Benchmark executive summary

Benchmark Executive Summary Student’s Name Institution Course Professor’s Name Due Date Recommended Strategic Plans to Improve the Company’s Competitive Advantage Hasbro, Inc. is the world’s leader in delivering engaging brand experiences in the game and toy industries. Timeless products like Mr. Potato Head, NERF guns, and Power Rangers toys have generated significant revenue for them for years. However, they need strategic plans to give them a competitive edge over close competitors. Hasbro, Inc. should invest in innovation to develop new goods that provide their consumers and shareholders unmatched value. It should also increase its market grip by venturing into newer geographical regions and employing good marketing strategies (Expert Panel, 2023). Moreover, Hasbro, Inc. should focus on cutting operation costs and increasing net sales and total revenue. Implementing strategies that enhance customer satisfaction is good for boosting customer loyalty and benefitting from customer referrals via word of mouth. Leadership Skills for Innovation Leaders should create a culture of creativity and experimentation to empower employees to generate and implement new ideas. Leaders should also lead by example and provide the necessary resources and support for innovation initiatives. Training, mentorship, and recognition programs are needed to encourage innovation and improve the company. The gaming and toy industry is a competitive market that requires a culture of trust and cooperation between the different operation units at Hasbro, Inc. to maintain profitable operations for a long time (Tsang, 2021). Leaders should motivate employees, give constructive feedback where necessary, and acknowledge their hard work. Recommend Specific Decisions to Capitalize on Untapped Business Opportunities The gaming and toy industry is a profitable market niche with many untapped business opportunities. Hasbro, Inc. can make specific decisions that will cement its presence in this industry and generate more revenue. Acquiring or partnering with companies that offer complementary products and expanding into emerging niche segments with growth potential will be a good move by Hasbro, Inc. Moreover, the company can invest in digital transformation initiatives that enhance e-commerce capabilities and expand its online presence. Consumers in con...