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Target corporation market strategies
The concept of'marketing mix' and its elements
The concept of'marketing mix' and its elements
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Marketing Mix The marketing mix is "the controllable variables the company puts together to satisfy the target market" (Perreault and McCarthy, 2004). The target market is the group of customers the company wants to attract or appeal to with the service or product. The marketing mix includes four elements called the four P's of marketing: product, place, price and promotion. These four elements work together to produce a profit. Changing any one of the four will affect the results of the other three. The marketer uses the marketing mix to develop the marketing strategy; thus, determining the marketing mix is an important first step in the process. "It takes proper coordination, planning and use of each of these elements to reach the consumers in one's target market". (Lake, 2006). Product The first element in the four P's is product. Product is the "good or service for the target's needs" (Perreault, 2004). In marketing, product is not simply the physical item or service.
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
The reason being each 'P' represents a different part of the business, which a customer will have to interact with during their shopping experience. In order to develop a service delivery mechanism that addresses its customers' needs, desires and expectations, it is necessary to: * Know what customers are thinking about you, your service, and your competitors. * Measure and improve your performance. * Turn your strongest areas into market differentiations. * Turn weaknesses into opportunities for improvement.
This paper will describe the four elements of the marketing mix (product, place, price, promotion). In addition, it will describe how each element is implemented within a specific organization and how the four elements relate to that organizations marketing strategy. The company used in this example is both a product and service driven company and is in business for profit.
Product - A product is seen as an item that satisfies what a consumer demands. It is a tangible good or an intangible service. Tangible products are those that have an independent physical existence. Typical examples of mass-produced, tangible objects are the motor car and the disposable razor. A less obvious but ubiquitous mass-produced service is a computer operating system.
There are four key factors in the marketing mix, which includes product, place, promotion and price (Worth). Product, which includes tangible and intangible qualities, is the simplest factor and plays a fundamental role in the marketing mix. Secondly, place, is also a significant variable in the marketing mix because the convenience of the location decides the popularity of the product. Thirdly, promotion influences the visibility of the product. Through advertisements, brochures, and other efforts, promotion helps to raise the public’s awareness on the product. Finally, the price is the most straightforward factor in the marketing mix, which directly relevant to the exchange in the market place. The cost-oriented pricing is the mostly common
Product positioning - Refers to consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands. Our R&D department is doing tremendous job meeting all our customers’ expectations.
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
Brassington (2007) point out that product is not only the physical product, it also include brand, after-sales service, guarantees, installation and fitting which could help product to gain advantage in competitions. Kotler (2007)also point out that product is the goods which is easy for people to be attract, to contract, use and fulfil people’s desire. He also said that the product could be physical products, services, people and organizations.
I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
Many factors should be addressed when defining a target market. These factors include market segmentation, product life cycle, and the four "P's" that make the marketing mix. Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product wants and needs. There are four major segmentation variables: geographic, demographic, psychographic, and behavioral. Geographic segmentation includes world region, country region, city, density, or climate. Demographic segmentation can consist of age, gender, income, occupation, education, race, religion, or nationality. Social class, lifestyle, and personality fall into the psychographic segment. The behavioral segment divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product (Bethel, 2007). Once the market segment is identified, that market can be targeted.
The marketing mix definition is about placing the right product or a combination thereof in the place, at the right time, and at the right price. The hardest part is doing this well, as an organization need to know every part of their business plan. There are many type of marketing mix. There are 4Ps, 7Ps and 11Ps.
A market research is described as the process of collecting valuable information to help find out if there is a market for a particular proposed product or service. Safe Paint Manufacturing conducted a survey and interview to determine if the idea of scented paints were feasible. The records revealed that 78% of the respondents stated that they are interested in the products. Marketing mix variables is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix used is mainly executed through the 4 P 's of marketing: Price, Product, Promotion, and Place. The product refers to the service or tangible good that satisfies the target customer’s wants–it is obviously first essential that a real target market is identified, quantified and justified. The place refers to placement usually managed by sales or OEM, such as having the product available where and when targeted customers want to buy it. Promotion includes Advertising, PR, Event Marketing, Online Marketing, Direct Marketing, Personal Selling, Channel Marketing, and Alliances. Price consists of the policies regarding competitive upgrades, reseller pricing, discounts, list price, distributor and street price the actual selling
In order for my product to be successful, I strategize a marketing plan. Market Research is one of the main steps taken in the initial process of strategizing a marketing plan, The primary function of market research is to identify the customers needs and views. During the market research of my product, I discovered that because of the competition, (Herbal Essence Shampoo brand) my product would really need to stand out on the market. Also, during that research I discovered that Herbal Essence?s sales had dropped 6% over the last 2 years, because of their marked up prices. These were great pieces of information, as they will serve helpful during the marketing mix portion of my marketing strategy. The marketing mix is one of the first steps taken in applying an overall marketing strategy for your product. A Marketing Mix is the combination of product offerings used to reach a target market for the organization. (Armstrong & Kotler 2007) The marketing mix includes product, price, promotion and place (also known as distribution)
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
The marketing mix is important to the sport industry because it allows a sport marketer to better understand the market they are selling in, and enables a sport marketer to generate an increase in revenue. The marketing mix contains the four p’s, which include: product, price, place and promotion. Each of the p’s in the marketing mix are all vitally important because they are what you are selling, why you are selling, where you sell it at, and how you promote what a sport marketer is selling. The marketing mix is essential to the sports industry because it enables a sport marketer to better understand their product, and improve sales.