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MKT 351 Marketing Management Decisions Case Study: LEGO’s turnaround Dr. Werner Jackstädt Endowed Chair of Sales

MKT 351 Marketing Management Decisions

Case Study: LEGO’s turnaround

Dr. Werner Jackstädt Endowed Chair of Sales & Services Marketing

Prof. Dr. Florian Kraus

University of Mannheim Fall term 2014

by

Philippine Bouvard

(1476944)

(1479170)

Wen Gao Yingtong Gao

(1478586)

Kevin García Del Amor

(1478202)

María García Recalde

(1482322)

Elisa Gasp

(1478257)

Kirklynn Gates

(1449203)

0

LEGO’s turnaround

Table of contents

LEGO’s turnaround Table of contents 1. Introduction to the LEGO Group...............................................................................................1 2. Current position analysis.............................................................................................................2 2.1
  • 1. Introduction to the LEGO Group...............................................................................................1

  • 2. Current position analysis.............................................................................................................2

    • 2.1 Marketing Mix (4P’s) Analysis....................................................................................................2

    • 2.2 Target customer analysis.............................................................................................................3

2.3. SWOT Analysis...........................................................................................................................3

  • 2.3.1. Strengths.....................................................................................................3

  • 2.3.2. Weaknesses..................................................................................................4

  • 2.3.3. Opportunities...............................................................................................4

  • 2.3.4. Threats.......................................................................................................4

  • 2.4 BCG Matrix.................................................................................................................................5

  • 3. Product decisions: expanding the product mix..........................................................................6

    • 3.1 Product variation.........................................................................................................................6

    • 3.2 Product differentiation................................................................................................................6

    • 3.3 Product diversification.................................................................................................................6

  • 4. LEGO’s strategy...........................................................................................................................7

    • 4.1 Product differentiation................................................................................................................7

      • 4.1.1 Horizontal and vertical differentiation.................................................................7

      • 4.1.2 Tie in with popular culture................................................................................7

      • 4.1.3 Fast introducing of new product.........................................................................7

      • 4.1.4 Interchangeability and Compatibility...................................................................7

      • 4.1.5 Customized to any age, interest and ability............................................................8

  • 4.2 Product diversification.................................................................................................................8

    • 4.2.1 Horizontal diversification.................................................................................8

    • 4.2.2 Fan engagement.............................................................................................8

  • 5. Assessment of the strategy...........................................................................................................8

    • 5.1 Differentiation strategy analysis..................................................................................................8

    • 5.2 Diversification strategy analysis..................................................................................................9

    • 5.3 LEGO’s strategy criticism..........................................................................................................10

  • 6. Future improvement recommendations....................................................................................10

  • 1

    LEGO’s turnaround

    LEGO’s turnaround

    • 1. Introduction to the LEGO Group

    LEGO’s turnaround LEGO’s turnaround 1. Introduction to the LEGO Group In 1932 Ole Kirk Christiansen created

    In 1932 Ole Kirk Christiansen created LEGO® in Billund, Denmark. The LEGO word derives from Danish “Leg godt”, which means “play well”. The company is known around the world for producing plastic bricks in different colours, which can be assembled to construct buildings, vehicles, or anything else the imagination can create. However, it was not until 1949 when they started producing their famous blocks.

    LEGO is today owned by the fourth generation of the Kirk Christiansen family and it still maintains the same philosophy: “good quality play enriches a child life as a key element in their growth” (Lego.com, 2011).

    The vision of LEGO is very clear: “Inventing the future of play”. Its mission follows the same path: “Inspire and develop the builders of tomorrow”. The values of LEGO are easy to recognise; creativity, imagination, quality and security are the hallmark of the company. (Aboutus.lego.com, 2008)

    Over the years, LEGO has been reinventing itself, entering new markets and targeting different groups. In 1998 LEGO went through a rough patch, due to the growth in the electronic toy market, which made its yearly results become negative. They reacted to these problems with internal changes, such as retails, staff replacements and the most successful measure, agreements with Lucasfilm (Star Wars), the Harry Potter Franchise and Disney. As a result, sales grew dramatically, helping the company become profitable again. After this, LEGO experienced one more period of big losses in 2003 and 2004, when they reached losses of 1,931 million of Danish Krone (around €230 million); however after making some changes, the company went back on track in 2005.

    Evolution of LEGO yearly results (mDKK)
    Evolution of LEGO yearly results (mDKK)

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    LEGO’s turnaround

    Self-made with data from Annual Reports (Aboutus.lego.com)

    LEGO’s turnaround Self-made with data from Annual Reports (Aboutus.lego.com) Nowadays, LEGO has a very large number

    Nowadays, LEGO has a very large number of product lines, which go from its famous blocks to videogames or movies.

    • - LEGO DUPLO: Big blocks designed especially for children between 0 and 5 years old.

    • - LEGO BRICKS: The classical well-known blocks of the company.

    • - LEGO THEMES: Based on stories or movies. Some of the most famous ones are LEGO HARRY POTTER or LEGO STAR WARS®. They also have a variant for girls, called LEGO FRIENDS.

    • - LEGO MINDSTORMS: LEGO brings us the possibility to create and programme robots. The first one was launched in 1998.

    • - LEGO EDUCATION: Aimed at teachers and students, “when you work hands-on, you remember better than if someone simply tells you” (Aboutus.lego.com, A short presentation 2014).

    • - LEGO VIDEOGAMES: Adapted to the new trends, LEGO has partnered with many companies to release videogames for many different platforms.

    • - LEGOLAND: The first LEGOLAND was opened in 1968 in Billund and after that, five more parks have been opened around the world.

    • - LEGO MOVIES: Being the newest market for the company, The LEGO Movie had a spectacular audience reception.

    • 2. Current position analysis 2.1 Marketing Mix (4P’s) Analysis Product: In this day and age, the products of LEGO spread all over the world with good compatibility and large variability: toys, video games and movies. Thanks to the agreements between LEGO and other companies, the firm can launch a lot of products in various fields with good quality and long lasting usage life. (Lego.com, 2014). Price: Based on customer feedback and comments from different channels, LEGO is regarded as an expensive toy brand. They make products in the highest standards based on the principle of “best and safest” so the price goes along with it (Reality Prose, 2013). And as time goes by, it seems that the rising trend of the price of LEGO sets has intensified in the past couple of decades. This high price made it hard for LEGO to enter some of the specific market segmentations such as China and India, where the budget constraint is lower than in western countries (Murphy, 2011).

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    LEGO’s turnaround

    LEGO’s turnaround Placement: LEGO’s products are usually distributed through third party stores (B2B). However, LEGO also

    Placement: LEGO’s products are usually distributed through third party stores (B2B). However, LEGO also has two channels in B2C process - store sales mode and online sales mode. The diversity of sales methods gives LEGO more chances to get direct contact with their customers through LEGO club, LEGOLAND, worldwide toy stores and online shop (Business Development Strategies, 2012).

    Promotion: LEGO is using different kinds of promotion methods in order to reach the best publicity effect. For instance, the beautifully designed and well-made packages of the products can be a really persuasive element that makes difference in the customers’ decision- making process. Also, the advertisements showed on the TV and the Internet give LEGO more chance of exposure in front of the public, which can stimulate the recognition and recall of the customers toward the products and the brand. LEGO also has a unique promotion method that is to provide free magazines to the LEGO members who sign up on the official website so as to spread the information to more potential customers. In addition to these, word of mouth is an external objective form of promotion. A brand with good word of mouth can gain more trust and loyalty from the customers. (Chevalier & Mayzlin, 2006)

    2.2 Target customer analysis

    The target customer of LEGO has changed over time. Prior to 2002, the target customers of LEGO were boys from 7 to 12 years old, because the product was as simple and conventional as traditional bricks. However, in recent years, LEGO has developed many kinds of toys that not just simply aim at young boys, they also target young girls with the product LEGO FRIENDS. Since LEGO views its products as activators of children’s curiosity and creativity, the primary target customer of LEGO at the present time is children and young teenagers from 5 to 15 years old. Nevertheless, they are also focusing on adults as their target customers. With the development of collaborations with other companies such as DC comics and Marvel Entertainment, LEGO has already launched a series of toys, video games and movies suitable for adults. LEGO MINDSTORMS, is aimed at more mature clients as well. (Global CMO The Magazine, 2013).

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    LEGO’s turnaround

    2.3. SWOT Analysis

    • 2.3.1. Strengths

    LEGO’s turnaround 2.3. SWOT Analysis 2.3.1. Strengths The main strength of LEGO is its brand image.

    The main strength of LEGO is its brand image. The LEGO product is well-known by each generation and the LEGO Club has nearly 5 million members in more than 130 countries. In 2014, the company announced record results, after reaching $4.5 billion of revenues and profits of $1.5 billion in the financial year 2013 (around €3.6 and €1.2 billion). Return on sales had increased to 33% and sales per employee had doubled. At the first semester of 2014, LEGO replaced Hasbro as the largest toy company in the world.

    LEGO owns a broad range of products enabling it to attract a larger consumer base. The brand has successfully introduced line extensions and innovative products to strengthen the brand. We can observe for instance a huge licenses policy which concerns movies as much as video games or limited editions.

    LEGO gives convincing proofs of its value. Numerous measures have been set up regarding the environment such as using recycled fibres in its packaging. The firm is also leader in the bio-plastics field. In some years, its toys will be produced without oil. The brand also built a school at Billund, Denmark, for children from 3 to 7 years old which is an extreme instrument of brand content.

    • 2.3.2. Weaknesses

    LEGO produces nowadays toys which are far from the original blocks. The risk is to lack of efficiency in production and create faulty products which might even require recall. Cost increases could as in 2003 produce negative results with new products which cannibalize on the sales of LEGO Company’s core products and thus erode earnings.

    • 2.3.3. Opportunities

    These days, the technology plays a key role in children’s entertainment. The typical consumer in this market is a child, older than 10 years old, which is usually the time when

    children leave the toys market. With the innovative focus LEGO has, it could easily enter this market, as it started to do in September 2013 with MINDSTORMS, a new generation of robots that can be controlled with a mobile app. LEGO has a clear opportunity in this industry, and we believe it should keep introducing new products. Furthermore, the introduction of new cartoon characters gives LEGO the opportunity to create more licensing agreements.

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    LEGO’s turnaround

    LEGO’s turnaround And last but not least, new policies in countries like China have allowed people

    And last but not least, new policies in countries like China have allowed people to have more children. These countries, like many other in emergent markets (South America, South- East Asia), which have a higher birth rate than western countries, are real opportunities for toy’s manufacturers.

    2.3.4. Threats

    The market and its competitors are a real threat for LEGO, whose toys are simple and functional. Indeed, many other toys have more functions and are more sophisticated than LEGO products. Also, Hi-Tech products and companies are the new competitors of LEGO. Mattel, the first direct rival of LEGO, is growing. It rebought Mega Brands in March 2014, for $460 million. This is a problem for LEGO, as its biggest competitor is becoming bigger and bigger.

    LEGO also faces environmental and social threats. Public consciousness about these matters has been growing during the last few years. For example, in 2012, Greenpeace’s video denouncing Shell and its drillings in the Arctic became viral. A petition collected more than 1 million signatures to push LEGO to give up its 50-year agreement with Shell and the company was forced to break its partnership with the oil multinational. Similarly, in 2011, Greenpeace revealed the industrial group Asia Pulp and Paper (supplier of paper products of LEGO, Mattel and Disney) was responsible of the deforestation in tropical forests in Sumatra, Indonesia. LEGO decided to put an end to the contract.

    In 2012 LEGO was charged for leading sexist stereotypes with its 100% girls range and the “Heartlake city”, feminine version of LEGO CITY. 8 months later, LEGO launched its equipment of women scientists, astronauts, palaeontologists and chemists.

    If many threats like these happen in the future, LEGO can be jeopardized and weakened with trials and adjustments of products.

    2.4 BCG Matrix

    The purpose of the BCG matrix it to show a physical representation of where LEGO’s business units are, in terms of market share and growth. First is the Poor Dogs section, which is for units that aren’t doing so well in terms of growth or profit. For LEGO, products such as LEGO Books fall into this section. The next section is the Question marks, where products have a possibility of growing to become Stars, or to fall down into the Poor Dogs section. LEGOLAND and the retail stores can be in this section. The Star section is where the products with the highest amount of growth and the highest market share belong. As seen on

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    LEGO’s turnaround

    LEGO’s turnaround the matrix, LEGO Digital media is represented by the LEGO Movie logo. Lastly is

    the matrix, LEGO Digital media is represented by the LEGO Movie logo. Lastly is the Cash Cows section where products that gain a substantial amount of profit, but don’t experience much growth, are located. On this matrix LEGOs standard toys are represented by the original LEGO block.

    LEGO’s turnaround the matrix, LEGO Digital media is represented by the LEGO Movie logo. Lastly is
    • 3. Product decisions: expanding the product mix The term product mix refers to the number of products supplied by a company, which can be grouped into different product lines. There are, in general, three ways a company can expand its product mix: through product variation, product differentiation and product diversification.

    3.1 Product variation

    Product variation consists of altering some characteristics of an existing product, but keeping the core function unchanged. That means, an already existing product is renovated, but it is still, in essence, the same product. Therefore, the product range of the company does not increase, since the old product ceases to exist in the markets. There are mainly two types of product variation: ‘product care’, which refers to making small continuous modifications; and ‘product relaunch’, which implies bigger changes.

    3.2 Product differentiation

    This process increases the number of products in a product line of a company by changing some characteristics of an already existing item, creating a new variant. The original product is kept in the markets, and the new one is launched, so the product mix depth increases. There are two kinds of differentiation:

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    LEGO’s turnaround

    LEGO’s turnaround - Vertical product differentiation: variants of different quality at different prices - Horizontal product
    • - Vertical product differentiation: variants of different quality at different prices

    • - Horizontal product differentiation: variants with different functions but comparable quality and price levels

    3.3 Product diversification

    Through product diversification, a company adds new products to its portfolio that are not directly related to the existing ones. This can be done by developing new products, allying with other companies, or acquiring other firms. With this, the width of the product mix grows, as new product lines are opened.

    There are three types of diversification:

    • - Horizontal diversification: it refers to the creation of new products at the same market level as the previous ones, to satisfy the needs of the same or new customers.

    • - Vertical diversification: it implies going up or down the value chain, undertaking tasks usually made by suppliers or distributors.

    • - Lateral diversification: it is probably the most radical of all three types of diversification. It is done when companies move into totally new markets that have no relation at all with previous activities of the firm.

    • 4. LEGO’s strategy After the near-death experience in the late 1990s and early 2000s, and in order to stand still in the increasingly fierce competition, LEGO has insisted on ceaseless innovation of products, for which differentiation and diversification strategies were adopted.

    4.1 Product differentiation

    Starting from the basic plastic bricks and other elements with only primary colours and shapes available, LEGO keeps adding new variants to the already established products. Each new generation of offerings adds more complexity. Plastic bricks now come in up to 100

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    LEGO’s turnaround

    LEGO’s turnaround themes, including Bionicles, City, Harry Potter, Duplo, Friends, etc. Some main features displayed in

    themes, including Bionicles, City, Harry Potter, Duplo, Friends, etc. Some main features displayed in LEGO’s product differentiation strategy are the following.

    • 4.1.1 Horizontal differentiation

    As a horizontal differentiation strategy, LEGO has created many variants for its bricks,

    but keeping quality and price at a comparable level.

    • 4.1.2 Tie in with popular culture

    LEGO keeps finding a way to successfully satisfy the changing needs of the customers by setting all kinds of themes for its bricks. With the classical life scenes, such as city, space or robots, and popular and cultural stories, like ninjas or the Lord of the Rings, LEGO has become a hit again and again.

    • 4.1.3 Fast introducing of new product

    It’s hard to tell how fast LEGO introduces new toy designs and concepts every year to cater to its market. To cope with the fierce competition, LEGO chose to fight back its way with continuous innovation. Therefore, the company has to considerably invest in its R&D initiatives and accumulates 600 United States patents to its name so far (Ipexl.com, 2009).

    • 4.1.4 Interchangeability and Compatibility

    By keeping the nature of its bricks constant, LEGO’s customers can expand their collection without having to shelve their older sets. Hence, any LEGO toy set can be “plugged and played” with other compatible sets, to ensure its longevity and play value, and besides to inspire customers’ creativity when combining bricks from different sets.

    • 4.1.5 Customized to any age, interest and ability

    From DUPLO for toddlers, FABULAND for pre-schoolers, to the engineering oriented sets with motors, batteries and moving mechanical parts, LEGO makes sure not to miss any age of its target kid customers. And as the hottest toy company in the boy segment, LEGO is always trying to gap the gender differences in how kids play to reach girls’ market.

    4.2 Product diversification

    Not contented with toys, from the mid-1990s, the LEGO Group moved into video games,

    TV programs and movies. And with LEGOLAND theme parks established successively and apparel products launched, LEGO diversified its product line with moves beyond only toys.

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    LEGO’s turnaround

    • 4.2.1 Horizontal and vertical diversification

    LEGO’s turnaround 4.2.1 Horizontal and vertical diversification Without nearly any change of the market level, LEGO

    Without nearly any change of the market level, LEGO is just aimed at launching new services to meet variant needs of its customers. Furthermore, Lego has some stores to sell its own products directly to the customers. This is a clear vertical diversification strategy.

    • 4.2.2 Fan engagement

    On LEGO’s website, one can watch videos, play online games or download comics and wallpapers, all of them featured with LEGO characters. Just like the theme park, this is another way to engage customers into LEGO’s culture and stimulate the purchase of adjacent products, but freely.

    • 5. Assessment of the strategy

    5.1 Differentiation strategy analysis

    As

    a

    result

    of

    LEGO’s differentiation

    strategy, the

    company

    appears

    as

    a

    well-

    experimented firm and gives an image of toy specialist. By focusing on only one field of

    activity - the bricks -, LEGO holds a leading position in the whole toy industry.

    The toy’s market is very competitive, which means that firms have to renovate their products every one or two years. The differentiation strategic plan allows LEGO to renovate and launch new product every once in a while.

    From a financial perspective, it reduces the production costs because same materials can be used in the production process of different products, which leads to economies of scale.

    However, this strategy by itself can be risky for LEGO because it stakes everything on just one sector in what can sometimes be an uncertain environment. If a new competitor enters the market, or the behaviour of consumer changes, for example, LEGO might have troubles compensating the downfall; we can say, in some way, LEGO has put all its eggs in one basket. Moreover, the firm can suffer from a loss of reactivity and flexibility: the fact that all resources are allocated to one single activity means that the firm is less flexible and responsive to demand and requirements, especially in terms of adaptability to new markets. To cope with this problem, a good diversification strategy is crucial.

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    LEGO’s turnaround

    • 5.2 Diversification strategy analysis

    LEGO’s turnaround 5.2 Diversification strategy analysis As explained before, by forming strategic alliances with partners and

    As explained before, by forming strategic alliances with partners and developing new product lines unrelated to its original product, the brick, LEGO has implemented a product diversification strategy.

    The risk of this strategy is not zero, but the benefits are large and positive. Using this strategy offers many advantages, some of which are detailed below.

    This strategy decreases the risk explained before by diversifying LEGO’s activities. In the case where an activity would slow down, the other ones could compensate for the losses.

    The company is able to ensure the long-term future of the Group by investing in innovating sectors, like the firm did with the digital products. Using a diversification strategy makes it possible to take advantage of any opportunities that may arise: LEGO can reach new target groups, or surf on new trends, like amusement parks or online games.

    But to make this strategy efficient, the firm should be prepared to face some risks as well.

    First, the company faces financial risk of excessive dispersion of resources, over- stretching and over-expanding. These can lead to enormous costs and financial distress. Moreover, by diversifying too much, the firm risks developing products that differ too much from the original brand image and the brand can lose coherence toward consumers.

    Finding a new positioning and a new brand image that will fit with the new product mix is a real challenge. By deciding to develop movies, it is unclear whether LEGO is still a toy manufacturer, or the brand perception has changed among consumers.

    And last but not least, this strategy increases the complexity of managing the firm. By opening new product lines, the company has come to be a giant with many divisions and the managerial tasks have become a challenge at every level.

    • 5.3 LEGO’s strategy criticism

    To conclude, one can say that by implementing at the same time two product strategies,

    differentiation and diversification, LEGO has tried to have the best of both of them.

    While it remains risky to implement a diversification strategy, it also allows LEGO to be in position to face the economic uncertainties of the toy market. Furthermore, the differentiation strategy gives the company the opportunity to strengthen its position on the market.

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    LEGO’s turnaround

    LEGO’s turnaround The main criticism on LEGO’s strategy is the risk of over-expansion and “out of

    The main criticism on LEGO’s strategy is the risk of over-expansion and “out of the box” thinking. In the case of LEGO, a diversification strategy means constant innovation to create new products for new markets. This continuous innovation implies paying huge attention to the new products and prototypes, forgetting about the traditional core products. As a result, LEGO might chase too many trends and can lose control of the different product lines. The diversification strategy remains efficient provided that LEGO’s management ensures to keep a coherent expandable universe of toys.

    • 6. Future improvement recommendations

    After having analysed the past and present strategy of The LEGO Group, we are now able

    to construct some recommendations for the future of the company.

    First of all, they should become more precise with the production and inventory of their products that have shorter life cycles. We don’t recommend that they discontinue their innovation in this area, but LEGO should become more selective and put limitations on how many new products they introduce in a year. With the life cycles of many of its units being so short, LEGO tends to over produce sometimes. This stays in the remaining inventory when the unit has lost popularity. To fix this, LEGO should either become more precise in predicting the demand for these short lived units, or to re-invent the units in a way that will make them profitable in another market, i.e. India.

    Also, another recommendation we make to LEGO is to become more strategic in their expansions. They need to reach into markets like Asia and Australia, where their brand isn’t as strong. For growth in the Asian market (mainly India), LEGO should create a less expensive version of a previously existing product line. To do this we recommend that, to avoid the expenses attached to recreating a product, LEGO should significantly decrease the price of the many excess products that are in surplus in the European and American markets. Also, LEGO could create a smaller package/set of certain products that could also be offered at a significantly lower price.

    LEGO should also consider implementing marketing strategies to boost certain units of the company that are not performing as well. For example to enhance the sales and popularity of LEGO Friends, or other units directed towards young girls, LEGO should try product bundling. If LEGO were to offer one free entry into one of its LEGOLAND theme parks or to the viewing of one of its films, it would increase the sales of one unit (a product such as LEGO Friends) while promoting another unit (LEGOLAND or LEGOMOVIE).

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    LEGO’s turnaround

    LEGO’s turnaround Lastly, we recommend that LEGO focuses on the remaining weaknesses that have been highlighted

    Lastly, we recommend that LEGO focuses on the remaining weaknesses that have been highlighted in the SWOT analysis. This includes the return to the idea of the basic block which is the most essential piece to LEGO.

    If LEGO manages to solve these problems, the company can have a bright, long-lasting future, helping children around the world to learn and have fun using their imagination.

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    LEGO’s turnaround

    LEGO’s turnaround References A short presentation 2014. (2014). The LEGO Group , 28. Retrieved from <ahttp://aboutus.lego.com/en-gb/lego-group/company-profile Aboutus.lego.com,. ( 2014 ) . LEGO.com About Us, About the LEGO Group. Retrieved 18 October 2014, from http://aboutus.lego.com/en-gb Aboutus.lego.com,. (2014). LEGO.com About Us About the LEGO Group - The LEGO Group - Annual Re p ort . Retrieved 18 October 2014, from http://aboutus.lego.com/en-us/lego- group/annual-report Business Development Strategies, (July, 2012). LEGO’s Approach to Customer-orientation. Retrieved from: http://wearedevelopment.net/2012/07/11/legos-approach-to-customer- orientation/ Education.lego.com,. (2014). LEGO.com Education Home - About Us - Care for Education. Retrieved 16 October 2014, from http://education.lego.com/en-gb/about-us/care-for-education Global CMO The Magazine, (August, 2013). LEGO Global Marketing. Retrieved from: http://www.theglobalcmo.com/lego-global-marketing Homburg, C., Krohmer, H., & Kuester, S. (2013). Marketing management (pp. 132-138). London [u.a.]: McGraw-Hill Higher Education. Judith A. Chevalier and Dina Mayzlin (2006) The Effect of Word of Mouth on Sales: Online Book Reviews. Journal of Marketing Research: August 2006, Vol. 43, No. 3, pp. 345-354. Lego.com, (2014). LEGO.com Products. [online] Retrieved from: http://www.lego.com/en- us/products [Accessed 17 Oct. 2014]. Lim, W., & profile, V. (2012). How LEGO Insights . Coolinsights.blogspot.de . Retrieved Creates 15 a Lasting October Legacy - 2014, Cooler from http://coolinsights.blogspot.de/2012/02/how-lego-creates-lasting-legacy.html 13 " id="pdf-obj-14-4" src="pdf-obj-14-4.jpg">

    References

    A

    short

    presentation

    2014.

    (2014).

    The

    LEGO

    Group,

    28.

    Retrieved

    from

    Aboutus.lego.com,. (2014). LEGO.com About Us, About the LEGO Group. Retrieved 18 October 2014, from http://aboutus.lego.com/en-gb

    Aboutus.lego.com,. (2014). LEGO.com About Us About the LEGO Group - The LEGO Group - Annual Report. Retrieved 18 October 2014, from http://aboutus.lego.com/en-us/lego- group/annual-report

    Business Development Strategies, (July, 2012). LEGO’s Approach to Customer-orientation. Retrieved from: http://wearedevelopment.net/2012/07/11/legos-approach-to-customer- orientation/

    Education.lego.com,. (2014). LEGO.com Education Home - About Us - Care for Education. Retrieved 16 October 2014, from http://education.lego.com/en-gb/about-us/care-for-education

    Global CMO The Magazine, (August, 2013). LEGO Global Marketing. Retrieved from:

    http://www.theglobalcmo.com/lego-global-marketing

    Homburg, C., Krohmer, H., & Kuester, S. (2013). Marketing management (pp. 132-138). London [u.a.]: McGraw-Hill Higher Education.

    Judith A. Chevalier and Dina Mayzlin (2006) The Effect of Word of Mouth on Sales: Online Book Reviews. Journal of Marketing Research: August 2006, Vol. 43, No. 3, pp. 345-354.

    Lego.com, (2014). LEGO.com Products. [online] Retrieved from: http://www.lego.com/en- us/products [Accessed 17 Oct. 2014].

    Lim,

    W.,

    &

    profile,

    V.

    (2012). How

    LEGO

    Insights. Coolinsights.blogspot.de.

    Retrieved

    Creates

    15

    a

    Lasting

    October

    Legacy

    -

    2014,

    Cooler

    from

    13

    LEGO’s turnaround

    LEGO’s turnaround Lim, W., & profile, V. (2012). How LEGO Creates a Lasting Legacy - Coolerhttp://coolinsights.blogspot.de/2012/02/how-lego-creates-lasting-legacy.html Murphy, E. (August, 2011). Why Are LEGOs So Expensive? - DailyFinance. DailyFinance.com. Retrieved from: http://www.dailyfinance.com/2011/08/24/why-are-legos- so-expensive/ Realit y Prose, ( 2013 ) . What Ha pp ened with LEGO. Retrieved from: http://therealityprose.wordpress.com/2013/01/17/what_happened_with_lego/ Wieners, B. (2011). Lego Is for Girls . Businessweek.com . Retrieved 15 October 2014, from http://www.businessweek.com/magazine/lego-is-for-girls-12142011.html Wieners, B. ( 2011 ) . Le g o Is for Girls. Businessweek.com. Retrieved 12 October 2014, from http://www.businessweek.com/magazine/lego-is-for-girls-12142011.html 14 " id="pdf-obj-15-4" src="pdf-obj-15-4.jpg">

    Lim,

    W.,

    &

    profile,

    V.

    (2012). How

    LEGO

    Creates

    a

    Lasting

    Legacy

    -

    Cooler

    Insights. Coolinsights.blogspot.de.

    Retrieved

    14

    October

    2014,

    from

    Murphy, E. (August, 2011). Why Are LEGOs So Expensive? - DailyFinance. DailyFinance.com. Retrieved from: http://www.dailyfinance.com/2011/08/24/why-are-legos- so-expensive/

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    Wieners, B. (2011). Lego Is for Girls. Businessweek.com. Retrieved 15 October 2014, from

    Wieners, B. (2011). Lego Is for Girls. Businessweek.com. Retrieved 12 October 2014, from

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