Answer the following questions.1. Find out what was the problem and why the change was needed?2.how change was implemented?3. Was the change model successful? What could you do differently? (Refer to change management methodology )

LEGO Case study Lego's reinvention has seen its story hailed as the greatest turnaround in corporate history. From 1932 until 1998. Lego had never posted a loss. By 2003, it was an entirely different story. Sales were down by 30% year-on~year and the brand was $800 million in debt. What didn't help their situation was that Lego hadn't added anything of value to its portfolio for a decade. So, what happened between Lego's CEO, Jorgen Vig Knudstorp, admitting that the brand is running out of cash and he wouldn't survive, and when it overtook Ferrari as the world's most powerful brand in 2015? Much like Netflix. Lego eventually realised that its lifespan of physical products wasn't going to have an infinite interest. After a period of expansion, this beloved toy company was near bankmptcy in 2004. With this realistic yet disastrous outcome on the horizon, Lego decided it was time to start restructuring. l} To begin. the business implemented digital transformation. instead of putting their sole focus on physical toy products, Lego is increasingly concentrating on bridging the physical and virtual augmented reality (AR) experiences. Now, Lego's revival has gone down in history. A book has been devoted to the subject - Brick by Brick: How Lego Rewrote the Rules of Innovation - while the likes of Google, Adidas and Sony all refer to it. By finding new sources of revenue, LEGO has managed to transform its brand and keep up with the requirements of its target audience today. Read the Case study and answer the q uestions in bullet points. Each answer word limit - ' * h-EO'w