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It isnt just Mattel that's in trouble, Hasbro and Lego, two of toyland's giants are also feeling the pain.

Lego recently announced that it will spin-off its theme parks to focus on its core construction block business.

All companies are feeling the pressure from the retail shake-up that has seen Wal-Mart take an even bigger share of the market and taken Toys R Us into new ownership.

However, perhaps the bigger problem for all three players is more than a cyclical downturn, today's children are no longer the children these companies were established to cater for. These traditional companies now face increased competitive pressure from all sides, not just from video games, but also consumer electronics companies and handset manufacturers who all want a share of parent's disposable expenditure.

At least, Bratz who took Mattel's Barbie head on, understand that it takes more than a doll to satisfy the needs of today's child. In a very short period of time, Bratz transformed from doll brand to lifestyle-based company. The brand now offers its core target everything from clothes to consumer electronics. In a recent move, Bratz is even extending its franchise into television, with a branded show.

Despite the extensions, the real secret of Bratz was to create a doll with a "sassy" attitude that instantly made Barbie look dated.

The established toy-makers, need to take a close look at their branded properties, many of which are well over 50 years old.

Hasbro: GI-Joe, My Little Pony, Play-Doh, Tonka, Transformers

Mattel: Action Man, Barbie, Hot-Wheels, Matchbox

They need to closely examine the brand equities that each of these properties possess and decide which ones can be translated and made relevant for today's generation of children.

If this is done correctly, this process will lead to some radical thinking about the concept of what defines a toy today, it will also help develop new experiences and completely new products.

In addition, they need to look to the future and identify properties and trends that could be converted into new brands, relevant to the new generation.