Using the Lego case as an example, how does strategic management enable firms to understand, prepare, and adapt to environmental turbulence?

Assessment 1: Individual Written Essay
Marks: 20%
Length: 2,000 words (MAXIMUM excl. references)
Do NOT submit this assignment to the Hub. Turnitin is mandatory.
This is an INDIVIDUAL assignment. It has been designed to give you an opportunity to earn marks during the earlier part of the trimester. You are asked to write and submit a short, scholarly essay, using an academic essay format, on the following topic:
“Using the Lego case as an example, how does strategic management enable firms to understand, prepare, and adapt to environmental turbulence?”
The purpose of this assignment is to help you gain a deeper understanding of the nature, impact and implications for every organisation of change. You are expected to draw on a minimum of six (6) peer reviewed journal articles (see http://www.abdc.edu.au/pages/abdc-journal-quality-list-2013.html for a complete list of journal rankings) and other sources (e.g., books; business press articles) as required to underpin your arguments presented in this essay.
Process
1. Undertake wide-ranging reading to ensure that you have a proper grasp of what ‘environmental turbulence’ means. Ensure that your reading enables you to address the issue of what such turbulent environments mean for organisations’ ability to adapt and achieve above-average returns.
2. Evaluate the literature and the research to determine what theories/models enable you to assess and evaluate discontinuous change.
3. Find one additional example of a company in the toy industry that dealt with the change differently than Lego (NOTE: the competitor may also be a new player in the toy/game market).
4. Critically evaluate the literature and the different responses observed from the two companies (see point 5) to identify effective strategic responses to such discontinuous change situations.
5. Consider how CEOs and other key strategy players might practically make appropriate strategic responses to discontinuous changes.

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Using the Lego case as an example, how does strategic management enable firms to understand, prepare, and adapt to environmental turbulence?
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