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Pages:
6 pages/β‰ˆ1650 words
Sources:
4 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 31.1
Topic:

LEGO Marketing Strategies

Research Paper Instructions:

**ATTENTION I WILL ATTACH THE CAST STUDY FOR CH 5 LEGO**
Case studies are an essential learning strategy in business classes as they provide an opportunity for you to critically analyze events that have taken place in real-life businesses. This develops your critical thinking and research skills as you research the competition and industry in which your business resides in order to formulate a recommendation for the challenges faced by the company.
For this unit, review the Marketing Spotlight: LEGO case study in Chapter 5 of your textbook. This assignment will be comprised of two parts; one part will ask you to respond to questions, and the other will require you to complete a case analysis.
Part 1
Evaluate this case and respond to each of the following questions using both theory and practical managerial thinking.
How does LEGO manage to constantly reinvent its business?
What role did marketing research play in LEGO’s market success?
What differentiates LEGO from its competitors? Is LEGO’s competitive advantage sustainable?
Review any potential ethical implications with LEGO. How are they aligning with good ethical practices?
Your Part 1 response must be at least two pages in length. Follow APA Style when creating citations and references for this assignment. Note that you will submit Part 1 and Part 2 in one document.
Part 2
Complete a case analysis of LEGO. This requires that you conduct research on LEGO beyond the case study material in the textbook. In the case analysis, you will look at the situational analysis, problem, and alternatives, and you will provide a recommendation. Refer to the instructions below as you construct your analysis.
Situational Analysis
Discuss the external environment through the compilation of a PEST (political, economic, sociocultural, and technology) analysis.
Discuss the internal and external environment through the compilation of a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
Problem
Identify at least one organizational problem that LEGO is currently having or one that you project it will have in the future. Base this on your research and critical thinking.
Alternatives
Compile three or four potential marketing-related solutions to the problem above. Remember that these are potential alternatives; you will not select all of the alternatives to solve the problem.
Recommendation (Marketing Strategy)
Select one or two of the alternatives above to solve the problem that you identified in this case analysis.
Discuss your rationale for choosing these and not the others. Include supporting research that will increase the depth of your analysis.
In order to successfully complete Part 2 of this case study, you need to review the video and task learning guides (TLGs) below. The following resources will provide you with the skills to research industries/competitors.
Company and Industry Research video (transcript for Company and Industry Research video)
How to Find Company Information in the Business Source Ultimate Database TLG
How to Search for Articles With a Company Focus TLG
Mergent Online: This database provides specific details and reports. For example, typing “Apple” into the company search bar will provide details about the specific company, such as the company location, contact information, industry affiliation, and basic financial market details. The tabs next to “Company Details” will give further information.
IBISWorld: This database is another great resource for company and industry information. Typing in a company name or keyword related to the industry you would like to explore will bring up a list of industry reports and information related to the search term. This database's primary focus is on the industry at large rather than the individual company. The “Similar Industries” section can be used to identify potential competitors or substitutes.
Business Source Ultimate: This is one of our bigger databases. This main screen can be used for industry research. You can search for an industry using the NAIC code in the NAIC/Industry Code search bar or by choosing “Industry Profile” under publication type and typing a broad keyword into the main search box.
You can search for specific company information by clicking on the “Company Information” tab at the top of the main screen. In the “Company Information” tab, you can search for specific information by specifying “Company Name” or “Ticker Symbol.” If you need help choosing a public U.S company to research, you can check the box that says “Public” under “U.S. Company Type.” This will provide a list of publicly traded companies in the United States.
ABI/INFORM Collection: This database can be used to look for articles on specific companies as well as company and industry information. If you type in a company name, you can change the dropdown box that says “Anywhere” to “Company/organization – ORG.” You can add any keywords you want in the lower boxes and hit search.
Part 2 must be at least four pages in length. Follow APA Style when creating citations and references for this assignment. Support Part 2 with at least three sources outside of the textbook. As aforementioned, keep in mind that Part 1 and Part 2 will be submitted in one document.

Research Paper Sample Content Preview:

LEGO Marketing Strategies
Students Name
Students NumberInstitutional AffiliationDate
LEGO Business Model
Part 1
In the case study, Lego faced strenuous financial and inventory problems that proved to be a test for management and creativity. The winning trick was to become innovative to attract and remain relevant to its customers. The company has become innovative in terms of manufacturing processes and product development. Lego took a step further and established a dedicated team and Future Labs for more production of creative products.
Lego advanced in market research, increasing customer base, competitive edge, relevance, and relevance. Lego adopted a customer-centric approach that comprehensively engaged customers and created fresh ideas for their customers' needs. The company gained a competitive edge by adopting the competitors and new models based on a customer-centric approach.
The company has accepted and is courageous to adapt to customer needs and changes with time. The company previously made toys with wood and improved and started making toys from plastic. Lego was inclined to include a new friends line to increase its customer base in its tight financial position, primarily targeting girls. The change increased the customer base and revenue, gained a new target, and improved relevance.
The company's change in leadership to a powerful and future-focused one assisted in reinventing and renewing the Legos through new plans like cost-cutting and customer-based production. Jorgen managed to increase the customer base, allocate more revenue to marketing research, and cut costs. A strong leadership figure is pivotal to creating a strong internal culture and assigning responsibility crucial to the company's turnaround. The experience from Jorgen is crucial in the current position when making decisions and remaining updated on market strategies and future planning.
Lego conducted market research to establish the customers' needs and manufactured toys to the customer's preferences. The company gained a crucial advantage in quality assurance capabilities. The combination of the customer needs ensured that the company could integrate the existing sets and the new products. Maintaining compatibility and Lego bricks is a crucial principle.
LEGO has promoted employee loyalty and commitment by promoting ethical labor practices within its supply chain. The practice ensures fair treatment of workers and eventually results in high productivity and quality work with minimum supervision. The independence of employees reflects high customer service, generating a high rate of customer satisfaction, increasing referral marketing, and a high rate of customer base.
New Marketing StrategiesThe company's new research model improved the narrow insight into customer preferences and improved the market base through customer preferences. LEGO introduced the friend's line, the best preference in ensuring customer preferences are met and well-researched. The role of market research also included understanding the untapped potential, which was established to include girls' preferences.
Competitive Advantages
The company has maintained a long range of sales and has met high standards, consistently improving customer tru...
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