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Marketing Strategy

You have decided that in the future, you may want to market yourself as marketing consultant.

How Would You Go About This?

1. To start, choose a real world example of a company (one that you would market yourself to) and provide a review of:

(I suggest a publicly traded company as the information needed to answer the following questions would in part be contained in their annual report)

a) Overall Market

b) Industry

c) Basic Information On Their Size And Profitability(25 POINTS)

2. State the steps you would take to analyze the situation and formulate media strategies. (25 POINTS)

3. Provide a description of the goals you will set to achieve and how your strategies will bring you closer to the achieving those goals. (25 POINTS)

4. Also define and explain the "4 Ps of Marketing" (25 POINTS)

a) Product

b) Price

c) Place

d) Promotion

5. Incorporate these elements into your answer and develop a comprehensive description of what your media strategies would be. (50 POINTS)

These media strategies should be based on the company you researched. Show your strengths by the strategies you choose. Be creative and be specific.

APA formatting is REQUIRED and spelling, grammar and proper sentence structures count, deductions for errors will be taken

Solution Preview

The response address the queries posted in 1858 words with references.

//Before explaining about the industry, size & profitability and situation analysis, it is essential to have knowledge about the 'overall market'. One should know about the target corporation and its operations, which further will aid in analyzing the industry in an effective manner.//

Introduction- Overall Market

Target Corporation is the second largest retailing company that was found in 1902. Target and Super Target are the brand names of the discount stores of Target Corporation. Target Corporation provides high quality products and merchandises to the consumers. It is differentiated from its competitors by its upscale and high quality products which are offered at a reasonable price. It has about 1600 stores in 47 states which are operated in a clean, spacious and guest friendly environment. In terms of sales revenue, Target comes at the fifth position. The main competitors of Target Corporation are Wal-Mart and Kmart.

Industry

Target Corporation is one of the largest companies in the retail industry. Many new companies are coming in the retail business. It is facing a tight competition from the Wal-Mart and Kmart. The total retail sales for the retail industry were $4495 billion for the year 2007. The retail industry is the growing industry and every company in this industry is earning a significant profit. Company's overall position in comparison to the industries in average, is very good. Its net profit margin and performance ratios are quite better than the industry.

Size and Profitability

The total revenue for the company in year 2007 was $63,367 million that was showing a growth of about 6.5% from past years. The total earnings of the company are increasing year by year at a significant growth rate. The growth in the earning per share was 3.9% for the year 2007. It covers a large market share in the retail business that is causing an increase in the market price of the company. The market capitalization of the company is also increasing. It is opening many new stores to cover a large market share. In the year 2007, the company has opened 118 new stores. This shows a growing size and profitability of the company (Target Corporation, 2007).

Analysis of the Situation

Analysis of the company's history and development - It is a first and best step to analyze the situation of the company. The history and the development process of the company explain all the relevant sources of the company regarding revenue, investment policies and marketing strategies.

Identify the internal environment of the company - Every company has some uniqueness in some area but not in every area. Uniqueness in some area is called as the strength of the company. The internal environment of the company consist strengths and weaknesses of the company. Target Corporation is a leading organization in the retail industry. Its core strength lies in the brand image of the company. The ...

Solution Summary

The response address the queries posted in 1858 words with references.

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