Study On New Product Development Strategy Of Z Toy Company

The demand for baby toys among families with kids is on the rise in China,thanks to increased availability and affordability resulting from better education and living standards.Despite a slight decline in the birth rate,the size of the baby toy market in our country is expected to continue growing due to our vast population of1.4 billion.However,people’s income expectations and consumer confidence have been negatively affected by the unfavorable international economic situation.This,coupled with intensifying competition in the market,has made it challenging for small and medium-sized enterprises.To tackle this pessimistic market structure in an environment of excess supply,we must pay attention to differentiated competition,and improving the company’s new product development capabilities is essential.This paper focuses on Z Toy Company as the subject of research,analyzes the development environment with the PEST model and Porter’s Five Forces model.Using research methods such as data analysis,questionnaire surveys,and member interviews,the study identified problems with the company’s new product development process.These problems mainly include a lack of star products,a lack of unique product advantages,low-cost performance,and low customer awareness.The root causes of these problems include a lack of popular value in Z Toy Company’s products,insufficient investment in innovation and development,high costs of production and raw materials,and insufficient promotion of new products.This study recommends that Z Toy Company create star products for core categories to ensure sufficient market space,continuously update and iterate products to maintain differentiation and product competitiveness,strengthen the integration of high-quality supply chain resources to improve production and operational efficiency,and expand marketing channels to increase market awareness of new products and improve the success rate of new product development.The paper also suggests measures such as ensuring sufficient resources,optimizing the development process,embracing open innovation,and emphasizing risk control to ensure the smooth progress of new product development.By effectively implementing these optimization strategies and safeguard measures,Z Toy Company can improve its overall operating efficiency and market competitiveness.Additionally,this study offers lessons learned for other companies in the same industry.