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[FesuY]

Could anyone give me feedback on one of my case studies, if possible thanks.


Assess the importance of the marketing mix in achieving marketing objectives

Lego:
Product in marketing is a good or a service that a business sells and promotes to consumers. Lego is a Danish toy company known for their iconic plastic bricks and their product branding. Product branding as a marketing mix allows for expanded product range as branding enables businesses to target a wider variety of consumers. An example of this is a firm entering a new market to expand their product range, and using their pre-established presence to attract customers from different markets. This is an effective strategy in expanding product range as the businesses brand and presence is present in many markets.

To ensure Lego successfully expands their product range, they need to effectively use product branding. Lego has achieved this through venturing into other markets. They have moved on from just collaborating with large franchises in their toys, instead lego has ventured into many other markets. These include; the video game market where Lego has sold over 200 million copies and has generated $2 billion in revenue from games such as The Lego Batman Games and The Lego Star Wars Games. In addition to that they also ventured into the media/entertainment market, with movies like The Lego Batman Movie, The Lego Movie 1 and 2, and The Lego Ninjago movies that have all amassed a total of $1.1 billion in box office sales. Moreover, they have also ventured into the theme park market with their iconic amusement park 'LegoLand’, which has consistently made $600 million in revenue yearly from several locations like USA, Japan, Dubai and Denmark. Therefore, this kind of product range engaging with marketing strategies has allowed Lego to substantially generate more revenue and successfully build their presence in other industries.

Lego has seen substantial benefits from implementing product branding, however by doing so Lego has seen several downsides. These include; expanding product range has diluted the brand, new products could affect sales of older products and resources may be disproportionately taken off for slower-moving products. Hence, product branding as a market mix has been successful in allowing firms to expand their product range, as it enables businesses to target a wider variety of consumers. This is evident with Lego who had seen an increase of $710 million in revenue from 2019 to 2020.

 

[jimmysmith560]

Here is what I think:

A product in marketing (it is expected that the information you provide relates to the Marketing topic, making this expression redundant) is a good or a service that a business sells and promotes to consumers. Lego is a Danish toy company known for their its iconic plastic bricks and their product branding. Product, specifically product branding branding as an element of the marketing mix (note that the marketing mix comprises elements, being the 4P's, meaning that each element contributes to this mix. Each element is not a mix on its own) allows for expanded product range as branding enables businesses to target a wider variety of consumers. An example of this is a firm entering a new market to by expanding their product range, and using their pre-established presence to attract customers from different markets. This is an effective strategy in expanding product range as the businesses brand and presence is present in many markets.

To ensure Lego successfully expands their product range, they need to effectively use product branding. Lego has achieved this through venturing into other markets. They have moved on from just solely (this is a rather minor suggestion) collaborating with large franchises in terms of their toys. Instead, Lego has ventured into many other markets, These including; the video game market where Lego has sold over 200 million copies and has generated $2 billion in revenue from games such as The Lego Batman Games and The Lego Star Wars Games. In addition to that, they also ventured into the media/entertainment market, with movies like The Lego Batman Movie, The Lego Movie 1 and 2, and The Lego Ninjago movies that have all amassed a total of $1.1 billion in box office sales. Moreover, they have also ventured into the theme park market with their iconic (in this particular instance, I believe it would be better to replace "iconic" with "highly regarded" so as to not imply a personal opinion rather than an objective analysis. Objective analysis needs to be emphasised, particularly when incorporating case study material) highly regarded amusement park 'LegoLand’, which has consistently made $600 million in revenue yearly from several locations like USA, Japan, Dubai and Denmark. Therefore, this kind of product range engaging with marketing strategies has allowed Lego to substantially generate more revenue and successfully build establish their presence in other industries.

Lego has seen substantial benefits from implementing as a result of effective product branding. However, by doing so also led the company to Lego has seen several downsides. These include; expanding product range has diluted the brand (is there evidence to support this?), new products could affect sales of older products and resources may be disproportionately taken off for slower-moving products (is there evidence/are there indicators to suggest that this is indeed a possibility?). It is therefore important that Lego develops more effective strategies and takes corrective action where appropriate so as to sustain its efforts towards successfully achieving marketing objectives. Hence Overall, it can be inferred that product branding as an element of the marketing mix has been successful in allowing firms to expand their product range, as it enables businesses to target a wider variety of consumers. This is evident with Lego who which had seen saw an increase of $710 million in revenue from 2019 to 2020.

I hope this helps!

 

[FesuY]

Here is what I think:

A product in marketing (it is expected that the information you provide relates to the Marketing topic, making this expression redundant) is a good or a service that a business sells and promotes to consumers. Lego is a Danish toy company known for their its iconic plastic bricks and their product branding. Product, specifically product branding branding as an element of the marketing mix (note that the marketing mix comprises elements, being the 4P's, meaning that each element contributes to this mix. Each element is not a mix on its own) allows for expanded product range as branding enables businesses to target a wider variety of consumers. An example of this is a firm entering a new market to by expanding their product range, and using their pre-established presence to attract customers from different markets. This is an effective strategy in expanding product range as the businesses brand and presence is present in many markets.

To ensure Lego successfully expands their product range, they need to effectively use product branding. Lego has achieved this through venturing into other markets. They have moved on from just solely (this is a rather minor suggestion) collaborating with large franchises in terms of their toys. Instead, Lego has ventured into many other markets, These including; the video game market where Lego has sold over 200 million copies and has generated $2 billion in revenue from games such as The Lego Batman Games and The Lego Star Wars Games. In addition to that, they also ventured into the media/entertainment market, with movies like The Lego Batman Movie, The Lego Movie 1 and 2, and The Lego Ninjago movies that have all amassed a total of $1.1 billion in box office sales. Moreover, they have also ventured into the theme park market with their iconic (in this particular instance, I believe it would be better to replace "iconic" with "highly regarded" so as to not imply a personal opinion rather than an objective analysis. Objective analysis needs to be emphasised, particularly when incorporating case study material) highly regarded amusement park 'LegoLand’, which has consistently made $600 million in revenue yearly from several locations like USA, Japan, Dubai and Denmark. Therefore, this kind of product range engaging with marketing strategies has allowed Lego to substantially generate more revenue and successfully build establish their presence in other industries.

Lego has seen substantial benefits from implementing as a result of effective product branding. However, by doing so also led the company to Lego has seen several downsides. These include; expanding product range has diluted the brand (is there evidence to support this?), new products could affect sales of older products and resources may be disproportionately taken off for slower-moving products (is there evidence/are there indicators to suggest that this is indeed a possibility?). It is therefore important that Lego develops more effective strategies and takes corrective action where appropriate so as to sustain its efforts towards successfully achieving marketing objectives. Hence Overall, it can be inferred that product branding as an element of the marketing mix has been successful in allowing firms to expand their product range, as it enables businesses to target a wider variety of consumers. This is evident with Lego who which had seen saw an increase of $710 million in revenue from 2019 to 2020.

I hope this helps!

Cheers Jimmy

 

[its_ace21]

The external influence of globalisation is defined as the increased integration of overseas operations functions of a business, facilitating cheaper sourcing of inputs and labour and this allows a business to maximise its profit and maintain a competitive advantage. This global expansion enables businesses to access diverse demographics and utilise a global web strategy, optimising cost leadership by distributing operations across multiple nations. However, expansion globally may invite increased competition, potentially reducing market share, while concurrently affecting the domestic job market adversely, as operations are offshored, leading to increased domestic unemployment. Apple, the company responsible for many revolutionary products such as the iPhone, is a business that has changed their operations to better suit a globalised world. Apple manufactures their iPhones in China at the company Foxconn, sourcing inputs from various countries to maximise the profit they make (global web strategy). This allows an iPhone to be produced $65 cheaper resulting in more profit which is one of the significant factors as to why they are the most profitable business of all time (99 billion dollars in 2022/2023 financial year). However, Apple faces some scrutiny to improve the conditions the working conditions of their factory workers (the conditions are so severe that it has caused numerous people to attempt suicide and has caused many protests), but as Apple focuses on maximising profit, they do not do this and thus lose some of their market share through this way. Globalisation allows businesses to reduce costs and increase profitability by sourcing inputs cheaper and providing less expensive labour, but it can also raise moral and ethical issues. Examining the positives and negatives for a business using globalisation, it is proven that globalisation is beneficial for the business.

can u give the actual question.

 

[jimmysmith560]

The external influence of globalisation is defined as the increased integration of overseas operations functions of a business, facilitating cheaper sourcing of inputs and labour and this allows a business to maximise its profit and maintain a competitive advantage. This global expansion enables businesses to access diverse demographics and utilise a global web strategy, optimising cost leadership by distributing operations across multiple nations. However, expansion globally may invite increased competition, potentially reducing market share, while concurrently affecting the domestic job market adversely, as operations are offshored, leading to increased domestic unemployment. Apple, the company responsible for many revolutionary products such as the iPhone, is a business that has changed their operations to better suit a globalised world. Apple manufactures their iPhones in China at the company Foxconn, sourcing inputs from various countries to maximise the profit they make (global web strategy). This allows an iPhone to be produced $65 cheaper resulting in more profit which is one of the significant factors as to why they are the most profitable business of all time (99 billion dollars in 2022/2023 financial year). However, Apple faces some scrutiny to improve the conditions the working conditions of their factory workers (the conditions are so severe that it has caused numerous people to attempt suicide and has caused many protests), but as Apple focuses on maximising profit, they do not do this and thus lose some of their market share through this way. Globalisation allows businesses to reduce costs and increase profitability by sourcing inputs cheaper and providing less expensive labour, but it can also raise moral and ethical issues. Examining the positives and negatives for a business using globalisation, it is proven that globalisation is beneficial for the business.

Here is what I think:

Response:

The external influence of g Globalisation is defined as the increased integration of overseas operations functions of a business, facilitating cheaper sourcing of inputs and labour. and This allows a business to maximise its profits and maintain a competitive advantage. This global expansion enables businesses to access diverse demographics and utilise a global web strategy, optimising cost leadership by distributing operations across multiple nations. However, expansion globally may invite increased competition, potentially reducing market share, while concurrently affecting the domestic job market adversely, as operations are offshored, leading to increased domestic unemployment. Apple, the company responsible for many revolutionary products such as the iPhone, is a business that has changed their its operations to better suit a globalised world. Apple manufactures their iPhones in China at the company Foxconn, sourcing inputs from various countries to maximise the profit they make (global web strategy). This allows makes the production cost of an iPhone to be produced $65 cheaper lower, resulting in more profits. which This is one of the significant factors as to why they are Apple is the most profitable business of all time ($99 billion dollars in the 2022/2023 financial year). However, Apple faces some scrutiny to improve the conditions the working conditions of their factory workers (the conditions which are so severe very poor that it and has have caused numerous people to attempt suicide, and has caused as well as many protests), but as Apple focuses on maximising profit, they do not do this (Do what? You may need to reword this for better clarity) and thus lose some of their market share through this way. Globalisation allows businesses to reduce costs and increase profitability by sourcing inputs cheaper and providing less expensive labour, but it can also raise moral and ethical issues. Examining the positives and negatives for a business using globalisation, it is proven that globalisation is beneficial for the business.

Comments:

You evidently have a good understanding of the relevant concepts and are able to support your main points with relevant, real-life business case study information. Your paragraph also follows a logical structure, which contributes to a more coherent response overall. The level of detail is appropriate. While I would recommend prioritising the quality of your response over elements such as word count, the word count of this paragraph does also indicate sufficient detail.

On the other hand, there seems to be a slight issue with your writing and your way of formulating your sentences. At one point, this led to some ambiguity. This is important to consider as it constitutes part of the marking criteria for Section IV questions. With that being said, this is not a major issue and you can definitely address it as you keep developing your writing.

Overall, this paragraph is of a good quality.

I hope this helps!