MKTG5111: Julia Goldin Case Study - Market and Macro Environments - Marketing Assignment Help

Assignment Task :

Learning Area: Verbal Communication 

Read the following article and answer the questions that follow. 

How marketing built Lego into the world’s favourite toy brand The humble Lego brick is celebrating its 60th anniversary this year. CNBC looks at how marketing has kept it at the top of children’s wish lists, in spite of poor 2017 results. 

When Julia Goldin found out she’d got the job as chief marketing officer (CMO) at Lego, the world’s most valuable toy company, she bought her sons a Lego Big Ben set. “I put it on the table and (said) ‘I have news. I have a new job, and we’re going to move to London’,” she told CNBC by phone. It was 2014, and the family was living in the U.S., Goldin having worked as beauty brand Revlon’s global CMO based out of New York. 

Everyone has their Lego story, says Goldin. “Every time I meet anybody and I tell them that I work at Lego, I get a big smile because everybody has a personal story to tell. They remember their first set, they remember the first time they gave (it) to their child (or) something that they built.” “Marketing is really core to what we put out there ... and that’s why we want it to be part of the results presentation.” 

Julia Goldin – Chief Marketing Officer, Lego But Goldin’s Lego story isn’t one from her childhood. She grew up in Russia, a world without the famous plastic bricks (Lego as we know it today was first made in a small Danish town in 1958), and it wasn’t until she relocated to the U.S. as a mother to a four-year-old son that she fell in love with Lego. A move to Japan followed when he was six, but the bricks weren’t well-known there either. 

“In Japan at that time, you didn't have much Lego. So I used to go back to London to shop in Argos. And one of the sets that I bought for him, because he really wanted it, was the Millennium Falcon (a starship in the “Star Wars” franchise), (so) that's my Lego story.” 

There have been various versions of the Millennium Falcon and the latest, launched in October, was one of Lego’s hits of 2017. Selling for nearly $800, it has 7,500 pieces, making it the largest version of the spaceship the company has created. But it was an abundance of bricks that contributed to last year’s poor results: Too much stock was held in warehouses in 2016 and had to be sold off cheaply, contributing to an eight percent decline in revenues for 2017. Speaking at its results presentation in March, CEO Niels. B Christiansen said there would be “no quick fix” for the company and that more efficient marketing would be one priority for 2018. Goldin plans to make sure there are fewer hierarchies in her teams so that decisions can be made more quickly, and will also focus on data analytics to measure the impact of campaigns. 

Question 1 

Conduct a SWOT analysis on Lego where you discuss 2 relevant points of each component. 

Question 2  

Discuss five marketing gaps that exist between Lego and the consumer. 

In your answer refer to who would be responsible for closing these gaps for the brand. i.e. which intermediaries. Provide examples to support your answer. 

Question 3  

Identify and discuss four variables (in total) in the market and macro environments that could impact the Lego brand. 

In your answer, state whether it is a market or macro environmental factor. 

Question 4  

Discuss the five steps of the Consumer-decision making process with application to a parent seeking to buy Lego for their child. 

Question 5  

The article states: “Lego is loved by all types of people”. 

However, as a marketer, you need to have knowledge of segmenting, targeting and positioning your brand to have the most successful marketing strategy. 

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