Strategic Direction for the Development of SMEs - Based on the Successful Experience of POP MART

DOI

10.2991/assehr.k.211209.448How to use a DOI?

Keywords

lifestyle toy; SMEs; development strategy; business model; blind box; SWOT analysis

Abstract

At present, the lifestyle toy industry has shown great development potential in both domestic and international markets. With the introduction of blind box products into China, the market of blind box products in China has rapidly grown to a ten million market. Since its establishment 11 years ago, POP MART has transformed itself from a small toy collection store to an IP brand that mainly develops its own products. With the concept of “blind box”, POP MART has become the most famous toy company in China. The emergence of POP MART satisfies the young generation’s exploration of the unknown and love of art. It weakens the distance of “art” and pulls it into the life of the younger generation. POPMART’s blind box products will also give more anxious young people a mind to relax.

Thus, this article aims to analyze the risks and disadvantages of small and medium-sized lifestyle toy companies based on the successful experience of POP MART in the context of the growing lifestyle toy market, to put forward suggestions for the development of small and medium-sized toy companies. Besides, SWOT model is used to analyze the strengths, weaknesses, opportunity, threats of SMEs in lifestyle toy industry.

Finally, it concludes that the emergence of the blind box and the gradual transformation of its business model are the keys to POP MART’s success. In addition, SMEs in the lifestyle toy industry have problems such as low profit, financing difficulties, insufficient research and innovation ability, great competitive pressure, increased cost, and brain drain, and there are also opportunities for them to learn from experience, facilitate talent discovery, government policy support and excellent economic environment. Therefore, lifestyle toy SMEs should pay attention to increase the company’s innovation capacity, subdivide customer groups, enhance targeted and competitiveness, constantly update products to increase competitiveness, and focus on improving the visibility of the company.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Ruiyuan Qi
PY  - 2021
DA  - 2021/12/15
TI  - Strategic Direction for the Development of SMEs - Based on the Successful Experience of POP MART
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 2750
EP  - 2754
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.448
DO  - 10.2991/assehr.k.211209.448
ID  - Qi2021
ER  -