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Marketing Mix

Describe the elements of the marketing mix (product, place, price, and promotion). Explain how each of the four elements of the marketing mix impacts the development of Target's marketing strategy and tactics and describe how each element is implemented. Need at least three different sources and a bibliography.

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Describe the elements of the marketing mix (product, place, price, and promotion). Explain how each of the four elements of the marketing mix impacts the development of Target's marketing strategy and tactics and describe how each element is implemented. Need at least three different sources and a bibliography.

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About Target
Target Corporation was founded in Minnesota in 1902. It is the sixth largest retailer in the United States and is ranked 27th on the 2005 Fortune 500. Target is performing very well in the market place though its stock's performance is subdued. The company operates over 1,450 stores in 47 states in USA.
(Wikipedia)

Marketing Mix approach
The marketing mix approach to marketing is one model of creating and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained. The most common variables used in constructing a marketing mix are price, promotion, product and distribution (also called placement).
Product: Defines the characteristics of your product or service that meets the needs of your customers.
Price: Decide on a pricing strategy - do not let it just happen! It means deciding the price which consumer has to pay including discount structure.
Promotion: This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Public Relations, etc.
Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the Internet! A bit of lateral thinking here might reap rewards for your business. (Kotler, 1998)
When constructing the mix, marketers must always be thinking of whom their target markets are. They must understand the wants and needs of the customer then construct marketing strategies and plans that will satisfy these wants. The mix must also meet or exceed the objectives of the organization.
When building a marketing program to fit the ...

Solution Summary

Describe the elements of the marketing mix (product, place, price, and promotion). Explain how each of the four elements of the marketing mix impacts the development of Target's marketing strategy and tactics and describe how each element is implemented. Need at least three different sources and a bibliography.

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