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

Impact of New Technology and Internet Influencing Marketing mixture. LEGO federation - Assignment ExampleLack of innovation and advancement of technology would engender stagnation of the organisation. Without an innovative burn up and technological progress an organisation would not be able to prolong in the extremely competitive and competitive era. Thus, an organisation has to be innovative in every aspect. Considering LEGO Group, it splits its eminent innovative efforts into eight different parts from development of the wares to model innovation. It gives principal recognition to technology and in recent times the jutting of intellect and behaviour had been acknowledged and through a confederacy with Massachusetts Institute of Technology (MIT) automaton technology had been pooled with LEGO construction system ensuing in LEGO Mindstorms which allows its prospect customers to construct and design a automaton 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 tell apart idea behind it is to make the 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 issue of goods would not have any intent unless products are sold in the market. Marketing mix signifies the culture of various marketing elements in an efficient way that would lead to the accomplishment of the organisational target in the silk hat 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 shape the customer bliss as it is known that it is not the products that are sold in the market it is the contentment in terms of the product that is sold. The four heads under which the marketing elements are categorised are the product, price, advance and place. Thus, a marketing mix is regarded as the unification of the four chief elements known as the 4Ps. crossway 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 component part 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 proce dures, 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, worldly concern 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 make with context to location,