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Transcript of Mattel
Christina Quinn, Victor Stanzione, Amanda Domitrowich, Dan Gayeski, Ernie Forcella Mattel's Mission Mattel's Corporate Responsibility mission is: "To positively impact our people, our products and our planet by playing responsibly. This commitment resonates in our actions and through our company values each and every day, as we:
Play Fair by continually encouraging the Mattel organization to align decision-making with the company's values.
Play Together by working with employees, partners, vendors and regulators to bring the world safe toys that grown-ups trust and children love.
Play to Grow by committing to a sustainable future through efforts to work smarter and reduce our impact on the environment.
Play with Passion by volunteering in our communities and helping underserved children experience the joy of play." Mattel's Vision
Mattel’s vision is to provide “the world’s premier toy brands—today and tomorrow.”
Their management has set six key company strategies:
improve execution of the existing toy business
globalize the brands
extend the brands into new areas;
catch new trends, create new brands, and enter new categories
improve productivity, simplify processes, and maintain customer service levels. Multi-national? International? Trans-national? Transnational
A transnational firm views the world as one market and emphasizes consumer needs and wants more than differences among cultures.
" As a part of our business strategy for success, we will strive for diversity
in who we are and what we do, primarily through our:
People: we will hire, retain, and promote a diverse workforce, and will encourage opportunities within the communities that we live, work, and play
Perspectives: we will create a company culture that encourages an expression of, and a respect for, diverse viewpoints
Partners: we will do business with customers and suppliers who reflect the diversity of the worldwide community in which we operate
Products: we will create and market products that appeal to and engage our consumers around the world" Mattel is now focusing on a rebuilding strategy – rebuilding its reputation, rebuilding consumer trust in toys, rebuilding trust with industry, and rebuilding the relationship with China and the Chinese government. To do that, Mattel is considering:
being open, transparent and truthful
implementing a full scale crisis management action plan
constantly working on communicating and listening to their consumers to address their concerns and needs
adapting strategic changes for future prevention, and
waging a huge promotion and public relation campaign, emphasizing the US and China. What growth does Mattel expect in China over the next few years? Mattel has made a Barbie makeover and it is expected to post 7.7 percent revenue growth to nearly $5.9 billion. Mattel says that in the next 5 years, China will definitely be one of their top five international markets. Mattel achieved most of its sales success in the U.S., as domestic sales grew 9% and international sales grew 6%.
Geographically, net sales were up 9% in Europe, up 10% in Latin America, and up 32% in Asia Pacific. Challenges
When Barbie was first designed, the product was known for its blonde hair and blue eyes. In 1993 a cultural Barbie was designed with a two-piece cherry blossom dress with long black hair extending the cultural lines of Barbie into China.
In 2002, Mattel sued the band Aqua saying they violated the Barbie trademark and turned Barbie into a sex object. In 2002, Judge Alex Kozinski ruled the song was protected as a parody under the trademark doctrine of nominative use and the First Amendment to the United States Constitution.
In mid-August, Mattel recalled of millions of Chinese-made toys because they contained small magnets that could be swallowed or carried unsafe levels of lead.The toy maker first alarmed consumers in early August, with a massive recall of 1.5 million toys worldwide, including such popular characters as Big Bird, Elmo, Dora the Explorer and Diego, coated with lead paint. (2007) Sources Associated Press. "Mattel Issues New Massive China Toy Recall - Business - Consumer News - Msnbc.com." Breaking News, Weather, Business, Health, Entertainment, Sports, Politics, Travel, Science, Technology, Local, US & World News - Msnbc.com. 14 Aug. 2007. Web. 01 Mar. 2011. <http://www.msnbc.msn.com/id/20254745/ns/business-consumer_news/>.
Creating the Future of PLAY | Mattel. Web. 01 Mar. 2011. <http://www.mattel.com/>.
Elliot, Stuart. "Years Later Mattel Embraces "Barbie Girl"" New York Times [New York] 26 Aug. 2009. Print.
"Mattel, Inc. Financials | Financial Information from Hoover's." Hoovers | Business Solutions from Hoovers. Web. 01 Mar. 2011. <http://www.hoovers.com/company/Mattel_Inc/rfsjji-1-1njea5.html>. http://www.youtube.com/watch?v=aMqd5EQXD-g