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Everyone knows or has heard of the colorful bricks that can be combined to form all sorts of shapes, figures and creative constructions. The LEGO toy brick have been and still is a cornerstone in children’s education and play, and has been acclaimed “Toy of the Century” by Fortune Magazine in this millennium.
The LEGO Group which is a private held company based in Billund, Denmark, is still owned by the Kirk Kristiansen family, who established LEGO in 1932. Today LEGO has approx. 10.000 employees who provide toys and other teaching materials in more than 130 countries (LEGO website). The name LEGO comes from combining the two first letters in LEG GODT, in English “Play Well”, and also happens to mean “I put together” in Latin.
The LEGO group is a very innovative company, with a keen focus on following the pace of the market and developing tomorrow’s products. The rage of products has expanded to suit a greater variety of ages. Products such as Duplo, Lego, Lego Techno and LEGO MINDSTORMS, as well as LEGO’s recently developed online environments, where people can create avatars, interact, share information and get inspired. Platforms and forums for social medias increases as well, digital play experiences as well as a new concept called LEGO Design byME, allowing consumers to put together virtual Lego models on their computers with the option of buying them.
This article gives you a short insight into how LEGO focus on and interact with consumers to develop future product and services in line with consumer needs, preferences and interests. LEGO is an interesting example because LEGO.com currently ranks as the No. 1 family and children website, underlining there success in creating an online environment for their target groups.
Emerging-market multinationals (EMMs), which are companies operating in several countries, have during the last decades, attracted substantial attention from western multinationals for their increasing scale on international level. In 2008 the Emerging economies had 70 multinationals in the Fortune Global 500, an increase of 50 from 1998, and an increase of 9 since 2007; clearly demonstrating the pace of the Emerging multinationals. This development has been possible through a high number of mergers and acquisitions, as well as a focus on Capital (Foreign Direct Investments), Talent (workforce), Resources (commodities etc.), new consumers and Innovation.