LEGO has always embraced innovation and is strongly connected with its customers to provide them with a personalized experience of playing with LEGO toys. However, the recent trends of the customers towards technology-based group can be the next milestone for the company to stay competitive in the market. Similarly, since now consumers are more oriented towards green toys, the company need to shift its product development process to actual core-product innovation (“Great Scott! What’s next for open innovation at LEGO? – Technology and Operations Management, 2018”). This way the company can effectively market its products among its future customers which are likely to have better innovative options to play and learn apart from LEGO. However, as the growth rate of the company has been consistent in 2020 despite the economic disruption in all sector of the world due to the pandemic, this indicates the relatively stable position of LEGO in the market. But to sustain its growth, the company should address the new buying preferences of the customers and introduce new innovative products by also keeping the prices as competitive as possible (Qian, 2020).
References
Great Scott! What’s next for open innovation at LEGO? – Technology and Operations Management. (2018). Technology and Operations Management. https://digital.hbs.edu/platform-rctom/submission/great-scott-whats-next-for-open-innovation-at-lego/
Qian, J. (2020, December 11). LEGO: The Marketing Strategy Behind the Toy Industry Titan – ContactPigeon | Blog. ContactPigeon | Blog. https://blog.contactpigeon.com/lego-marketing-strategy/
