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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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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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Marketing Mix Presentation for a New Beer

Create a presentation introducing a new beer product.

You will write a presentation that includes:

1.Situation analysis: List the PEST and SWOT factors, as well as your analysis, that are significant to your marketing mix and target market decisions.
2.Target market segment(s): Describe your target market (s).Why did you choose these markets and what was your reasoning for selecting these instead of others?
3.Product positioning and value statement: Why were these statements selected and how do they relate to the promotion message?
4.Final design of marketing mix including:
Product description: What are the attributes and differentiating benefits of the product; why did you choose these attributes
Pricing strategy with sales forecast, demand estimate and break-even volume analysis: What pricing method was selected, what price and how did you arrive at these decisions.
Distribution Plan: Where do you intend to distribute and what are the factors that influenced your decision?
Promotion Plan with budget: Identify the media you'll use to promote your product and why you selected those and your promotion budget. Explain how your promotion objectives help to achieve the sales forecast.
Note: There should be a visual image as part of your presentation that shows how these all fit together.

36 slides

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