Brand Audit Part A-Lego Group

Discuss about the Brand Audit Part A-Lego Group.

Introduction

For this particular research paper, Lego Group has been undertaken. It is a private and family owned firm which was founded in the year 1932 on the basis of iconic Lego® brick which is one of the leading manufacturing companies of “play materials” (Keller, 2008). This research paper will help in evaluating the desired aspects and importance related to the brand management of a particular firm. The company is engaged in the development of toysand whose primary aim is to develop effective and creative builders for tomorrow by means of creative play as well as learning.  Use of the innovative technologies and creative ideas are the top most priority of the company and it aims in delivering the best manufactured products as for the use of children.  The company has emerged from a small workshop to an international enterprise and become the largest manufacturers of toys throughout the world. There is a product called “LEGO Bricks” which is called as the toy for present century (Jensen, 2016). The company promises that the products have undergone several development changes throughout many years but the most crucial thing is that there is no change in the traditional LEGO Bricks.  It is very crucial for any firm to be creative regarding the development of the products as this helps in establishing the pillars of the firm within the concerned marketplaces. Moreover, the brand value increases the when the particular company offers desired quality of products as per the reliability of the customers. The company is engaged in improving the overall performance of the business process by increasing the quality and the pricing strategies and the use of creative ideas have contributed to a great extent in evaluating its growth. Estimation of the brand value is considered to be more important as it helps in developing the imperative growth of the company to a larger extent (Brand, 2016). There are certain brand values like the revenue, budget and the profit which needs to be considered as this helps in bringing out the desired position of the firm within the concerned market segments. Change in the quality of the products is crucial as it helps in developing the brand image of the firm in front of the customers.

Brand Inventory

There are certain brand elements such as the name, LOGO, different types of the marketing programs, packaging, advertising and PR which helps in increasing the effectiveness of the entire brand in front of the customers (Davenport & Thomason, 2011). The market segment of the firm is construction and the development of toys for children. The targeted group is between 3 to 15 years of children. The positioning strategies are to be the leaders in the field of manufacturing of toys (Gordon, 2010). The development of the LEGO brick is considered to be the most crucial element for the firm. Quality and innovation are considered to be the most crucial factors while the development of the products for LEGO group.

Brand Elements

Logo

The feedback received from any of the customers reveals the fact that there are certain customers who do not care logo of LEGO but there are a large number of the customers who have an emotional attachment with the brand logo and it is merely due to the quality products offered to them.

Symbol

Feelings of the customers are attached to the symbol of the firm and there are different consumers who describe the symbol as to be static, bland, lacking energy and empty (Helm & Jones, 2010). Whereas, there are customers for whom the symbol of the LEGO Group is too attractive and signified.

Packaging

The packaging of the products is considered to be of great importance as this generates enormous impact on the minds of children regarding the toys manufactured by LEGO Group (Jensen, 2016).  These three elements along with other factors have been described below.

Some of the brand values of LEGO Group are imagination, creativity, fun, learning, caring and quality. The company uses the tool of imagination in order to bring out the desired change within their products as to increase the selling of the products and amaze the products attractive for the customers.   The company considers the need of children while developing the toys as this will help in increasing the number of customers towards the firm.  The development of the toys is the most crucial thing for LEGO group and it is mere to increase the effectiveness of the brand values (Keller, 2008). As a brand manager, it becomes very important to understand the desired needs and wishes of the customers as this will help in increasing the brand values.  The next part is the creativity; it is the desired ability of any firm to make the products innovative. LOGO of the firm plays the most crucial role in creating the desired impact in front of the clients, so more focus should be developing of the creative and attractive brand logo.  The different types of the marketing and the advertisement programs are considered to be of great importance in evaluating the success of the considered brand over the targeted market segments ("Life in our oceans is changing rapidly: the latest audit", 2012). In developing a stronger brand, the most significant factor is the advertisements and promotions which help in spreading the name and the core values of the firm within a certain market area.   There are six of the crucial faces of brand identify which needs to be understood in an effective manner, they are Physique, Personality, culture, reflection, relationship, and self-image (Pettinger, Nelson, & Economy, 2011).  As being a manager of the firm it is important to develop efficiently and effectual relation with the customers as it will help in enhancing the strongest position of the brand within the concerned marketplaces (Wilson & McDonald, 2013).     

Brand Exploratory

Brand position

LEGO Group in considered to be one of the leaders in the field of toy manufacturing throughout different parts of the world (Oriard, 2010). The brand position of any firm creates the desired impact on clients regarding the purchasing of the products.

Target Audience

The children between 3 to 15 years of age are the concerned target audience for LEGO Group as this will help in increasing the selling of the products to them.

Brand Portfolio

LEGO Group is the leading toy makers for children throughout 55 different countries globally and therefore the primary aim of the firm is to develop effective and efficient toys (Wheeler, 2012).  

Brand Performance

The execution of the business processes and the feedback received from the customers reveals the performance of the firm in terms of delivering good quality of toys at affordable prices. 

Brand Personality

The effective promotion of the brand by the well-known celebrities helps in generating the desired amount of revenue for the firm and this also increases the brand awareness throughout the targeted audiences.

Swot Analysis

Strengths

• Incorporating education features for the development of key skills within children
• Strongest brand names throughout 55 countries
• Strongest products portfolio
• Provides encouragement for goal oriented plays and the problem-solving skills
• Diversification of the brand into various other video games
• Development of the toys as to increase the skills of children and promote effective learning in them

Weaknesses

• Imitation of the different toys and products which are a concern for the brand name
• Rise in intensified competition owing to switching of higher brand by the clients
• Loss of the market shares to the concerned online games
• lack of knowledge of the new employees within the firm regarding the development of the toys
• lack in effective branding strategies by the management team 

Opportunities

• Organizing the competitions within different schools as to increase the skills of children
• Diversification of the firm into various other market segments
• Effective branding strategies to reach out different other new market segments
• Perfect promotional and advertising strategies from the management team to increase the selling of the products

Threats

• There are crucial threats to the firm from the creation of the online games
• The starting of the new cartoon channels possesses vital threat to the firm
• Use of the internet technology is another means of potential threat to the firm
• Outdoor games for children creates a major threat to the business
• There are several other companies ion the fi8ld of toy development which causes serious threat to the business on a large scale  

Conclusion

Lego Group is one of the leading manufacturers of toys throughout 55 different countries globally. The primary motive of the firm is to promote effective learning and development skills throughout children with the help of toys.   The recognition of the brand values plays the most significant role in attracting a large number of the customers and finally it increases the productivity and profitability of the organization. While auditing a particular brand the most crucial is to look after its strengths, weaknesses, threats and the opportunities and which has been highlighted for Lego group in this particular paper.  The target market, segmentation strategies and positioning strategies need to be defined as this brings out the desired success for the entire brand.  Moreover, the role of a brand manager is crucial in evaluating the success of the firm by effective promotional and advertising strategies. 

References

Brand, D. (2016). A Global Look at IT Audit Best Practices. Edpacs, 54(2), 8-9. http://dx.doi.org/10.1080/07366981.2016.1195675

Davenport, J. & Thomason, J. (2011). Prosthetic Treatment of the Edentulous Patient.Wiley-Blackwell.

Gordon, R. (2010). An audit of alcohol brand websites. Drug And Alcohol Review, 30(6), 638-644. http://dx.doi.org/10.1111/j.1465-3362.2010.00257.x

Helm, C. & Jones, R. (2010). Brand governance: The New Agenda in brand management. J Brand Manag, 17(8), 545-547. http://dx.doi.org/10.1057/bm.2010.20

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.

Life in our oceans is changing rapidly: latest audit. (2012). ECOS. http://dx.doi.org/10.1071/ec12394

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

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

Wheeler, A. (2012). Designing brand identity. Hoboken, New Jersey: John Wiley & Sons, Inc.

Wilson, H. & McDonald, M. (2013). Marketing plans. Hoboken, N.J.: Wiley.

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