At a conference, Scott Galloway, Professor of Marketing at New Your University, asked his audience –’ What do Facebook, Apple, Amazon, Netflix and Google (the FAANG businesses) have in common?’ After a period of silence, Galloway answered his own question with the words – ‘A fucking great product.’ His point was that the starting point […]

At a conference, Scott Galloway, Professor of Marketing at New Your University, asked his audience –’ What do Facebook, Apple, Amazon, Netflix and Google (the FAANG businesses) have in common?’ After a period of silence, Galloway answered his own question with the words – ‘A fucking great product.’ His point was that the starting point of any great marketing strategy and maximising the value of any business is its product. In addition to selling well, great products serve to minimise the cost of marketing, create more scope for increased margins, and maximise repeat purchasing and referral. To drive sales – define and then create a world-class product.  In 2019, plastic blog maker Lego reported a net profit of 1.1 billion euros, up from 1.08 billion euros in 2018. Lego continues to shine in an economically challenging environment, even though its core products have been on the market since 1932. Lego is a…