Submitted by: Submitted by mazinmc
Views: 111
Words: 4665
Pages: 19
Category: Literature
Date Submitted: 05/28/2014 03:16 AM
BOOK:
Brick by Brick: How LEGO Rewrote the
Rules of Innovation and Conquered the Global Toy Industry
Business
Book
Summary
–
HRM
Assignment
ABSTRACT
“Brick
by
Brick”
takes
you
inside
the
LEGO
you've
never
seen.
By
following
the
teams
that
are
inventing
some
of
the
world's
best-‐loved
toys,
it
spotlights
the
company's
disciplined
approach
to
harnessing
creativity
and
recounts
one
of
the
most
remarkable
business
transformations
in
recent
memory.
Submitted
by
Mazin
Meaboob
C
[roll
no.102]
Summary
"Brick by Brick" takes you inside the LEGO you've never seen, spotlighting the company's disciplined approach to harnessing creativity and recounting one of the most remarkable business transformations in recent memory. In 1998, LEGO suffered its first major loss in company history. Faced with the digital toy revolution, few barriers to entry for competitors, and ultra-demanding consumers (nineyear-old boys), the company hired consultants and implemented the standard rules of innovation. Instead of growth, these changes brought the company to the edge of bankruptcy in 2003 and demonstrated that what works in theory can fail spectacularly in the brutal reality of the global economy. It took a new LEGO management team to reinvent the innovation rulebook and transform LEGO into one of the world's most profitable, fastest-growing companies. "Brick by Brick" reveals how LEGO: became truly customer-driven by cocreating with kids as well as its passionate adult fans; looked beyond products and learned to leverage a full-spectrum approach to innovation; opened its innovation process by using both the "wisdom of crowds" and the expertise of elite cliques; discovered...