Impact of New Technology and Internet Influencing Marketing Mix. LEGO Assignment

Impact of New Technology and Internet Influencing Marketing Mix. LEGO Company - Assignment Example Lack of innovation and advancement of technology would engender stagnation of the organisation. Without an innovative approach and technological progress an organisation would not be able to prolong in the extremely aggressive and competitive era. Thus, an organisation has to be innovative in every aspect. Considering LEGO Group, it splits its eminent innovative efforts into eight divergent parts from development of the products to model innovation. It gives principal recognition to technology and in recent times the prominence of intellect and behaviour had been acknowledged and through a partnership with Massachusetts Institute of Technology (MIT) Robot technology had been pooled with LEGO construction system ensuing in LEGO Mindstorms which allows its prospect customers to construct and design a robot within 30 minutes. LEGO has also a mission with regard to quality assured products. Mindstorm was an outcome of partnership amongst LEGO and MIT. The key idea behind it is to make th e children assess the toy. Another remarkable innovative product launched by LEGO is the movie maker which uses the similar proposal which allows the kids to make their own movies through the access to the computers. Marketing Mix Marketing procedures always require necessary attention on part of the management as production of goods would not have any intent unless products are sold in the market. Marketing mix signifies the assimilation of various marketing elements in an efficient way that would lead to the accomplishment of the organisational target in the best probable and desirable way. It is the strategy framework implemented by the marketer to achieve sensation in the marketing field. For being a thriving marketer one should always take into severe consideration the customer satisfaction as it is known that it is not the products that are sold in the market it is the satisfaction in terms of the product that is sold. The four heads under which the marketing elements are cate gorised are the product, price, promotion and place. Thus, a marketing mix is regarded as the unification of the four chief elements known as the 4P’s. Product refers to a physical and tangible characteristic allied with it for which the consumers are ready to pay for to derive satisfaction whereas services are intangible in nature which is purchased by the customers. Product is considered to be a key constituent for any marketing mix. The various decisions with respect to the product may be regarding the branding, product attributes product service support, product mix, product standardizing, colouring, packaging, product innovation, product modification and development of the accurate product among others (Russell Smith & Taylor, 2004). Price is the second constituent of the marketing mix affecting the sales. It comprises of determination of a pricing object and procedures, profit margins, price fixation, discounting policy, credit policy and concession policy among others. Promotion being the third constituent deals with influencing and drawing the attention of the customers. Promotion implies to the swaying communication about the vivid aspects of the product such as advertising, public relation, personal selling, sales promotional activities, displays and demonstrations among others (Russell Smith & Taylor, 2004). Place, also referred as distribution mix, is blend of decision making with context to location,