Marketing Mix
Broadly speaking, in order to maximise profits, different firms use distinct tools to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and marketing mix analysis. In terms of the marketing mix, as an important concept in the subject of business studies, it refers to “a balance between the four main elements of marketing [is] needed to carry out the marketing strategy. It consists of the ‘4ps’: product, price, promotion and place” (Marcousé and Surridge et al., 2011:141). Firms can build an effective marketing strategy by using the marketing mix as a tool, and it is possible that business will fail if the marketing mix is not correct. The aim of the essay is to analyse elements of the marketing mix. Initially, it will discuss four elements, which are the product, price, place and promotion respectively. Then, it will evaluate the most vital component in the marketing mix, which is the product.
The first component of the marketing mix is the product. “A product is a good or service produced by a business or organization, and made available to the public for consumption” (Ashwin and Merrills et al., 2008). Each product has a different feature, which could be the unique selling points of them. Roams and Cota (2008:152) attempt to define this term is, “A unique selling point (USP) is a short statement that explains why a customer should buy from you instead of your competitorsin". For example, Apple Corporation has a unique and independent operation system for their iPhone.
It has been argued that there are three levels of product, first of which is core or generic product (Levitt, 1986:361). This is the basic and general physical product, in other words, it is the product that has minimum features and the consumer would expect it to have. In a microwave oven example, it should have enough space inside to put food and it would be expected to work effectively. The second level of the product is known as actual or tangible
The first component of the marketing mix is the product. “A product is a good or service produced by a business or organization, and made available to the public for consumption” (Ashwin and Merrills et al., 2008). Each product has a different feature, which could be the unique selling points of them. Roams and Cota (2008:152) attempt to define this term is, “A unique selling point (USP) is a short statement that explains why a customer should buy from you instead of your competitorsin". For example, Apple Corporation has a unique and independent operation system for their iPhone.
It has been argued that there are three levels of product, first of which is core or generic product (Levitt, 1986:361). This is the basic and general physical product, in other words, it is the product that has minimum features and the consumer would expect it to have. In a microwave oven example, it should have enough space inside to put food and it would be expected to work effectively. The second level of the product is known as actual or tangible