Parks Toy (Thailand) has recently suffered sharp falls in its annual income after once enjoying sales of as much as US$6 million a year.The toy manufacturer, which is owned by Korean business- 5 man Young Tae Park, has been in business in Thailand for 17 years and focuses mainly on exports to the US and European countries. But like other exporters, it has faced tough price competition following China’s entry into its markets. Some toymakers are even seeing dim business prospects ahead in Asian markets.
10 However, Parks Toy is trying hard to turn a crisis into an opportunity. It sees some lights of opportunity still burning in the US and European markets and is undergoing a change in its business strategies. Among other things, it has declared “pay-back” time for its 15 Chinese competitors. It has developed a new brand of Grade A toys called “Anee Park”, and is selling them in China.