MMK101 Marketing Strategy - Marketing Mix of Product

Current Product Strategy

According to Richter (2012) the definition of product in the marketing mix is quite straightforward, for the term product like its name, refers to the item which is being sold and which must meet a specific set of expectations in terms of performance. This approach is described as a system that operates to fulfill the target of encouraging each individual client of buying the merchandise by eliciting a response. Fan, Lau and Zhao (2015) assert that each individual client holds a particular degree of subjective ideas when describing their own expectations from a product. Therefore, it is not possible to provide a definition of product’s performance expectations in a more specific sense or manner.

Product Mix

The current product range of glasses provided by Ray Ban Australia primarily includes sun glasses and eye glasses. Over the years, the company has experimented with the technology to redefine the benefits provided by its product offering. This has primarily focused on developing new lenses that could provide greater benefits to users, enhance durability and provide a style statement to users in the medium-high price range (Dringoli, 2012). Moreover, the company’s products are categorized in accordance with frame style, color, price and gender to allow buyers to pick a product that suits their requirements and delivers the performance which they expect. 

Core Benefit

The core benefit of Ray Ban glasses is to protect wearers against exposure to UV rays and rectify vision issues if they are buying prescription eyeglasses. It provides wearers with a fashionable option to reflect their style statement and offers polarized lenses to enhance vision.

Actual Product

The actual product itself is a combination of different features, for example, the frame style is available in metal and plastic and various shapes such as hexagon and oval to suit face shapes as well as polarised lenses. 

Augmented Product

The augmented features provided by Ray Ban Australia include the provision of a warranty and return policy as well as repairs. The customer services department of Ray Ban Australia evaluates all repair claims and assesses whether it falls under the warranty provided by the company. In case a claim does not fall under warranty, buyers are expected to pay a repair fee. The return policy is flexible as returns of the product can be initiated online and the company allows buyers 45 days to initiate the process in case they find the product to be unsatisfactory.