Marketing Extended response feedback pls (1 Viewer)

[Freewheelin]

Explain how the Marketing Mix is used to assist a business achieve its marketing objectives (20 marks).

The marketing mix refers to the use product, distribution, promotion, physical evidence, and pricing stretegies to establish, maintain, and encourage sales from present or potential customers. The marketing mix is thus, imperative in allowing businesses to meet marketoing objectives related to market share, product mix, and customer service. Product strategies provides customers with specific features that meet customer demand — increasing market share and expanding (or contracting) product mix such as in the case of Aldi or McDonalds. Distribution allows businesses to better increase market share as seen with Coca Cola. Physical evidence provides customers with locations to ensure sales such as through Apple's retail stores. Pricing and Promotion strategies also aids in attracting customers such as in the case of Microsoft and Qantas respectively. The marketing mix ensures that a business is able to realise sales.

Product
Product refers to goods or serves that meet market demands and can be differentiated through packaging and branding. Branding allows businesses to garner sales through incraesing visisbility — thus increasing market share. Higher visibiltiy translates to repeat sales and more repeat sales ensures that businesses achieve an increased market share. Packaging also aids in differentiating product lines and standing out from competitors. This allows businesses to better expand their product mix. McDonald's utilises packaging and manufacturer's branding — to amintain an 88% recognition rate globally, thus allowing for a 52% global market share as of 2023. Furthermore, McDonald's uses packaging to differentiate and expand their product mix. Their smaller sized Happy Meals account for $10 million in revenue a day and are packaged to appeal to families (25% of customers). Their larger gourmet burgers and Big Macs are also packaged to appeal to adult customers. However, businesses like Aldi may also seek to contract product mixes in order to retain high profit margins and meet demands for cheaper products — their products being 17 per cent cheaper i average. This has allowed Aldi to position their products as cheaper — accounting accesssing 21% of the market during COVID19. Thus the product marketing mix can be utilised to achieve marketing objectives related to market share and product mix.

Distribution
Distribution refers to the activities that transports goods to customers. Distribution can aid businesses in achieving market obejctives such as incrasing market share through intenseive distribution and efficient distribution from producers to wholesalers and retailers. Coca Cola boasts a current 42% global market share in the Soft Drink market and is available in over 200 countries. THe company maintains 900 bottling warehousing and manufacturing factories globally and contributes $4 billion a year on average to advertising. Coca Cola thus relies on intensive distribution to mass-market their products in order to maintain the highest market share in the industry. Distirbution strategies in the marketing mix are imperative in meeting market share objectives because distribution determines the availability of the product to customers.

physical evidence
Physical Evidence refers to the physical environment or results that customers see from the busienss. Physical Evidence can be used to achieve marketing objectives through providing improved customer service to ensure sales. Moreover, high quality stores ensures that businesses are able to procure sales through a facilitated customer experience and can consequently increase market share. When Apple first released the Apple Store, the physical store stores grossed $1bn in revenue within the first 3 years of opening. Currently, the Apple store is responsible for 31% of Apple's revenue and maintains over 20 stores in Australia — all in high socioeconomic status areas. Apple utilises physical evidence through their salespeople and specialised experts to deliver a controlled customer experience — improving customer service through the implementation of the Genius Bar and improving market share by maintaining a 50+% Australian market share. Thus physical evidnece assists businesses in achieving objectives such as market share and customer service improvement by ensuring sales.

Pricing
Pricing refers to the price of goods/services and the strategies businesses use to price goods to cover costs and account for market conditions. This allows businesses to achieve market objectives such as increased market share and product mix. Microsoft uses price skimming on their XBOX product line to maximise profits and cover R&D costs. Moreover, Microsoft's pricing method is competition based — the XBOX series S model maintaining a $200 difference with Sony's cheapest PS model all while covering costs of materials ($100 more expensive than previous models). This has allowed XBOX to maintain a 30% global market share — accumulating 20 million sales in 26 months. XBOX has also expanded their product mix by offering two different consoles with a $300 price difference — establishing price points. Thus, pricing attracts customers and allows businesses such as Microsoft to increase market share and provide an expanded product mix.

Promotion
Promotion refers to the way businesses communicate with customers to meet customer demand. Hence promotions is able to assist businesses in achieving marketing objectives through gaining market share. Qantas relies on their frequent flyer program to retain a 91% loyalty rate and accounts $1bn of revenue made in the first half of FY23 to relationship markeitng. Promotions have enabled Qantas to further dominate the Australian flight market during and after Covid-19, increasing market share to 74% up from 61%. This was because of Qantas' use of the promotions strategy to maintain relationships the transfer of customers from loyalty programs of other flight companies to Qantas programs. Moreover, the market share increases were a testament to Qantas' ability to advertise flights boasting an increase of domestic routes by 45 towards the end of COVID. Hence the promotions mix is able to increase market shares by attracting new customers.

Conclusion
The marketing mix is able to assists businesses like Aldi, Coca Cola, Apple, McDonald's and Qantas by utilizing physical evidence to ensure sales via retail stores; product branding, packaging and competition based pricing methods to attract customers; and product features and promotions to meet market demands; esn. The marketing mix's interaction with customers contribute greatly to businesses' ability to increase market share, expand or contract product mix, and improve customer service.

 

[jimmysmith560]

The marketing mix refers to the use of product, distribution, promotion, physical evidence, and pricing strategies to establish, maintain, and encourage sales from present or potential customers. The marketing mix is thus, imperative in allowing businesses to meet marketoing objectives related to market share, product mix, and customer service. Product strategies provides customers with specific features that meet customer demand — increasing market share and expanding (or contracting) product mix such as in the case of Aldi or McDonalds. Distribution allows businesses to better increase market share as seen with Coca Cola. Physical evidence provides customers with locations to ensure sales such as through Apple's retail stores. Pricing and Promotion strategies also aids in attracting customers such as in the case of Microsoft and Qantas respectively. The marketing mix ensures that a business is able to realise sales.

If you choose to include headings, make sure you do so for every section of your response.
Ensure that you address spelling/grammar errors as there are some in this paragraph.

While you have defined the key elements, you should also explain the purpose of this essay, so as to make it clear to the reader.
Overall, a decent introduction.

Product
Product refers to goods or services that meet market demands and can be differentiated through packaging and branding. Branding allows businesses to garner sales through increasing visibility — thus increasing market share. Higher visibility translates to repeat sales and more repeat sales ensures that businesses achieve an increased market share. Packaging also aids in differentiating product lines and standing out from competitors. This allows businesses to better expand their product mix. McDonald's utilises packaging and manufacturer's branding — to maintain an 88% recognition rate globally, thus allowing for a 52% global market share as of 2023. Furthermore, McDonald's uses packaging to differentiate and expand their product mix. Their smaller sized Happy Meals account for $10 million in revenue a day and are packaged to appeal to families (25% of customers). Their larger gourmet burgers and Big Macs are also packaged to appeal to adult customers. However, businesses like Aldi may also seek to contract product mixes in order to retain high profit margins and meet demands for cheaper products — their products being 17 per cent cheaper i average. This has allowed Aldi to position their products as cheaper — accounting accesssing 21% of the market during COVID19. Thus the product marketing mix can be utilised to achieve marketing objectives related to market share and product mix.

Spelling/grammar continues to be a concern here.

Good discussion of the main concept of this paragraph, followed by a logical and effective illustration in the form of case study information.

Distribution
Distribution refers to the activities that transports goods to customers. Distribution can aid businesses in achieving market objectives such as increasing market share through intensive distribution and efficient distribution from producers to wholesalers and retailers. Coca Cola boasts a current 42% global market share in the Soft Drink market and is available in over 200 countries. The company maintains 900 bottling warehousing and manufacturing factories globally and contributes $4 billion a year on average to advertising. Coca Cola thus relies on intensive distribution to mass-market its products in order to maintain the highest market share in the industry. Distribution strategies in the marketing mix are imperative in meeting market share objectives because distribution determines the availability of the product to customers.

Spelling/grammar continues to be a concern here.

Good discussion of the main concept of this paragraph, followed by a logical and effective illustration in the form of case study information.

physical evidence
Physical Evidence refers to the physical environment or results that customers see from the busienss. Physical Evidence can be used to achieve marketing objectives through providing improved customer service to ensure sales. Moreover, high quality stores ensures that businesses are able to procure sales through a facilitated customer experience and can consequently increase market share. When Apple first released (a better word would be "opened") the Apple Store, the physical store stores grossed $1bn in revenue within the first 3 years of opening. Currently, the Apple store is responsible for 31% of Apple's revenue and maintains over 20 stores in Australia — all in high socioeconomic status areas. Apple utilises physical evidence through their salespeople and specialised experts to deliver a controlled customer experience — improving customer service through the implementation of the Genius Bar and improving market share by maintaining a 50+% Australian market share. Thus physical evidnece assists businesses in achieving objectives such as market share and customer service improvement by ensuring sales.

Spelling/grammar continues to be a concern here (see my edits).

Given that physical evidence is one of the three elements that constitute the extension of the 4Ps to the 7Ps, you may wish to consider discussing it as the last paragraph so that your response adopts a more logical order, where the 4Ps are first discussed, followed by one element of the 7Ps. Of course, this is not a significant concern and any order is usually fine.

Good discussion of the main concept of this paragraph, followed by a logical and effective illustration in the form of case study information.

Pricing
Pricing refers to the price of goods/services and the strategies businesses use to price goods to cover costs and account for market conditions. This allows businesses to achieve market objectives such as increased market share and product mix. Microsoft uses price skimming on their XBOX product line to maximise profits and cover R&D costs. Moreover, Microsoft's pricing method is competition based — the XBOX series S model maintaining a $200 difference with Sony's cheapest PS model all while covering costs of materials ($100 more expensive than previous models). This has allowed XBOX to maintain a 30% global market share — accumulating 20 million sales in 26 months. XBOX has also expanded their product mix by offering two different consoles with a $300 price difference — establishing price points. Thus, pricing attracts customers and allows businesses such as Microsoft to increase market share and provide an expanded product mix.

Good discussion of the main concept of this paragraph, followed by a logical and effective illustration in the form of case study information.

Links could have been emphasised more.

Promotion
Promotion refers to the way businesses communicate with customers to meet customer demand. Hence promotion is able to assist businesses in achieving marketing objectives through gaining market share. Qantas relies on their frequent flyer program to retain a 91% loyalty rate and accounts $1bn of revenue made in the first half of FY23 to relationship marketing. Promotions have enabled Qantas to further dominate the Australian flight market during and after Covid-19, increasing market share to 74% up from 61%. This was because of Qantas' use of the promotions strategy to maintain relationships the transfer of customers from loyalty programs of other flight companies to Qantas programs. Moreover, the market share increases were a testament to Qantas' ability to advertise flights boasting an increase of domestic routes by 45 towards the end of COVID. Hence the promotions mix is able to increase market shares by attracting new customers.

Your definition of promotion, and the subsequent inference should be reworded. You can define promotion as the process of creating and maintaining consumer awareness and interest in a particular product. In terms of the inference, you can suggest that promotion intends to convince consumers that they need a particular product, which will lead to them purchasing it etc.

Good incorporation of case study material to support your main point.

 

[jimmysmith560]

(Continued)

Conclusion
The marketing mix is able to assist businesses like Aldi, Coca Cola, Apple, McDonald's, (Microsoft?) and Qantas by utilizing physical evidence to ensure sales via retail stores; product branding, packaging and competition based pricing methods to attract customers; and product features and promotions to meet market demands; esn. The marketing mix's interaction with customers contribute greatly to businesses' ability to increase market share, expand or contract product mix, and improve customer service.

A short conclusion which summarises the main points of this response.

Overall, this is leaning towards higher quality responses. You have good knowledge of the content and are able to incorporate case study information to support your main points. I will give it 17/20. To improve beyond this standard, I would recommend focusing on the following:

• Spelling/grammar - I deducted one mark here because you are expected to write at a high standard, meaning that grammar and spelling mistakes should be minimised.
• Presentation - This refers to the way in which you present and justify your points throughout your response. This issue was present in your introduction as well as in some of your body paragraphs and resulted in two marks being deducted. It is therefore important to be as clear about the points that you intend to cover as possible, which will result in a better-flowing response.

I hope this helps!