Question: Please answer the following five questions using the information that is provided below and other relevant information from your knowledge to answer the questions: (
Please answer the following five questions using the information that is provided below and other relevant information from your knowledge to answer the questions: Provide a brief overview of LEGO. How does LEGO manage to constantly reinvent its business? What role did marketing research play in LEGOs market success? What differentiates LEGO from its competitors? Is LEGOs competitive advantage sustainable?
Information: The aim of marketing is to meet and satisfy target customers needs and wants better than competitors. Marketers must have a thorough understanding of how consumers think, feel, and act and offer clear value to each and every target consumer. LEGO of Billund, Denmark, may have been one of the first mass customized brands. Every child who has ever had a set of the most basic LEGO blocks has built his or her own unique and amazing creations, brick by plastic brick. When LEGO decided to become a lifestyle brand and launch theme parks; its own lines of clothes, watches, and video games; and products such as Clikits craft sets designed to attract more girls to the brand franchise, it neglected its core market of five to nineyearold boys. Plunging profits led to layoffs of almost half its employees as the firm streamlined its brand portfolio to emphasize its core businesses. To better coordinate new product activities, LEGO revamped its organizational structure into four functional groups managing eight key areas. One group was responsible for supporting customer communities and tapping into them for product ideas. LEGO also set up what was later renamed LEGO Design byME, which let customers design, share, and build their own custom LEGO products using LEGOs freely downloadable Digital Designer software. The creations that result can existand be shared with other enthusiasts solely online, or if customers want to build them, the software tabulates the pieces required and sends an order to LEGOs Enfield, Connecticut, warehouse. Customers can request stepbystep building guide instructions and even design their own box to store the pieces Analyzing Consumer Markets Successful marketing requires that companies fully connect with their customers. Adopting a holistic marketing orientation means understanding customers gaining a degree view of both their daily lives and the changes that occur during their lifetimes so the right products are always marketed to the right customers in the right way. This chapter explores individual consumer buying dynamics; the next chapter explores the buying dynamics of business buyers. Please connect the answers to referencing this information, as well as It's influenced by four main factors: personal, psychological, social, and cultural. These factors can change as a person's life changes, and can have a major impact on their behavior. Also, SMART criteria is a set of five criteria that can be used to evaluate goals and decisions. Specific The goal should be clear and include specific details about what you want to accomplish, who is involved, when, where, and why. You can use concrete language to describe how you will achieve the goal. To check if your goal is specific, you can ask someone else to review it and rephrase what you're trying to do Measurable The goal should have metrics and indicators that allow you to track your progress. Quantifiable goals can help you stay motivated and inspired. Achievable You should believe that you can achieve the goal. You might need to learn new skills or consider the timeline to make sure the goal is attainable. Relevant The goal should align with the priorities of your team or organization and the current business focus. Timebound The goal should have a deadline for completion. This can help you pace your strategy and take your team's needs into account.
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