Hasbro Stakeholders Essay Sample
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Hasbro Stakeholders Essay Sample
In addition to our team figuring out the main issues affecting Hasbro and the toy industry, we decided to also reframe our ideas by taking different viewpoints. As the pictures below illustrate, we did start off by documenting the social, economic and environmental viewpoints of our company.
The screenshot above documents our initial attempt to dealing with the social aspect of Hasbro. At our first attempt at taking this point of view, we were trying to find what social aspects affected Hasbro. We wanted to research how the social aspect affected Hasbro’s profits. On subsequent reframing of stakeholders, we began to look at the parents and children concerns of Hasbro’s business. Instead of looking at stakeholders in a Hasbro centered view we began to look at how Hasbro affected stakeholders (stakeholder centered view). This began to change our approach to viewing social issues. We started to look at how stakeholders viewed Hasbro.
As we began to look at a variety of social issues, we began to have lively debates on what was important and what wasn’t. The diverse views we took help us shape the complexity of Hasbro and the toy industry. Kids-Demographic view: Age range for traditional toys is narrowing. The definition of toys is changing and it will affect Hasbro in the future. Electronics (video games and smart phones) are taking over the market. Human rights-Employees (government) view: Wages, work environment and worker’s safety are all important since Human Right’s NGOs can cause difficulties for Hasbro. We later on began to see how government can be involved in this point of view. Governments (China and the US) can enact laws that will adversely affect how the toy industry operates.
Parents – Kids view: Safety of toys and how toys influence kids was also an important viewpoint to take. Parents are very sensitive of their kids and parents are also the gatekeepers to what kids get as toys. If parents aren’t satisfied with toys, it will directly impact sales and success. Other countries view: Because of global uncertainty and the wars in the Middle East, if China or the US were to enact trade barriers, which would impact Hasbro because they outsource most of their manufacturing to China. We debated about these issues until the team was able to produce problem statement that satisfied the team’s needs. Environmental Stakeholders
The screenshot above documents our initial attempt to dealing with the environmental aspect of Hasbro. Like the social issues, we were trying to find what environmental issues affected Stakeholders and Hasbro. As we began to develop our TBL problem, we initially focused on how environmental factors affected Hasbro in a financial way. During the middle of our TBL analysis, we thought that our framing of the environment wasn’t the only way and we set it aside because the Environment issues brought by Stakeholders seemed actionable with limited effectiveness (effects the environment and maybe economical but doesn’t touch on the social). Then during the final 2 weeks of our project, out of sheer frustration, we revisited and researched how the Hasbro affects the environment and the results blew open and shaped our problem and solution.
PVC (no detailed investigation)
What the chart above describes is the process we went through with Environmental issues. At first, we had a broad scope of issues that various industries in the world would have to consider. Because of the broadness of issues that seemed not to specifically relate to our industry and Hasbro, we decided to let it be. Only through researching PVC did we receive a breakthrough by realizing how important PVC and how it cross related with the TBL did we drive the issue. By figuring out that PVC affected how parents think about toys, how it related to the health of our employees and how it hurt the envorment, the environment became the central issue of our solution. Economic Stakeholders
The screenshot above depicts our initial attempt at looking at economic issues. On our first view, a lot of the issues dealing with the Economic stakeholders related to other stakeholders (economic and social) and so we didn’t have a good idea of where to start. We first focused on the Electronics industry how it affected the revenue of the Toy industry. We then analysed how to make money by changing and diversifying industry. The issues be began to tackle was on solutions on trying to make the industry survive. We first started on electronics they slowing transitioning to daycares, diversification and amusement parks/places. The main issue of this “technique” was that we were trying to find a problem through driving many solutions. This was a difficult way of getting to our main problem and abandoned this way of thinking later on in the project. Eventually we decided to shape our problem statement through a risk management earthquake which we uncovered later in our process. Problem Statement
Here are the 2 different problems that didn’t make it.
Video Games: Social Demographics – Economical Risks – Environment There was a time during our process where there was a drive to use video games as our main problem. Changing consumer preferences coupled with economical risks was a big issue dealing with the toy industry. The issues that we thought was really relevant were that kids at younger ages outgrew toys and migrated to electronics and video games. The problem with this line of argument was that it was an innovation and marketing issue that Hasbro was already addressing by licensing its brand. And although the industry was losing revenue, we could not directly relate the shift in preferences solely to video games since Hasbro had a diverse portfolio of successful games attracting a wide range of age groups. Environment wasn’t a main concern as well, which weaken our TBL. Employee Care: Social Responsibility – Economic Risks – Economic Benefits During our project, there was a push to drive Employee care. Partly because of the known conditions Chinese workers deal with and partly was to diversify Hasbro’s industry.
A main problem was that Hasbro could pay the price of treating its Chinese workers badly so improving their working conditions via day care and higher wages was discussed. The problem with this was that contained little benefit environmentally and was a pre-emptive risk economically. Another issue was creating day cares to grow the company which hopefully takes advantage of Hasbro’s strength in marketing to kids and diversifying Hasbro’s income stream while helping educate kids. The biggest issue with this was that it was a solution driving the problem. There were no potential close earthquakes to indicate that not having a daycare was a problem. So the idea was grudgingly shunted. After discarding these to statements, we used the idea of some unknowns with some disagreement to forge an incoming problem and something Hasbro had to deal with, if not now, probably eventually. Future Litigation: Environmentally and Socially Dangerous – Economically Risky Problem Depicted
As a group, we realized that since toys are made from hazardous materials and people who make and play with these toys are exposed to these toys on a daily basis, there is a likely chance that laws will be made to banish the hazards. Laws can be formed that can seriously harm the toy industry and Hasbro because it could significantly change the way they do manufacturing and business. By pre-emptively tacking future litigation now, the Hasbro can protect itself from laws and lawsuits in the future. Problem Statement: Hasbro is vulnerable to future regulations that safeguard the interests of our key stakeholders