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Informatics And Management Science Add in library

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Question:

Discuss about the Informatics and Management Science.
 
 

Answer:

Introduction:

Branding of an organization has considered being most crucial as it helps in evaluating the desired growth of the firm by selling its products within the appropriate market segments. LEGO group is one of the private firms which were discovered in the year 1932 merely on a base of iconic LEGO@ brick which is known to be the leaders in manufacturing of “Play Materials” (Jensen, 2016).The primary aim of this paper is to highlight the different aspects of brand management within concerned market segments and for this particular paper LEGO group has been undertaken (Desbordes, 2013).  The company desires to enhance as well as augment the energy level along with the skills of the children by making best toys as per their suitability (Van Hecke, 2010). The history of the company reveals the fact that the company started from a small workshop and soon became the international enterprise in the field of largest manufacturers of toys for children.   

Brand Inventory

In development and management of a brand, it becomes very crucial to look forward to the crucial elements under brand inventory (Spanyol, 2014).  These brand elements are the name, LOGO, diverse kind of the advertising programs, packaging, promotion as well as PR that facilitates to boost the efficacy of the whole brand to the clientele (Du, 2013).  The change in the concerned market segments has evaluated the fact that the company needs to bring out the preferred creativity as well as innovation in the products as to retain the old consumers and for attracting the new consumers towards the firm.

Brand elements

The brand elements are as follows:

LOGO

This is considered to be the most crucial while the creation of brand value as the development of the LOGO helps in developing trust with the customers. The feedback received from the different clients helps to recognize that there are some customers for which the LOGO does not work and there some other customers who get emotionally attached to the brand (Fabozzi & Markowitz, 2011).  Offering the best quality of services as well as the products helps the customers for trusting on the brand and LEGO is doing this for a long period.

Packaging

This is another important element which needs to give top priority as the attractiveness of the products helps to draw the attention of the clients towards the product ("Google’s latest accomplishment: refining marketing practice", 2012).  Children are more prone to the attractiveness of the toys which they have been offered and in order to draw their attention towards the toys the packaging needs to be of top most quality (Pettinger, Nelson, & Economy, 2011).

 

Promotions and advertisements

The most crucial part is the promotion of the products offered by the firm by effective advertisement channels to the targeted customers (Keller, 2008). Use of the social media, as well as the cartoon channels on television, will help in generating a large amount of impact on the children regarding the purchasing of the toys and moreover, it will create the branding of the firm.

Symbol

Feelings of the different customers sometimes get attached to the symbol of the firm and therefore some people remains in favor of the symbol as well as brand whereas there are some people who dislike the brand due to the services provided by them. The symbol of Lego is quite good and it reflects the quality of the products delivered by the firm (Kendrick, 2010).  

Brand positioning

The company is targeting the children of ages between 3 to 15 years of the age for selling its toys. LEGO is one of the reputed firms in the field of toy manufacturing across different parts of the world.  In positioning of the brand, some points need to be properly analyzed such as the crucial requirements of the targeted customers and offering of the products along with the reasonable price range as to raise the selling of the individual products (Oriard, 2010). 

Perceptual map

Figure: Perceptual map

The perceptual map critically evaluates the fact that LEGO is in the group where it makes high quality, high cost and healthy of the products for all its customers.

Brand mantra

The brand mantra is to develop “creative, innovative and efficient builders of tomorrow by the means learning and creative playing”. The company is engaged in enhancing the skills, knowledge and the capability of the children by offering them creative and innovative toys which will help in promoting effective learning.

SWOT analysis

      Strengths

Weaknesses

·         The company has strongest brand name across 55 countries

·         Has the strongest portfolio for the products

·         Incorporation of educational features to enhance the skills of children

·         Diversifying the brand across different various video games

·         Providing encouragement to children regarding development of problem-solving skills 

·         The increment of the online video games has resulted in loss for the market shares

·         Incomplete knowledge of the employees regarding the services and products

·         Improper strategies for perfect branding of the firm

·         Imitation of the respective toys available with the firm is a major area of concern

·         Improper management of the brand by not utilizing resources effectively

 

Opportunities

Threats

·         Using the brand name of the firm in attracting the customers regarding the purchase of the toys

·         Diversifying the corporation into several other marketplaces 

·         Efficient use of the branding strategies in order to build the desired reputation of the company

·         Limited resources of the brand affect the business processes

·         The location of the business needs to be improved by shifting it to the appropriate places

 

·         Some of the potential competitors are Mega Bloks, Oxford Toys, Hasbro KRE-O, Cobi and Best-Lock

·         Development of the online games as well as the different cartoon channels are crucial threat for the firm

·         Effective use of internet affects the business process and selling of the toys

·         Increase in the number of the outdoor games also diverts the children for purchasing toys and is a potential threat to the firm 

·         Shifting of the consumer behavior as well as the newly enhanced products affects the firm 

SWOT analysis implications

 

Opportunities

 

Threats

 

 

Strengths

 

The brand name and the quality products of the firm can be used in increasing the profitability of the organization.

Delivering the best quality of products which will help to promote effective learning for students will reduce the impact of threats.

 

Weaknesses

 

Proper innovative tools s needed to develop best toys as to reduce the impact of the online games.

The short and long term goals needed to be defined for reducing the impact of other games and promoting the toys manufactured by LEGO.

Differentiation strategies related to the quality purpose and cost price of the products are crucial in order to reduce the potential threat from the competitors.

Conclusion

The paper concludes that the LEGO is aimed to develop creative skills within children of ages 3 to 15 years old with the help of creative and innovative toys. Brand inventory includes brand elements such as the name, LOGO, diverse kind of the advertising programs, packaging, promotion which helps in establishing the reputation of the brand in the targeted market area.

 

References

Desbordes, M. (2013). Latest sponsorship strategies and the need for research.International Journal Of Sports Marketing And Sponsorship, 14(3), 1-1. https://dx.doi.org/10.1108/ijsms-14-03-2013-b001

Du, W. (2013). Informatics and management science V. London: Springer.

Fabozzi, F. & Markowitz, H. (2011). The theory and practice of investment management. Hoboken, N.J.: John Wiley & Sons.

Google’s latest accomplishment: refining marketing practice. (2012). Journal Of Consumer Marketing, 29(3). https://dx.doi.org/10.1108/jcm.2012.07729caa.002

Jensen, M. (2016). The LEGO® Brand - The LEGO Group - About Us LEGO.com. Lego.com. Retrieved 21 August 2016, from https://www.lego.com/en-us/aboutus/lego-group/the_lego_brand

Keller, K. (2008). Strategic brand management. Upper Saddle River, NJ: Pearson/Prentice Hall.

Kendrick, R. (2010). Cyber Risks for Business Professionals. Ely: IT Governance Pub.

Oriard, M. (2010). Brand NFL. Chapel Hill: University of North Carolina Press.

Pettinger, R., Nelson, B., & Economy, P. (2011). Management for dummies. Chichester: Wiley.

Spanyol, T. (2014). Nuisance calls latest. J Direct Data Digit Mark Pract, 15(4), 348-350. https://dx.doi.org/10.1057/dddmp.2014.31

Van Hecke, M. (2010). The brain advantage. Amherst, N.Y.: Prometheus Books.

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