Product Strategy of Lego: An Analysis of Marketing Mix

Running head: INTRODUCTION TO MARKETING
Lego
Introduction to Marketing
11/27/2018

INTRODUCTION TO MARKETING 1
Table of Contents
Introduction................................................................................................................................2
Overview of Lego..................................................................................................................2
Marketing mix of Lego..........................................................................................................2
Product Strategy.................................................................................................................2
Product Life Cycle.................................................................................................................3
Introduction Stage..............................................................................................................3
Growth Stage......................................................................................................................3
Maturity..............................................................................................................................4
Decline...............................................................................................................................4
Differentiation Strategy..........................................................................................................4
Brand Equity..........................................................................................................................5
Conclusion..................................................................................................................................5
References..................................................................................................................................6

INTRODUCTION TO MARKETING 2
Introduction
Marketing is one of the significant aspects of any business. It is said to be the main procedure
for investigating, promoting, and selling products to the target audience. Marketing is
comprised of different strategies that support in analyzing the company's position in the
market (Wu, 2016). The aim of this report is to enhance the understanding regarding the
product strategy of Lego Company through marketing mix strategy.
Overview of Lego
Lego is one of the known plastic toys lines that are created by Lego Group, a private business
established in Denmark. The flagship product of the company, Lego, comprises of colorful
plastic bricks convoying a collection of gears, figurines called mini figures, and other
different parts. Pieces of Lego can be accumulated and joined in a different manner to make
objects comprising working robots, buildings, and vehicles. Anything that is created with the
help of Lego pieces can then be taken apart again, and parts of the toy can be utilized to
create another object (Lego, 2018).
Marketing mix of Lego
Product Strategy
Lego is the world’s biggest brand of block toy. Lego not only constructs toys but it has
involved in many different market spaces. It initiated as a toy manufacturing business but
today it has also become a big marketer. Lego group has launched thousands of Lego sets
with numerous themes such as space, undersea exploration, castle, robots, pirates, Vikings,
Wild West, dinosaurs, and trains. It also possesses licensed themes for cartons, films, and
video games such as like Lego Racers 2, Lego Marvel Superheroes, Lego Island, Lego