MKT421 - Marketing Mix
The marketing mix is comprised of four basic marketing strategies. The four strategies, which include product, place, price, and promotion, involve the decisions that a business must make to succeed. The marketing mix is reliant on how clear and defined the business’ target market is and how well the company directs the strategies towards its targeted market (Glenco McGraw-Hill, 3rd Edition). This paper will further define marketing mix, the four strategies, and conclude with a description of how the four strategies affect Polaroid’s decision to market the I-Zone camera.
Once the targeted market is clearly identified, a company is able to satisfactorily apply the four market mix strategies and make appropriate decisions to benefit the company. To first understand the market mix, one must know that the strategies are dependent on one another. Each strategy contains various choices, alternatives for management. The success depends on a company’s ability to successfully choose a combination of marketing mix decisions that will satisfy target markets, as well as, achieve the company’s desired goals (Glenco McGraw-Hill, 3rd Edition). In this case, Polaroid’s target market consists of males and females between the ages of 12 and 18 years old. http://www.polaroid-digital.com
The first of four strategies is product. This strategy includes what products a company chooses to make, how the company will present the product in ways of packaging, product naming, and the desired image for the product. For its target market, Polaroid chose a pocket-size instant camera, which includes an indoor flash, and produces self-developing miniature photos and/or stickers. The company also developed specialized film for the I-Zone camera. The company further considered its target market (12 – 18 year olds) as it chose to design the camera in trendy colors that would allow the youth creativity and self-expression....