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the mission statement is to inspire and develop the learners of tomorrow. they value imagination, creativity, fun, learning and quality

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the mission statement is to inspire and develop the learners of tomorrow. they value imagination, creativity, fun, learning and quality

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Mission: Aim and inspire children's creativity in a new and innovative way

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Mission: Aim and inspire children's creativity in a new and innovative way

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A mission Statement is a statement on what an organisation plans to achieve. Lego's mission statement targets the children as they are their major stakeholder.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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Topic 3.4

Profit and loss Account:
shows a firm’s profit (or loss) after all production costs have been subtracted from the organization’s revenues, each year.

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Topic 3.5

Ratio analysis:
Financial analysis tool used in the interpretation and assessment of an organization's final accounts.

Gross profit margin:
(Gross profit)/Revenue  x 100
Assess financial health of a company.
Comparison tool with competitors in the same industry.
Ideal 50%

High:

Desirable

Firm is profitable from selling their product

Can easily cover all of its fixed/indirect/operating costs

Low:

Undesirable

Hard to cover operating costs of the business

Negatively impacts cash flow

Net loss may occur

Inappropriate pricing strategy or errors in inventory/stock control

This means that for every $100 of sales revenue generated by LEGO, $68.8 is retained while 31.2% ($31.2) is attributed to the cost of goods sold.
Furthermore, the desired ratio is 50%, hence 68.8% is above that, therefore they are operating efficiently.

Net profit margin:
(Net profit)/Revenue  x 100
Measures how many cents of profit does a company keep for every dollar that they spend​.
Assess financial health of a company.
Comparison tool with competitors in the same industry.
Ideal 20%

High:

Low volume products i.e. luxury products

Business has control over their expenses

Efficient in managing overhead cost

Low:

High volume products i.e. fast food

Hard to cover operating costs of the business

Negatively impacts cash flow

20% is the ideal NPM and LEGO is above this at 21.3%.
For every $100 in sales revenue, LEGO earns profit before interest and tax of $21.3.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).

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Topic 2.1

Business by function:
Structuring a workforce according business functions, i.e. specialised roles or tasks. Typically, this will involve staff working together but from different departments, such as marketing, human resources, production (operations), and finance. Each department has a manager or director who is in charge of the assigned functional area of the business. Departmental staff report to the respective manager or director, who has overall responsibility for the functional area (a department or division of the overall business).

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Culture:
Refers to the way of doing things are done or how things are done within an organization, community, or country.​

Cultural Dimensions:
Tool helps managers to understanding the cultural similarities and differences that exist between and across different countries. This helps them to determine more appropriate ways to conduct their operations given different national and international settings.

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Topic 4.2

Market segmentation:
The process of dividing a market for a product into smaller or distinct groups of customers in an effort to meet their specific desired needs and wants.

Market segments:
A distinct group of customers with similar characteristics, tastes, and preferences.

Demographics:
The process of splitting consumers according to statistical characteristics of the population, such as age, gender, family size, religion, and ethnicity.

Geographics:
The marketing process that involves characterising consumers according to their different geographical locations.

Psychgraphics:
Segmentation that involves characterising consumers according to people’s lifestyle choices and personal values.

Consumer profile:
The demographic and psychographic characteristics of consumers in different market segments.

Target market:
The group of customers that an organization focuses on selling its products to.

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Topic 4.4

Market research:
Systematic process that involves gathering, organizing, and interpreting information and data about the market and current trends.

Market research is carried out so that the organization can get a better understanding of its customers, competitors, and markets.

Primary:
Or field research, is the gathering of first-hand data, custom-made to an organization’s specific needs.
About the collection of new data because the information does not currently exist.

Secondary:
Also known as desk research, refers to the collection of data and information that was previously collected by another source, i.e. the data or information already exists about a product, business, or market.

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Traditional:
Linear, focus on profit.

Focused on costs, revenues, and profits related to business activities, often with a short-term outlook.

Created a linear approach of products that are created, consumed, and  chucked away (disposed of) as waste.

Circular
Circular, focus on people.

Focus on the long-term environmental consequences and sustainability matters related to business activities.

CBMs are designed to turn all the waste that businesses and consumers produce into valuable and productive resources to be used again.

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Topic 2.4

Internal recruitment:
Hiring people who already work at the firm to fill a vacant post. This could involve relocating employees between different branches or locations, or it could mean promoting those who work at the organization to a particular post.

External recruitment:
Hiring people from outside the organization to fill vacant posts. The use of recruitment agencies, headhunters and advertising jobs on the firm's corporate website are examples of ways to attract external recruits.

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Topic 5.6

Global supply chain:
The network between a firm and its suppliers and consumers that incorporates all transactions on an international level, from sourcing raw materials to supplying finished goods and services to customers.

Local supply chain:
Short distances between producers, suppliers, and consumers within a confined location.

Supply chain:
Network of the individuals, firms, resources, business operations, and technologies involved in the creation and sale of a particular good.

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Topic 5.8

Disruptive innovation:
Innovation that involves creating entirely new products and/or processes. It tends to involve radical, rather than incremental, changes.

Incremental innovation (or adaptive innovation):
Adjusting, developing, and improving a product or process that already exists.

Innovation:
The commercial of a new idea in order to fulfil existing customer needs or to create an unmet customer wants (desires).

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Topic 5.8

Intangible assets:
Intangible assets of a business through its creativity and capital expenditure. The intention is that investments in IP generate financial returns for the business in the future. ​

Intellectual property protection (IPP):
Also known as intellectual property rights (IPR), refers to the legal protection of the intangible assets of an individual or organization.​

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Topic 5.9

MIS:
Computerised equipment and systems that collect, collate, analyse, and process data to support business decision making. MIS is an umbrella term that encompasses all aspects of digital information systems used to process, organise, and analyse data to facilitate improved management decision making.

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https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/technology-media-telecommunications/deloitte-uk-digital-consumer-trends-2023-deck.pdf

https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey.html

https://www.dept.aueb.gr/sites/default/files/mbc/ConsumerTrends2023wpGCT23-EN-vFinal.pdf

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https://sdgs.un.org/goals

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Analytical tool that helps managers to choose and devise various product and market growth strategies.​

It’s designed to effectively provide four strategic options and highlight the levels of risk associated to those for the business.​

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Topic 5.9

Data Analysts

The management process of examining and scrutinising raw data to find meaningful trends and patterns to support decision making and business planning. Data analysts are hired to extract, collate, organize, and analyze raw data, transforming these from incomprehensible data into intelligible (coherent and meaningful) information to support the suggestions or recommendations made by management.

Descriptive Data Analytics

•What happened?

•What does it reveal?

Diagnostic Data Analytics

•Why did it happen?

Predictive Data Analytics

•What is likely to happen in the future?

Prescriptive Data Analytics

•What should be done?

•What is the best course of action?

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Explain how values at LEGO impact ONE stakeholder group for the business. (4 marks)

Describe ONE role of a mission statement for LEGO. (2 marks)

Explain ONE advantage and ONE disadvantage for LEGO of operating as a private limited company. (4 marks)

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Topic 1.2

Private sector:
Owned and run by private individuals.

Meet wants and needs of consumers and make a profit.

Non-government organisations.

Incorporated Organisations:
Legal process used to form a corporate entity or company.

Separates the firm's assets and income from its owners and investors.

Liability:
Risk

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Write down what you already know about LEGO.

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Write down what you want to learn about LEGO.

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1.3

Vision:
What do we want to become?​

A statement of what the organisation would like to achieve or accomplish in the long term or future. ​

Mission:
What is our business?​

Declaration of the purpose of an organisation existence and its core value.

Values:
Fundamental core characteristic traits that a person or business believes is important to be the best that they can be.

Culture:
Refers to an organization’s set of core values and beliefs, which shape the firm’s attitudes, behaviour, and norms.

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Our founder Ole Kirk Kristiansen made his first wooden toy in 1932. He persevered against the odds until his business was a success.

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Where there any new words that you did not recognise or do not know the definition for?
Insert them below.

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What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was interesting.

Example:
An interesting factor to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is interesting for (insert stakeholder) because (insert impact on this stakeholder).

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Topic 1.4

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LEGO Foundation

The LEGO Foundation is a corporate foundation that shares a mission with the LEGO Group: inspire and develop the builders of tomorrow. The Foundation's work is about re-defining play and re-imagining learning. "Re-defining play" means changing the way that people understand the importance of play - especially the huge value it has in equipping children with essential skills for life in the 21st century. "Re-imagining learning" means helping parents and education systems use the transformative power of play to improve learning for millions of children.

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LEGO Foundation The LEGO Foundation is a corporate foundation that shares a mission with the LEGO Group: inspire and develop the builders of tomorrow. The Foundation's work is about re-defining play and re-imagining learning. "Re-defining play" means changing the way that people understand the importance of play - especially the huge value it has in equipping children with essential skills for life in the 21st century.

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Topic 5.9

Data:
Raw facts or or statistics, from which information is generated.

Data breach:
The loss or theft of important data, usually due to an inefficient database system.

Data security:
The protection of data against disclosure, damage, theft, or unauthorized access.

Database:
An organized collection of data stored and retrieved electronically using a local computer or networked computer server.

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Sustainability:
Refers to the ability of an organization or an economy to continue its business activities indefinitely.

Planet:
Ecological sustainability (or environmental sustainability) refers to sustainable use of the planet’s natural resources so that the current level of consumption does not jeopardise the resources available for future generations. Without ecological sustainability, business activity will eventually deplete the planet’s natural resources.

People:
Social sustainability focuses on the extent to which an organization or economy can meet the needs of the current generation without jeopardising the needs of future generations.

Profit:
Economic sustainability is about using resources, both natural and manufactured, efficiently and responsibly. It is able encouraging businesses to focus their strategies on long-term rather than short-term profitability targets, and the long-term consequences of economic activities. This also has a direct impact on people’s jobs and careers in the future.

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Topic 4.2

Maslows Hierarchy of needs:
People are motivated by different levels or categories of needs.

The model suggests that only when one level of needs is met is it then possible for the next level to be addressed.

Physiological, safety, love, esteem, self-actualisation.

Physical:
Combination of people’s physical and biological needs.

Physiological needs are the essential things that all human beings must have to survive, such as food, clothing and shelter.

Link to business: Improve financial reward systems and working conditions.

Safety:
Requirements that make people feel safe, such as job security.

Link to business: Contracts of employment (stability, predictability and security).

Factors affecting safety: Worker's performance, financial success of business, employment legislation, economic climate.

Social:
Being accepted by others.
Link to business: Mentoring, coaching.

Factors affecting social: Opportunities for team working and social functions.

Esteem:
Desire of people to feel respected, having value and having self-respect. Intrinsically, self-esteem exists when people can feel good about themselves, as they feel valued by others.

Link to business: Recognition, trust and respect.

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Topic 4.5

B2B:
Transaction between two or more organisations.

Largest of the 3 in terms of revenue.

Alibaba, Cosco.

B2C:
Selling of goods and services directly to consumers.

Apple, Amazon.

C2C:
Customers selling directly to other consumers.

Amazon, eBay.

Distribution:
Process getting a product to consumers.

It is about ensuring the business distributes the right products to the right consumers at the right time, in a cost-effective way.

Distribution Channel:
Path taken to get a product from the producer (or manufacturer) to the consumer.

Intermediary:
People/organizations used to help in the distribution of goods or services.

These include wholesalers, retailers and agents.

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Topic 1.5

Strategic alliances:
Type of external growth strategy.

Created when two or more organizations join together to benefit from external growth without having to set up a new separate entity or to make major changes to their own business.

Each partner brings their own unique business expertise to the partnership.

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Topic 5.9

Data mining:
management process of using data for predictive analysis and forecasting purposes. It is the use of management information systems to find trends, patterns, and correlations from large data sets, and using the findings to make predictions about future situations. Hence, it is sometimes referred to as knowledge discovery in data (KDD).

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Topic 2.4

Hertzberg:
To create any motivation in the workplace, it was essential to first remove the factors that cause dissatisfaction.

He named these influences hygiene factors (also known as maintenance factors or job dissatisfiers).

Improving hygiene factors prevents dissatisfaction but does not boost morale or motivation in the workplace.

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Topic 4.5

Market orientation:
Focus on making products that they can sell, rather than selling products that they can make.

Product orientation:
Focus on selling quality products rather than the needs and wants of the target market.​

Branding:
Marketing technique used to give a product or business a unique name or identity.​

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What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that you thought was challenging?

Example:
A challenging factors that Lego faced/will face is (insert factor).
X can be defined as (insert your definition of this factor).
X is challenging for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).

# data[].attributes.body
What is something you read that is important to consider?
Explore:
- Different stakeholder perspectives
- Long vs short term
- Growth

Example:
An important factor for Lego to consider is (insert factor).
X can be defined as (insert your definition of this factor).
X is important for (insert stakeholder) because (insert impact on this stakeholder).