The price strategy of LEGO contains many aspects of the product manufacturing to its delivery to the customers. As explained by LEGO, the company does rigorous research to finalize the prices of different pieces in the set, and cost of the new unique molds if they are required, and also the cost of licensing new characters from other brands and companies (Help Topics – Customer Service – LEGO.com US, 2021). However, the prices can differ in different regions because the company has to consider many other factors, such as the region’s population, exchange rates, transportation costs, taxes, and local laws which makes the prices of the LEGO sets different in different regions. Sometimes, the stores’ owners also sell the LEGO products at prices that are more or less the same as the prices of those products in the LEGO stores, and the reason for this is that LEGO does not control these stores (Help Topics – Customer Service – LEGO.com US, 2021). However, the primary reason behind the relatively higher prices of LEGO is the quality that it provides to its customers. Therefore, the company never offers any discount on its products, and this is what differentiates it from its competitors (Why Are Plastic Lego Bricks So Pricey?, 2017).
References
Help Topics – Customer Service – LEGO.com US. (2021). Lego.com. https://www.lego.com/en-us/service/help/products/themes-sets/how-we-decide-the-prices-of-lego-sets-408100000008322
Why Are Plastic Lego Bricks So Pricey? (2017). Robert H. Smith School of Business, University of Maryland. https://www.rhsmith.umd.edu/faculty-research/smithbraintrust/insights/why-are-plastic-lego-bricks-so-pricey
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