Start with a blueprint for growth by taking a closer look at your company overview.

by Deborah Gardner | September 13, 2011 | (0)

IT WASN’T ALL FUN AND GAMES AT TOY COMPANY HASBRO INC., WHICH CONTINUED TO LAG BEHIND NO. 1 MATTEL. Hasbro had some decisions to make, and they all involved competitive strategy. So, execs conceived of a new “why,” which helped them realize annual revenues in the millions by applying three strategies to being competitive—flexibility, key generation identification and strategic partnering. 

The company then established a blueprint strategy for growth in four key areas—toy and game innovation, digital gaming, entertainment and lifestyle licensing—the primary objective of which was to provide an immersive environment across the global customer experience.

For example, in the toys and games innovation department, Hasbro’s most popular game is Monopoly. This 75-year-old board game has reached more than 1 billion people in 108 countries and continues to profit due to Hasbro’s “why.” Why? Company executive Jane Ritson-Parsons led a charge to modernize the 1935 classic, tailoring it to the new generation of video-game kids. 

The new Monopoly: Revolution Edition maintains the traditional settings but reflects modern design, such as a round game board, standout packaging, electronic banking, music and sound effects. In this new version of the game, players collect $2 million when they pass GO instead of $200. An electronic unit serves as banker and keeps track of the millions changing hands during game play. A music player plays sound effects and clips of hot songs from five decades, including “Umbrella” by Rihanna, “Bad Day” by Daniel Powter and “Drive My Car” by the Beattles, and sound effects throughout the game help bring a contemporary new spin on the classic family favorite. Ritson-Parsons says the new Monopoly continued Hasbro’s tradition of providing new entertainment options for families.

Then, Hasbro formed a strategic alliance with partners such as Electronic Arts Inc. Why? The partnership allowed Hasbro to reach new customers through digital Monopoly games available for download on computers, mobile phones and console gaming systems such as the Nintendo Wii, Xbox 360 and PlayStation 2 and 3. 

Take the challenge. Ask why. Like Hasbro, start with a blueprint for growth by taking a closer look at your company overview, develop and highlight the investment opportunities to maximize your processes and then strategically build partnerships in order to be more competitive. 

It’s not about the decisions we make—it’s about why we make them. One+

Deborah Gardner

Deborah Gardner, CMP is the principal and founder of two successful companies, a business specialist and consultant for DG INTERNATIONAL, and a speaker/trainer for COMPETE BETTER NOW! LLC. - a company that helps translate competition into higher sales, better customer service, stronger negotiations. Deborah is the author of How to Sell to Men without Wearing a Low-Cut Dress which was released this summer with rave reviews. Deborah is a member of the National Speakers Association, a 26 year veteran in the hospitality sales industry, an 18 year MPI member, immediate past president for the Arizona Sunbelt MPI Chapter, and currently the Arizona State University project director for the MPI CMP on-line study guide. Deborah has a special page dedicated to the MPI community: www.DeborahGardner.com/Topics/MPI

TAGS: One+ September 2011 , column , executive leadership , partnerships