Marketing Ext Response

Marketing Extended Response

The marketing mix of business significantly assists businesses in achieving profit maximisation. It refers to the combination of the four elements of marketing. These features are commonly referred to as the four P’s and are as follows:

Profit maximisation in business is referred to as the ability for a company to achieve a maximum profit with low operating expenses.

A product is a good or service that can be offered in an exchange for the purpose of satisfying a need or want. The product section of the marketing mix involves much more than just deciding which product to make. The business must also determine product features such as the product quality, packaging/labelling, design, brand name and guarantee.
‘Product’ can be broken down into three main categories:
  * Total Product Concept: This refers to the tangible and intangible attributes a product possesses. This concept can be used to differentiate a business’ product from its competitor. The purchase of an Apple iPhone holds both tangible and intangible benefits. The phone display and physical features are tangible, whereas the intangible benefits that come with an iPhone include reputation, style and social image.
  * Branding: A brand is a name, term, symbol, design or any combination of these that identifies a specific product and distinguishes it from its competition. A business will also use symbols and logos as a graphic representation that identifies a business or product. An example of a brand logo is the Apple sign, which can be shown below.

There are also three branding strategies
  1. Manufacturer’s brand (Kraft foods, Billabong clothing)
  2. House brand (Myer’s own label products: Reserve, Wild Rhino
  3. Generic brands (Black & Gold, Woolworths home brand select).

  * Packaging: This involves the development of a container and the graphic design for a product. Tasteful packaging can create an image of...