Roundtable: How Lego became the world's largest toymaker

By: Smart Planet

According to David Worthington of CBS SmartPlanet, "Lego went from crisis to becoming the world’s largest toy company in the span of a decade. It’s secret isn’t just selling US$1 of raw plastic for $75 – the company excels at engaging with its customers, understands its product, and has made the right strategic partnerships to expand its lineup beyond its namesake building blocks."

D'Amore-McKim School of Business's Professor Richard Hanna, ties in new media to the Lego name, saying, “The new Lego Movie brings all of the product lines together and attempts to inspire kids (and parents) to just build things and not worry about whether it fits the original description. Total freedom to explore!” Hanna also cites the strategic partnership with Star Wars to be an intrinsic step in turning around the product. “Possibly the most important first step was partnering with Lucasfilms in 2000,” says Hanna. “…The global recognition of the Star Wars brand coupled with Lucasfilm’s keeping Star Wars fresh has helped keep the Star Wars sets a top seller for Lego…It also opened the door for similar relationships with other companies such as Warner Brothers and Disney, among others." Read the full article here