The LEGO Group is a Danish toy company founded in 1932 that produces plastic construction toys. The companys signature product is the LEGO brick, a versatile building block that can be used to construct virtually any shape.

Over the years, LEGO has expanded its product offerings to include themes such as Star Wars, Harry Potter, and Marvel Super Heroes, as well as a variety of video games and movies. However, the company has faced several challenges over the years, including intense competition from other toy manufacturers, a lack of innovation in its product line, and a global recession that led to declining sales. This case study will explore how the LEGO Group overcame these challenges to become one of the worlds most successful toy companies.

Problem Identification One of the key challenges facing the LEGO Group in the early 2000s was increased competition from other toy manufacturers. Specifically, the company was facing competition from companies such as Mattel and Hasbro, who were aggressively marketing their own construction toys. Additionally, the rise of electronic toys and video games had led to a decline in interest in traditional toys, including LEGO bricks.

Another problem facing the LEGO Group was a lack of innovation in its product line. While the companys core product, the LEGO brick, remained popular, the company had not introduced any new products or themes in several years. As a result, many children had become bored with the brand and were looking for new toys and play experiences.

Finally, the LEGO Group was facing a global recession that had led to declining sales. With consumers cutting back on discretionary spending, many parents were no longer willing to buy expensive LEGO sets for their children.

Explain the implementation solution.

Please do not use Chat GPT to carve the answer.