Toyota Marketing Mix
Corporations need efficient strategy planning to carry on in our aggressive markets. This does not call for the company to come up with a strategy, but to figure out which strategy is best for them given the objectives and resources. They must also consider the strengths and weaknesses of the company as well as opportunities and threats. To enhance the aptitude of the companies, a marketing strategy is introduced. The marketing strategy will create lucrative marketing mixes for defined target markets.
The marketing mix is composed of four key elements to execute or examine for marketing campaigns. The chief goal of the marketing committee is to optimize the marketing mix. Marketers can enhance their outcomes and marketing value by implementing the right combination of the four P’s. Discrete alterations made to the marketing mix are looked at as tactical changes, while rendering huge changes to it can be considered strategic. The “Four P’s” of marketing are: product, price, placement, and promotion.
Product:
A product is an object or a service that is mass produced or manufactured on a large scale with a specific volume of units (Australian Business Case Studies, 2008). This piece of the market mix also encompasses how the product is packaged, the overall performance of the product/service, and the design and structure of the product.
Pricing:
The price is the cost that a buyer pays for a particular item. Pricing is determined by a number of factors including market share, competition, material costs, product identity and the customer 's perceived value of the product (Wikipedia, 2008). Pricing will vary due to demographics. Additionally, the product’s price will also be influenced by the competitive forces around the company. The price point will also be conceived by considering the choices that it could be: luxurious, inexpensive, or something in between.
Place:
Place represents the location where a product can be purchased (Australian Business
The marketing mix is composed of four key elements to execute or examine for marketing campaigns. The chief goal of the marketing committee is to optimize the marketing mix. Marketers can enhance their outcomes and marketing value by implementing the right combination of the four P’s. Discrete alterations made to the marketing mix are looked at as tactical changes, while rendering huge changes to it can be considered strategic. The “Four P’s” of marketing are: product, price, placement, and promotion.
Product:
A product is an object or a service that is mass produced or manufactured on a large scale with a specific volume of units (Australian Business Case Studies, 2008). This piece of the market mix also encompasses how the product is packaged, the overall performance of the product/service, and the design and structure of the product.
Pricing:
The price is the cost that a buyer pays for a particular item. Pricing is determined by a number of factors including market share, competition, material costs, product identity and the customer 's perceived value of the product (Wikipedia, 2008). Pricing will vary due to demographics. Additionally, the product’s price will also be influenced by the competitive forces around the company. The price point will also be conceived by considering the choices that it could be: luxurious, inexpensive, or something in between.
Place:
Place represents the location where a product can be purchased (Australian Business
References: Australian Business Case Studies. (2008). Marketing Mix. Retrieved on August 3, 2008, from http://www.afrbiz.com.au. Cina, Mark.(2002). Toyota Uses Unique Marketing Strategy For Scion. Retrieved on August 3, 2008, from http://www.popularmechanics.com/automotive/new_cars/1270196.html?page=2. Gonzalez, Hector. (2005) Keepin ' It Real ' -- Will Corporate Sponsorship Build Up or Tear Down Urban Culture? Retrieved on August 3, 2004, from Marketing mix. (2008, July 30). In Wikipedia, The Free Encyclopedia. Retrieved 20:55, August 3, 2008, from http://en.wikipedia.org/w/index.php?title=Marketing_mix&oldid=228807083 Rechtin, Mark. (2005). Scion 's dilemma: Be hip -- but avoid the mainstream. Retrieved on August 3, 2008, from http://www.autonews.com. Truell, Andy. (2008). Marketing Mix. Retrieved on August 3, 2008, from www.answers.com.