduced toy sales,
are important reasons to have outside revenue
sources other than licenses (Taylor, 2015).
Although Mattel had massive success with the
Disney Princess and Disney Frozen licenses, valued
around 300 million in sales for 2014, the company
may be in trouble in terms of licensing for the
upcoming years (Suddath, 2015). The loss of theses
important licenses, which accounted for 7.3% of
total company sales, is a huge blow (Passport,
2015). The loss is significant due to the fact that
50% of all sales for licensed toys come through the
Action Figure category, and Mattel has traditionally
been associated with dolls. Hasbro is the leader in
the action figure category because of its master
licenses with the blockbuster movies Jurassic World,
Transformers, and Star Wars (Gensler, 2015). After
losing the largest non-action figure license (Disney
Princess and Frozen) to Hasbro, Mattel must find a
new way to compete in the licensed toy game.
Along with losing some its key licenses, Mattel’s
largest brands Fisher-Price and Barbie saw a loss of
sales of 9.9% and 16%, respectively. If Mattel wants
to be a serious competitor for licensing toys in the
next few years, it needs to focus on creating more
value for some of their most popular products. To
do this, Mattel should start looking into crossing
over their more popular products, like Barbie and
Hot Wheels, into major motion pictures or other
media platforms (Passport, 2015).
KEY SUCCESS FACTOR: 2 ACCESS TO MASTER LICENSING FOR POPULAR FRANCHISES
Introduction Market
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Analysis
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Analysis

Key Success Factor: Innovation of Previously
Successful Product Lines
Having the next best thing, in terms of products in
the market, has always been of value for
consumers. Many toy companies find success from
the innovation of products. These new innovations
drive consumers to purchase new products from
the same product line. Additionally, parents, and
grandparents want their children to have the toys
they had as a child. Parents and grandparents will
buy the innovated new version because they like
the new features and wish they had them as a
child. There is a connection between company
revenues and the percent of the revenue that
comes from products that have been around for
years. When viewing 2015’s top toys, many of the
products are new innovated forms of successful
products. Examples of these include: the Girl Scout
Cookie Deluxe, the Razor Hoover Board, and The
Play All Day Elmo (Brostick.com). The history of
these toy brands have been heavily analyzed.
Additionally, when you look into individual
companies annual reports, innovation of
successful products resulting in success are found
when the product has demand in the market.
“2015’s Must Buy Toys”, and History Behind
Them
Easy Bake Oven:
The Easy Bake Oven was founded in 1963 by
Kenner, and then bought out by Hasbro
(PartSelect). They sold $500,000 in the first year,
and there have been 11 different models of Easy
Bake Ovens. By 1997, $16 million easy bake ovens
were sold. Starting in 2002, Hasbro targeted boys
by making the Queasy Bake Cookerator. This
created more of a neutral market and resulted in
more sales in the future. In 2007, there was a
recall on the ovens because of 249 reported
incidents. In 2008, a year after the recall, Hasbro
had almost a $93 million increase in growth, which
was a 13% increase from the prior year. Hasbro
reported it as “growth driven by strong
performances from STAR WARS, LITTLEST PET
SHOP, PLAYSKOOL, EASY BAKE OVEN, NERF,
INDIANA JONES, and board games, including
MONOPOLY and TRIVIAL PURSUIT,” (2014 Hasbro
Annual Report). The recall cost Hasbro over $10
million in 2007. In 2011, The Easy Bake Ultimate
Oven was released selling $23 million in a single
year, priced at just over $40. In 2015, Hasbro
launched the Girl Scout Cookie Deluxe which is
being sold for over $50 per unit, and is a must buy
toy.
Razor:
In 2000, the company Razor began its brand with the
goal of creating high tech scooters, bikes, and
skateboards (Razor.com). Their first product was a Razor
Scooter, which sold $5 million in 6 months and was
priced under $100. In 2003, Razor innovated to the
electronic scooter, and by 2010 they had sold over $35
million scooters.
Elmo:
Tyco International LTD toy company launched Tickle Me
Elmo in 1996 with 400,000 units distributed in the U.S.
(The Toy Box). Tickle Me Elmo became one of the hottest
toys for that upcoming holiday season and sold out of
stores rapidly. In the span of a few weeks, Tickle Me
Elmo sold over a million dolls from Black Friday through
December (Steinhauer, 1996).
KEY SUCCESS FACTOR 3: INNOVATIONS OF PREVIOUSLY SUCCESSFUL PRODUCT LINES
Introduction Market
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Hasbro
Analysis
Competitor
Analysis

Elmo Continued
During that 27 day period, 37,037 units were sold
daily, 1,543 units were sold hourly, and 26 Tickle
Me Elmo units were sold every minute. Due to the
launch of Tickle Me Elmo in 1996, Tyco saw
growth within their company of 31.3% in their
EBIT from 1996-1997 (Tyco International LTD
(old)). Mattel, saw the potential for Tickle Me
Elmo to continually innovate and bought out Tyco
in 1997. The merger went final on March 27, 1997
(Mattel Inc., Mergent Online).
Mattel’s next move was to relaunch Tickle Me
Elmo in 2001, calling it the Tickle Me Elmo
Surprise. Mattel saw growth of 90.8% in their EBIT
as a result of this new launch of the Tickle Me
Elmo Surprise from 2000 to 2001. Additionally,
Mattel followed up with 44.5% growth in their
EBIT from 2002-2003 (Mattel Inc., Mergent
Online). With the launch of the Tickle Me Extreme
Elmo (TMX Elmo) in 2006, Mattel only saw growth
of 4.9% in their EBIT. This is in large part due to
“the acquisition of Radica, the maker of electronic
entertainment toys” for $230 million (Mattel Inc.,
Mergent Online). The following year, in 2007,
Mattel’s EBIT grew by only 2.9%. This was a result
of a recall that Mattel had on products due to lead
paint (Fisher-Price Toys). Mattel then tried to
relaunch the original Tickle Me Elmo in 2012.
Mattel experienced a -2.6% drop as a result. Many
consumers felt that the original version was a large
leap down from the TMX Elmo (The Toy Box). This
strategy to relaunch an original version backfired
because consumers became used to the continual
innovations that were made in the previous Elmos,
although the Play All Day Elmo, which just came
out in 2015 is ranked as a “2015 Must Buy Toy”.
This was just three examples of products, and how
they have changed over time, and how they are
still relevant today. It is much easier to dive into
the individual companies and make conclusions.
Yet, from the industry perspective, it is clear that if
you innovate a product enough and people
recognize the brand, people will buy. Easy Bake
Oven, Razor, and Elmo were not really relevant
prior to Christmas, since before 2012. They
stepped up and innovated there technology to the
point where they became a must buy toy!
Conclusion on the Industry
Hasbro’s Innovation
Hasbro is a company that year after year constantly
innovates successful brands they have in the
market. We have already given the example of the
Easy Bake Oven, but there are so many more
products that they have used this same strategy for,
especially in recent years.
Hasbro thrives on its franchised brands, which
include Magic, Transformers, My Little Pony,
Monopoly, Littlest Pet Shop, Play-Doh,, and Nerf.
These brands have been around for many years,
some even going back to when Hasbro was first
formed in the 1940’s( Crs.Hasbro.com). Challenger
Brands like Furby, Playskool, and KRE-O has also
seen recent success, as well as all of their
partnership brands; Sesame Street, Marvel,
Beyblade, and Star Wars. It has proven for Hasbro
that their franchise brands have really helped
them thrive in recent years. The impact of brands
that have been around forever has enabled Hasbro
to stay as a threat in the market as they focus
The following three brands got over $400 million
each in revenue for Hasbro in 2011 (Transformers
($483), Beyblade ($477), and Nerf ($410) (2011
Hasbro Annual Report). Transformers was helped
by the movie license, but what was also big for
Transformers was their breaking their brand up
into new categories. The challenger brands, KRE-O
and PLAYSKOOL HEROES, helped the Transformers
Franchise grow. KRE-O created a new construction
line of Transformers products, while PLAYSKOOL
HEROES was created for the younger market, with
the adoption of Rescue Bots. For Beyblade, their
success has come from innovating over to digital
engagement through their online website. Nerf
has been growing for five straight years, due to
constant re-making of new products, and the
demand still being there.
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Hasbro Continued
In 2012, even though Hasbro suffered a loss in
overall revenue, revenue was grown specifically in
the girl category. Girls brought in $792k in
revenue, which was a 7% growth (2012 Hasbro
Annual Report). Boys went down 13%. Furby and
My Little Pony products had huge growth, as well
as Marvel Products which included the Avengers
and the Amazing Spider Man.
2013
In 2013, the girl category grew again to up 26%,
having over $1 billion in revenue (2013 Hasbro
Annual Report). The franchised brands, My Little
Pony, Transformers, Nerf, and Play-Doh all saw
innovation making 44% of all of Hasbro’s
revenue, which is a 15% increase from the prior
year. In addition, the Sesame Street partner,
Furby challenger, and game Mega Brands
impacted a large percent of revenue.
My Little Pony highlighted many of Hasbro’s revenue
sales, with the MY LITTLE PONY EQUESTRIA GIRLS,
which was Hasbro’s #1 selling toy during the week
of Christmas. Nerf expanded to girls as well,
creating the NERF REBELLE, which was the #1 brand
in Outdoor Sports games for 2013. The preschool
category grew from new product development in
PLAY-DOH and TRANSFORMERS RESCUE BOTS as
well as growth in SESAME STREET, highlighted by
BIG HUGS ELMO.
Furby created non-English speaking
models, which resulted in 70% of sales coming
from outside the U.S. FURBY was the #1 toy in the
top five European markets according to NPD. As
for PLAY-DOH, 2013 was the largest year in
revenue in its 60 year history, and all game
products grew, except Monopoly, and Magic, but
that was mostly due to global investments in
digital technology.
2014
In 2014, 31% of franchised brands grew,
representing 55% of total revenues (2014 Hasbro
Annual Report). Six of these seven franchised
brands grew in 2014, which was driven by story
led brands including MY LITTLE PONY and
TRANSFORMERS, but also for more global access
to products for NERF and PLAY-DOH products. .MY
LITTLE PONY, NERF REBELLE and PLAYDOH
DOHVINCI made over $1 billion in revenue and
helped continue growth for girl toys. In terms of
storytelling products, Hasbro has invested in
entertainment digitally through TV, phones ,and
tablets. From 2012 to 2014, entertainment-based
toy revenues in the U.S. grew at a 7% compound
annual growth rate, but non-entertainment toys
have not seen noticeable changes. Magic products
continued to grow for the sixth straight year,
especially because of the great opportunities with
emerging markets with their digital advancements.
Beyblade and Furby declined in 2014 because of
lack of innovation and consumer demand, but
Magic helped Hasbro grow in Revenue regardless.
Introduction Market
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Analysis

Mattel’s Innovation
Mattel has been driven by their Doll brands, Boys
and Girl Brands, Fisher Price Brands, and American
Girl Dolls (2014 Mattel Annual Report). Other
successful product lines they continue to innovate
include, Barbie, Thomas and Friends, and Hot
Wheels. With new partners like Disney, Mattel has
created new product lines.
Barbie
Mattel's Barbie is a brand that has been innovating
during its 50+ year history and is constantly
looking for new ways to change and innovate.
There have been hundreds of different models
(Barbiemedia.com).Barbie at one point was
Mattel’s everything, with Barbie providing over
50% of their annual revenue in the 90’s, but now
it is not even it’s own category on the map
anymore. Girls wanted to live like Barbie, and
would buy dolls every year. Barbie went down
globally by 16% in 2014, and Brands like American
Girl have taken over the girl market in toys!
American Girl
Mattel’s American Girl Brand of toys have been
growing through innovation over the years. They
value engagement with kids, and there is often
an emotional relationship a kid builds with there
select doll. Recently, American Girl has made
dolls that represented periods of history,
including war, poverty, and child labor.(Putilina,
Elena) Additionally, they have made dolls that
connect with kids who are less fortunate, for
example ones with hearing aids, and wheelchairs.
From 2010-2014, American Girl has went from
$480 Million in Revenue, to $620 Million, even
though Mattel hasn’t grown.(2014 Mattel Annual
Report)
Fisher- Price
Fisher Price is a toy brand for the preschool
market of toys. They provide many educational yet
fun toys that young kids can use to learn, including
Elmo. Over the last five years they have been
falling off the map. They have had a $400 million
decrease from 2010, to 2014 in revenues. A
former Mattel employee (Schnepp, Jesyca)
predicts that in a couple of years the educational
toys will not even exist, with tablet and app
technology taking over the educational market.,
especially since you can get many of these services
for free.
Mattel’s Innovation
Jakks Pacific is a newer company compared to
most competitors in the toy industry, founded in
1995. It has been hard for Jakks to establish
consistent brands to innovate since they have
been founded. Jakks main line of products include
electronic products that are the “Plug it in and Play
Toys”, with their licensed brand, which include
SpongeBob, Disney, Pacman, and more (2014
Jakks Annual Report). Jakks has product lines in
the wheel, action figure, dolls, and other
products. In the last two years, Jakks has suffered
over $70 million in losses. They have a growth
strategy, which entails expanding products,
product categories, licenses, and international
expansion. Most of these growth plans both
Hasbro and Mattel already have established, which
is why both companies have decent success in
recreating already successful products.. Woo said,
“Competitors like Mattel and Hasbro have
managed to do much better than Jakks. They have
better toys; there is no other way to say it,
whether it is Barbie for Mattel or Transformers for
Hasbro.”(White, Ronald) Yet, for Jakks, it is clear
that a lot of their successful products are a thing
of the past and they need to change direction
which is why they are losing money. They have
been investing a lot of money into growth, and
development but have not been receiving much
return on their investment. In fact, for every $100
they invested in both 2013 and 2014, they have
gotten negative returns.
JAKKS Pacific Innovation
Introduction Market
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Hasbro
Analysis
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Analysis

Company Overview
Founded in Rhode Island in 1926 by brothers Henry
and Helal Hassenfeld, Hasbro is a global toy
company that designs, manufactures, and markets
toys, games, interactive software, puzzles and
infant products in the United States and
Internationally. The company grows its overs 1,500
brands through innovative product offerings, as
well as entertainment and licensing deals. The
company currently employs approximately 5,200
employees (Hasbro, 2014). Additionally, Hasbro has
continued a recent trend of inorganic growth and
strategic alliances that could possibly continue into
the future. Similarly, Hasbro identifies its product
segments through it’s “brand architecture”, which
includes its franchise brands, challenger brands,
gaming mega brands, key partner brands, and new
brands.
Challenger brands are brands that the company
believes have the possibility to become franchise
brands eventually over time. Examples of challenger
brands include Furby, Baby Alive, Furreal Friends, and
Kre-O. Similarly, gaming mega brands include the
company’s games, typically board games or
interactive games.
Examples of the company’s gaming mega brands
include Jenga, Connect 4, Scrabble, and Twister.
Lastly, the company has licensing deals with several
large franchises that make up a portion of their key
partner brands. Some of Hasbro’s significant key
partners include Marvel and Star Wars.
Additionally, the company expects the recent 2015
release of Star Wars: The Force Awakens to produce
very similar revenues as in 2005, when the franchise
produced 16% of net consolidated revenues for the
company, or approximately $494 million (Bryan,
2016).
Hasbro focuses its business through its brand
architecture. The company markets and distributed
new product offerings based off of their brand
architecture. Included in the company’s brand
architecture are the company’s franchise brands,
challenger brands, gaming mega brands and key
partner brands.
Franchise brands are typically company-owned
brands which have exhibited success over a long
time horizon, and are expected to do so into the
future. Examples of franchise brands for Hasbro
include: My Little Pony, Transformers, Nerf,
Monopoly, and Play-Doh. These brands provide a
significant portion of the company’s revenue and
are key drivers for growth.
Company Brands
Product Categories
The company produces products from its four main
categories including: boys, games, girls, and
preschool toys. Boys franchises include such
products as Nerf, Transformers, G.I. Joe, and Star
Wars action figures. Whereas girls products include
popular brands such as Littlest Pet Shop, My Little
Pony, and Easy Bake Oven.
Revenue Streams
Hasbro receives revenue from their sale of products
to several large retail consumers including Walmart,
Toys R Us, and Target, which represent 16%, 9%, and
8% respectively (see figure 17). Sales of products to
Walmart made up nearly $684.35M in 2014 alone for
Hasbro.
Figure 17
HASBRO COMPANY ANALYSIS
Figure 17 (Bloomberg Terminal)
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Revenue Streams Continued
Similarly, as previously stated, the company
markets and distributes products through it’s
four categories: boys’ toys, games and puzzles,
girls’ toys, and preschool toys. Boys’ toys
represented nearly 35% of total revenue for
Hasbro in 2014, with girls’ toys following
behind at 29.5% (See figure 18) (Hasbro, 2015).
Cost Structure
Figure 17
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2010 2011 2012 2013 2014
Revenue(in$USM)
Hasbro Product Segment Revenue
Boys' Toys Games & Puzzles
Girls' Toys Preschool Toys
Figure 18
(Hasbro,
2015)
$0
$500
$1,000
$1,500
$2,000
2010 2011 2012 2013 2014
Cost($USM)
Hasbro Main Expenses
Cost of Revenue Selling & Marketing
General & Admin R&D
Other Operating Expenses
Hasbro’s largest costs include cost of revenue,
general and administrative expense, and selling
and marketing expense, respectively.
Surprisingly however, the company spends the
least amount on research and development
(see figure 19). Additionally, it is noticeable
that the company keeps their expense levels
relatively constant. When viewing the chart to
the right (figure 19), one can see there is not
much volatility in the company’s expenses over
the past five years.
Mergers & Acquisitions
Hasbro has seen a reasonable amount of
mergers and acquisitions recently. On August
8th, 2013, the company acquired a 70% stake in
Backflip Studios Inc. for USD $112M in an all-
cash transaction. Backflip Studios Inc. is a
mobile gaming studio with the intent to market
innovative games to players of diverse gaming
backgrounds. Hasbro claimed to have acquired
to company to leverage their innovative
intellectual properties as well as give
themselves a more technological edge in the
marketplace (Hasbro, 2015).
Shortly after, Hasbro sold its 10% stake in the
joint venture HUB Television Networks LLC for
USD $64.40M. HUB Television Networks is a
provider of television broadcasting services
including comedies, games, animated
adventures, movies, and live-action shows in
the United States.
Similarly, Hasbro sold their manufacturing
locations in Ireland and Massachusetts on
August 31st, 2015 to Cartamundi Turnhout NV
for an undisclosed amount of cash.
Mergers & Acquisitions Continued
Finally, the company has recently been in talks with Mattel
over a possible merger. However, these rumors appear to
have been shot down in recent days. The merger would have
allowed Hasbro and Mattel to control a large portion of the
toy industry given the companies strong market capitalization
respectively.
HASBRO COMPANY ANALYSIS
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Hasbro
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Analysis

COMPETITOR ANALYSIS: MATTEL
Mattel is the largest manufacturer of toys in
the world and its products range across every
different category of toys. With some of the
most recognizable brands in the world
including Fisher-Price, Barbie, and Hot Wheels,
Mattel has been leading toy sales for years. In
2014, Mattel’s s value share for traditional toys
and game was 11.7% and it net revenue for the
year ending in 2014 was US $6.7 billion as
opposed to its main competitor Hasbro who
had a share of 8.0% and revenues of US $4.3
billion (Passport, 2015).
Although Mattel still has the largest revenue
and sales in the toy industry, the company saw
a significant loss in total revenue from 2013 to
2014. This loss in revenue is due to significant
decreases in its sales for top brands like Barbie
and Fisher-Price (Passport). While Mattel’s top
brands have been losing sales, the company’s
other popular doll American Girl brand grew by
US $140 million from 2010-2014 (Passport,
2015).
Another main source of revenues for Mattel
has been through licensed toy products. With
the popularity of the movie Frozen, Mattel saw
7.3% of total revenues for 2014 coming from
Disney Princess and Disney Frozen products.
Unfortunately, with the loss of these important
licenses to Frozen, Mattel will have to look for
other ways to generate revenues (Passport,
2015). Innovation and investment into key
products like Barbie and American Girl must be
a priority for Mattel especially with Hasbro
becoming a more dominant player in the girls
toys category.
One of Mattel’s most important acquisitions of 2014
was that of Mega Brands Inc, the maker of Mega
Bloks. Mega Bloks, which accounted for 6.6% of the
global construction toys market, is the main
competitor to LEGO which dominates the market
with a 65% share. This is important as construction
toys emerged as the second largest category for
traditional toys and games with 10.9% and is
predicted to become the largest category by 2019
with 13.2% of all sales (Passport, 2015).
Another area of focus for Mattel needs to be in
emerging markets. With China alone expected to
increase 47% in sales of toys by 2019, and Mattel
only having 1.3% of the traditional toys and games
market, investment into foreign markets will be
crucial in the upcoming years. With North America
and Western Europe having a combined total of 72%
of all of Mattel’s sales, and with recent dropping
revenues in these countries, penetration of
emerging markets could be the solution foo Mattel
(Passport, 2015).
Mattel and Hasbro are by far the two most heavily
competing companies in the toy industry. While
Hasbro has been steadily increasing its market share
in the past several years, Mattel saw a decrease in its
total revenues. Because of weak performances by
top brands and loss of key licenses in the last year,
Mattel needs a different approach. Strategic entry
into emerging markets, acquiring new licenses,
further investment into Mega Bloks, and innovating
its once dominant brands will make Mattel relevant
in the future.
Competitor Analysis: Mattel
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COMPETITOR ANALYSIS: JAKKS PACIFIC
Competitor Analysis: JAKKS Pacific
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Analysis
Jakks Pacific in the company’s own words is, “a
leading multi-line, multi-brand toy company
that designs, produces, markets and distributes
toys and related products, pet toys,
consumables and related products, electronics
and related products, kids indoor and outdoor
furniture, and other consumer products” (Jakks
Pacific, 2015). Jakks Pacific was founded in
1995 and in the grand scheme of toy
manufacturers, is relatively new to the market
(Hasbro being founded in 1968 and Mattel
being founded in 1923)(Erwina, 2015). Jakks is
a toy company that designs, produces, markets
and distributes toys and related products
(Jakks Pacific, 2015).
Jakks is currently focusing its business on
acquiring or licensing well-recognized
trademarks and brand names including
evergreen brands, which are properties that
are less affected by fads or trends in the toy
market (Jakks Pacific, 2015). Jakks Pacific holds
the licenses for properties such as Nintendo,
Nickelodeon, Warner Brothers, Power Rangers,
Disney, Cabbage Patch Kids, Ultimate Fighting
Championship, and Black & Decker (Erwina,
2015). The company also develops their own
products which they market under their own
trademarks and brands.
A very apparent weakness of Jakks Pacific is their
reliance from the domestic, U.S. toy market. As a sum
of all of Jakks’ revenue from 2012 to 2014, the United
States accounts for 81% of the total net revenue for the
three years (Jakks Pacific, 2015, 2014). That means for
the rest of the global market, Jakks makes only 19% of
Jakks’ revenue. This means that Jakks has nearly no
access to emerging markets and can not benefit from
growing consumer markets. It also means that Jakks
Pacific’s revenue is at risk from fluctuations in the U.S.
market.

Recommendations
RECOMMENDATIONS
1. Continued relationships with leading franchises to develop licensing deals and continued product lines
 Hasbro has licensing deals with brands and partners including, Transformers, Disney, Marvel, Star Wars
and many more.
 Hasbro had a 5% growth in licensed sales in 2014
 In 2014 55% of revenue came from franchised brands, many of which are licensed
 22% increase since 2008 in licensed sales
 Sustaining there relationships is important, for example the damage Mattel received from the Disney
Princess License
 Hasbro needs to keep increasing volumes of licensed goods, because of lower profit margins due to
royalties.
 Hasbro should also acquire new licenses of top movie and TV shows for kids
 Last off, they need to keep re-creating products that have success, into new innovated models, that will
excite consumers
2. Cultural adaptability in overseas markets, specifically growth economies
 48% of Hasbro’s sales come from outside the U.S and Canada segment, including Europe, Latin America,
and Asia Pacific from 2012-2014.
 Hasbro needs to gain further understanding of the tastes of different regions
 They need to avoid struggles that Mattel had with Barbie in China, bur use the success in India as an
example to follow
 They shouldn’t rush into the emerging markets too much, but a slow year by year growth is necessary
 Hasbro should re-create brands to suit the interests of other markets
3. Stronger penetration into markets in Asia-Pacific, specifically in India, where the company has thought
about exiting altogether
 Asia Pacific represents over 30% of the market value
 Expected population, and youth population is expected
 Hasbro needs to increase there media presence in Asia Pacific to increase brand awareness
 Hasbro should also create toys that go with there society’s taste. Using Bollywood in India, and
Education towards China are examples of successful taste.
 Hasbro should increase Transformers lines in Asia Pacific as a whole, mostly because of the Asia- Pacific
interests in robot movies. This has been measured by the $318 million Middle Kingdom box office
revenues for the newest transformers movie. Additionally, the success of Pacific Rim, which is a robot
movie and didn’t do well in the U.S, but very well there. Perhaps even making a new robot brand geared
towards the taste of India, China, and the rest of Asia- Pacific specifically by country
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CONCLUSION
Conclusion
Through our analysis of the toy industry we
have concluded that in order to be successful a
company must have the ability to access
emerging markets, especially in the Asia-Pacific
region, have the access to master licensing for
popular franchises, and the ability to innovate
previously successful product lines.
The Asia-Pacific region, specifically focusing on
China and India, is the fastest growing region at
CAGR of 8% and a forecasted growth of CAGR
6%. The region, which is 30.6% of the total
global industry, is the most important factor for
the toy industry because successful penetration
of this area will yield the highest amount of
profit for toy companies. Hasbro saw an
increase of 8.8% revenues in the Asia-Pacific
region from 2013-2014, and with continued
investment into this emerging market, Hasbro
can become a more dominant force on the
global scale
Licensed toys have steadily been generating more
and more revenue over the last decade. Having the
master license to blockbuster franchises like Frozen,
Star Wars, and Transformers have made toy
companies sales skyrocket in recent years. Hasbro
stands to benefit a lot off of these franchises as they
are set to have upcoming films in the future and
with the master licenses they will be the leader in
licensed toy sales.
Innovation of previously successful product lines is
important because once popular brands at one time
carry value and this can be carried over from
generation to generation. Like the Easy Bake Oven
or Tickle Me Elmo, re-launches of these same
products have given toy companies numerous
waves of successful sales and revenues. Continuing
to innovate on old toys helps create value for these
toys while also keeping them culturally relevant.
Lastly, we recommend that Hasbro continues to
develop and maintain relationships with licensors,
adapt in growing overseas economies, and to gain
more market penetration in the Asia Pacific region.
If Hasbro successfully does all these things, they will
continue to see growth within the industry.
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Industry Overview
Toys and games are a $92.2 billion global industry
fueled by strong demographics and economic
activity. Particularly, over the last half decade, the
industry has experienced strong growth
equivalent to a compounded annual growth rate
(CAGR) of 4.4% (see figure 1). This strong growth
is expected to continue into the future, increasing
25.8% from end-of-year 2014 levels, equivalent to
a CAGR of 4.7%. This would bring the global
market value to $115.9 billion. The industry
maintains a strong geographical presence, as
Europe and the Asia Pacific represent 31.3 % and
30.6%, respectively, of the industry’s global
market value (Ebscohost, 2015).
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2010 2011 2012 2013 2014
$-
$20,000.00
$40,000.00
$60,000.00
$80,000.00
$100,000.00
%Growth
$million
Global Toys & Games Market Value
$ million % Growth
Industry Trend – Licensing & Sustainability
The global shift towards environmental
sustainability has affected toy manufacturers
greatly, and the Toy Industry Association is working
with companies to help reduce waste, recycle, and
create cleaner energy sources. Contrastingly, such
rules and regulations that govern toy companies
can negatively affect profit by increasing a
corporation’s operating costs and potential legal
fees due to lawsuits regarding environmental
hazards (Toy Industry Association, 2013).
Several trends within the industry give insight
towards possibilities for the future. Several large
manufacturers have begun capitalizing on major
entertainment such as “Star Wars” and “The
Avengers” movies. Such films have created licensing
opportunities for companies within the toy industry
(Lipson, 2015). Licensing deals with powerhouses
like Lucasfilm and Disney for specialized toys are
likely to continue given their profitability potential,
especially for companies such as Mattel and Hasbro
(see figure 3). Many manufacturers create dolls
resembling characters in these previously noted
films. Such products have added to the recent rise
in toy doll sales, which now represent 13.2% (see
figure 2) of the total global market value for the
industry (Ebscohost, 2015).
$0
$2,000
$4,000
$6,000
$8,000
Mattel Hasbro Jakks Pacific
Revenue($U.S.Million)
Worldwide Revenue of Major Toy Companies -
2014
17.1%
10.5%
16.0%
7.5%
13.2%
12.3%
23.5%
Toy Industry Global Revenue by Product
Segment
Activity Toys
Games and Puzzles
Infant/Pre-school
toys
Plush
Dolls
Outdoor and
Sports Toys
Other
Industry Trend – Parental Figures
It is important to remember that companies
within the toy industry must market to parents as
well, seeing as though they are the ones buying
the product (Phillips, 2015). From this, companies
have begun marketing to parents through social
media, as well as company websites. Parents in
the United States in 2001 were the leading toy
buyer in the world, spending over $300 on toys
per year per kid. Although in 2011, the U.S ranks
as the ninth highest spender, with Switzerland,
Japan, and the U.K all leading with over $400 per
kid. It isn’t that the U.S has been spending less, it
is that other countries have been spending more.
Part of this also is because 50-60% of toys in the
U.S are bought during the holiday season,
therefore parents are only comfortable spending
a certain amount on Christmas yearly, and won’t
really change that habit unless they have a severe
change in income (Passport).
Figure 1
(Euromonitor, 2015)
Figure 2 (Euromonitor,
2015)
Figure 3
APPENDIX A
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

-1
0
1
2
3
4
5
6
2000 2003 2006 2009 2012 2015 2018 2021
%Change
World Production of OilMacroeconomic Trend - Oil
The industry is heavily affected by several economic
factors. Oil prices are largely relevant to the industry
currently due to the recently volatility seen in the
price for the commodity. Once trading near $109 per
barrel towards the end of 2013, crude oil has lost
nearly three quarters of its value since then, trading
as low as $27.56 on January 20th, 2016. From this
recent volatility, the cost of plastic is expected to
drop 9.2% (IBIS, 2015).
Regarding the future outlook for the commodity,
analysts believe that the world production for oil will
continue rising through the year 2021 (IBIS, 2015).
However, as many company’s have been negatively
impacted by the oversupply and cheap prices for oil,
some domestic US companies could halt their
production, which could lead to only moderate rises
in global production (see figure 4).
Macroeconomic Trend – CCI
Furthermore, the Consumer Confidence Index
(CCI), a measure of consumer optimism towards
the future of the US economy, has seen relatively
volatile swings in recent years. Especially during
the early 2000s with the tech bubble and between
2007-2009 during the financial crisis (IBISWorld
Business Environment Report, 2016).
Recently however, the index has shown strong
growth, consistently sitting in the range of 75-80,
as opposed to 2008 where it saw over a 45% drop
from the previous year and fell to 57.85 (IBISWorld
Business Environment Report, 2016). Moreover,
analysts are predicting this index to continue its
strong growth into the future as the economy
continues recovering. As more jobs are added to
the labor force, it is likely to see the index increase
(see figure 5).
Macroeconomic Trend – Disposable Income
Per capita disposable income, a measure of an
individual’s ability to purchase goods or services, has
also seen a reasonable amount of volatility in recent
years. Similar to the CCI, disposable income in the US
saw large swings during the financial meltdown (see
figure 6), however reached a low point towards the
end of 2013 after experiencing a -2.1% change off of
weak unemployment numbers (IBIS, 2016). However,
analysts remain optimistic regarding future
performance for the index, citing an increased labor
force combined with improved stock and housing
value as reasons for continued strength (IBIS, 2016).
-50
-40
-30
-20
-10
0
10
20
%Change
Consumer Confidence Index – United States
Figure 4
(IBIS, 2016)
Figure 5
(IBIS, 2016)
-3
-2
-1
0
1
2
3
4
%Change
Per Capita Disposable Income – United
States
Figure 6
(IBIS, 2016)
APPENDIX A
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

PESTLE
Political: What is going on politically
affects the growth of the toy
industry. The Civil War, WWII, and
9/11 all resulted in shortage of labor
and the depression of society. Toy
products are increasing their
political awareness as the world
becomes more connected. American
Girl launched a new doll to address
the issue of poverty. It encloses a
written message discussing the issue
of poverty (Tansel).Toys marketed
towards young boys were typically
blue and red in color, as products
such as trucks were predominately
featured, and toys marketed towards
girl were pink in color,
predominantly kitchen sets and
dolls.
Economic: The state of the
economy,, and the prices of crude
oil affects the toy industry. For
example, during the economic
recession in 2008, the industry
growth declined. Crude oil has lost
nearly three quarters of its value
since then, trading as low as
$27.56 on January 20th, 2016.
From this recent volatility, the cost
of plastic is expected to drop 9.2%
(IBISWorld Business Environment
Report, 2015). Therefore it will
cost companies less to
manufacture toys, and their profit
margin will increase per toy.
Social: Social values can determine
where people decide to value in toys.
Outdoor toys are the largest product
segment for the global toy market,
representing 17.1% of the market’s
total value (Global Toys & Games). As
concerns regarding global obesity
continue to rise, with 18% of children
worldwide now considered to be
obese, parents are engaging their
children in more physical activity
(Outdoor Toys & Games). Trends
drive the industry, with product
lifecycles being short. Licensing has
taken over the industry, as popular
movies like Frozen, and Star Wars
have taken over the industry. they
recognize.
Technology: A key factor for toy companies is to constantly innovate products, to keep demand for a product line
high. Most successful toy products are either newly licensed products, innovations or licensed products, or new
high tech products. With competitors like video games, computers, and tablets, toy companies have been trying to
come up with new high tech products to interest consumers. Voice recognition, sensors, and robotics are all
recent innovations for the traditional toys market. Similarly, companies are beginning to produce children’s versions
of popular adult technology such as dvd players and cameras. Also, there is a trend within the industry within
recent years towards computer automated design.
Legal: Federal legislation such as the Consumer Product Safety Improvement Act (CPSIA), the Toxic Substances and
Control Act (TSCA), and the Children’s Online Privacy Protection Act (COPPA) (Toy Industry Association, Inc), are
calling for more regulation and restrictions amongst companies and manufacturers. The CPSIA and the TSCA are
both laws that were designed to protect consumers, especially children, from dangerous and harmful products. In
2014 there were 19 recalls of toys in the U.S. (Kids in Danger). For toy manufactures, understanding laws and safety
regulations will save money in the long run and help support a healthy consumer opinion of the company
Environmental: Currently, the industry is moving towards several changes to create more environmentally products
and business practices. Some changes companies within the toy industry are currently making include eliminating
polyvinyl chloride, reducing greenhouse gas emissions, curbing water consumption, and ending deforestation.
Green Toys, has made a recycling truck to try and inspire recycling among kids. The toy itself is made of recycled
materials and is aimed to teach kids about recycling (Tansel).
APPENDIX B
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Porters 5 Forces
APPENDIX C
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Hasbro Business Model
Key Partners
 Sesame Street, Marvel, Star Wars,
Transformers, Disney
 Third Party Manufacturers in China
 Suppliers: Camei Industrial, Early Light
Industrial and Lucky Bell Plastic Factory
 Licensee Factories
 Licenses given to companies
outside the toy industry to produce
Hasbro goods
Value Propositions
 Licensed toys
 Products that Hasbro makes that
have licensed material
 Franchised toys
 Products that contain material
around franchised brands such as:
My Little Pony or Easy Bake Oven
Customer Relations
 Hasbro focuses on wholesale retailers
such as Walmart, Toys “R” Us, and Target
 For the consumers that buy their
products from these retailers, Hasbro has
recall, toy and game safety, toy and game
instructions, and recall information on
their website
Channels
 Walmart, Toys “R” Us, and Target
 In 2014 in the U.S. and Canada,
59% of the net revenue came
from these three retailers
 In 2014 globally, these three
customers make up 16%, 9%, and
8% (33%) of the consolidated net
revenues
 Television ads
 Online Retailers
Key Activities
 Licensing
 Made up of lifestyle licensing, digital
gaming, television and movie
entertainment operations
 Innovations of Existing Products
 Holiday Sales
 65% of all revenues in 2014 came within
the second half of the fiscal year, mainly
due to retailers stocking up for the
holidays
 Manufacturing
 Nearly all products in 2014 were
produced in third party facilities in
primarily china, as well as two facilities in
Massachusetts and Ireland
Key Resources
 Plastic and Paper/cardboard
 These materials are available, but the
prices may change rapidly
 Usually, Hasbro enters into yearlong
agreements at the beginning of the fiscal
year. These negotiations may be revisited
throughout the year if significant price
fluctuations occur
 Working Capital
 Financed through operations and short
term borrowing when needed
 Paint
Customer Segments
 U.S., Canada
 Focus on promoting brands through
innovation and reinvention
 This segment increased by 1% from 2013
to 2014
 Slowest growing customer segment
 International
 Focus on sales to wholesale retailers to
most of Europe, Latin and South America,
and Asia Pacific
 There was an 8% increase in this segment
from 2013-2014
 Licensing and Entertainment
 Promoting lifestyle brands through
licensing of intellectual properties to
companies that do not compete directly
with Hasbro in the toy industry
 This segment increased 15% from 2013
to 2014 and is the fastest growing
customer segment
APPENDIX D
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Hasbro Business Model (Cont.)
Cost Structure
 Cost of sales was the highest cost incurred in
2014
 This made up 39.7% of the 2014 net
revenue
 Selling, distribution, and administration was
the second highest cost incurred in 2014
revenue
 Advertising was the third highest cost in
2014
revenue
 These costs are the most important to
Hasbro’s bottom line
 All costs listed below have remained stable
in the past three years and are expected to
remain relatively stable in the future
Revenue Streams
 U.S. and Canada
 The net revenue for this segment in 2014
increased by 1%
 The operating profit for this segment in
2014 increased by 7%
 This segment is the slowest growing of
the three main that Hasbro identifies in
their 10k
 International
 The net revenue for this segment
increased by 8% as a whole in 2014 with
Europe, Latin America, and Asia Pacific as
the main markets
 Europe at 6% growth increase is by far the
largest international market
 Latin America at 14% growth increase is
the second largest international market
 Asia Pacific at 10% follows behind Latin
America with potential for rapid
expansion
 Entertainment and Licensing
 Entertainment and licensing is the
smallest revenue stream but is growing
the fastest at 15%
 Lifestyle licensing, digital gaming, and a
full years payment from Backflip were
major contributors
Net Revenues and Operating Profit From 2012-2014 by
Revenue Segment
Hasbro’s Operating Expenses as Percentages of their Net revenue
APPENDIX D
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Mattel/JAKKS Business Model
APPENDIX E
Key Partners
 Mattel
 Third party manufacturers in
Canada, China, Indonesia,
Malaysia, Mexico, and
Thailand
 Disney Enterprises, Inc.
 Viacom International, Inc.
(Nickelodeon)
 WWE Wrestling
 JAKKS
 Third party manufacturers
overseas
 Mcdonalds, Disney Frozen,
and Power Rangers
Channels
 Mattel/JAKKSWalmart, Toys “R” Us,
and Target are the three biggest
customers and made up 35% of
global net sales for Mattel and
47.4% of global net sales in 2014
 Advertising is used at
various levels and peak
during the holiday season
Customer Segments
 Mattel
 North American segment
 International segment
 American Girl segment
 JAKKS
 North American segment
 International segment
Revenue Streams
 Mattel
 Gross sales for were down 6% across the
company in 2014
 Many of the top selling brands such as
Fisher Price that dropped 17% in gross
sales, had a tough year due to
 JAKKS
 Operating income was up almost 100%
after being in the negatives in the past two
years
Key Activities
 Mattel/JAKKS Holiday Sales
 Licensing
 Manufacturing
 Advertising
Key Resources
 Mattel/JAKKS
 Paint
 Electronic parts
 Printed fabrics
 Plush
 Plastic
Value Propositions
 Mattel
 Licenses for WWE, Disney and
Nickelodeon
 Franchises such as Barbie and
American Girl Doll
 JAKKS
 Licenses such as Power Rangers,
Disney Frozen, and Dora the
Explorer
Customer Relations
 Mattel/Jakks
 Focus sales on major retail
customers like Walmart, Toys “R”
Us, and Target
 Product safety information and
other product information is
available on each company website
Cost Structure
 Mattel/JAKKS
 Most of each companies costs are
from production, distribution, and the
royalty fees for the franchised
products
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

APPENDIX F
Hasbro Financial Information
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

Mattel Financial Information
APPENDIX F
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

APPENDIX F
JAKKS Pacific Financial
Information
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis

APPENDIX G
Financial Ratios/Analysis
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis
When viewing the companies financial statements, it is easy to see that Hasbro has relatively stronger financials
than their competitors. Particularly, when looking at the ROE, Hasbro has the strongest ROE as of the latest filing.
When using the DuPont Approach, Hasbro’s relatively stronger ROE could be attributed to the company’s stronger
profit margin and equity multiplier relative to Mattel and JAKKS Pacific.
Our team expects Hasbro to remain stable financially and perhaps even improve over the coming years. This is due
in large part to the company’s increased efficiency in countries such as China as well as licensing deals for
entertainment such as Disney Princesses.
Lastly, Hasbro and Mattel do not experience much volatility in their financials, however JAKKS Pacific, the smallest
and youngest of the three companies, experiences large swings. Specifically regarding JAKKS’s ROE and margins,
the company was in the negatives until this most recent fiscal year. This could possibly be attributed to the youth of
the company and their lack of exposure to overseas markets as well as licensed products. Their company was
almost most directly affected by domestic economic concerns due to their large exposure to US markets.

APPENDIX H
KSF Weightings
Introduction Market
Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis
Weight HAS Hasbro
Weight
Total
MAT Mattel
Weighted
Total
JAK JAKKS
Pacific
Weighted
Total
Penetration
of Emerging
Consumer
Markets in
Asia-Pacific
China 30% 8 2.4 6 1.8 3 .9
India 15% 4 .6 9 1.35 2 .3
Access to
Master
Licensing for
Popular
Franchises
Connecti
on to
Top
Franchis
es
14% 9 1.26 6 .84 7 .98
Connecti
on to
Major
Upcomin
g Movies
14% 8 1.12 4 .56 7 .98
Avg.
PM/Avg.
Royalties
as % of
Expenses
7% 6 .42 9 .63 2 .14
Innovation of
Previously
Successful
Product Lines
Length
of
Brands
13% 9.5 1.24 6 .78 3 .39
Amt.
Spent on
R&D
7% 7 .49 9 .63 4 .28
Weighted Total 7.53 6.59 3.97

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Analysis
Key Success
Factors
Hasbro
Analysis
Competitor
Analysis
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Hasbro
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Competitor
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Hasbro
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