What has made Hot Wheels such a successful brand over the course of nearly 50 years? What challenges and threats is Hot Wheels facing?
Hot Wheels is considering innovations in the following opportunity areas a) developing new physical toys (such as a special collection for the 50th anniversary of the brand), b) developing purely digital and virtual products, and c) developing mixed-play products combining physical play with digital play. Evaluate the pros and cons of each of these opportunities. Which of these opportunities should be the brands highest priority opportunity? Why?
What segment of children would you recommend Hot Wheels target for each of the three opportunity areas, and how would that impact the design of the products?
Think about innovative ideas in the mixed-play space. What would be a compelling value proposition of a Hot Wheels mixed-play experience? What are some innovative ideas for products/experiences in this space?
Think about innovative ideas in the purely digital/virtual space. What would be a compelling value proposition of a Hot Wheels purely digital experience? What are some innovative ideas for products/experiences in this space?
Address all questions in depth and find evidences from this article that support your answer to each question, except for answering these questions, you should also raise other issues that you think are important and address to that issue.
- Research and Support Material Worksheet
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