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    Marketing Strategies: Marketing Mix and Target Market

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    Davinchi Davinchi Dani
    The marketing mix consists of the four P's: product, price, placement, and promotion. Market researchers first identify the target market by determining who will buy the product and the potential for sales. They then develop a marketing mix tailored to the target market. For example, a marketing mix targeting middle-class teenagers may include blue jeans priced affordably, placed in department stores, and promoted on pop music radio stations. Aligning the four P's with consumer needs and the target market leads to marketing success.

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    Marketing Strategies: Marketing Mix and Target Market

    Uploaded by

    Davinchi Davinchi Dani
    54 views3 pages
    The marketing mix consists of the four P's: product, price, placement, and promotion. Market researchers first identify the target market by determining who will buy the product and the potential for sales. They then develop a marketing mix tailored to the target market. For example, a marketing mix targeting middle-class teenagers may include blue jeans priced affordably, placed in department stores, and promoted on pop music radio stations. Aligning the four P's with consumer needs and the target market leads to marketing success.

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    THE FOUR PS

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    Marketing Strategies

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    The marketing mix consists of the four P's: product, price, placement, and promotion. Market researchers first identify the target market by determining who will buy the product and the potential for sales. They then develop a marketing mix tailored to the target market. For example, a marketing mix targeting middle-class teenagers may include blue jeans priced affordably, placed in department stores, and promoted on pop music radio stations. Aligning the four P's with consumer needs and the target market leads to marketing success.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    54 views3 pages

    Marketing Strategies: Marketing Mix and Target Market

    Uploaded by

    Davinchi Davinchi Dani
    The marketing mix consists of the four P's: product, price, placement, and promotion. Market researchers first identify the target market by determining who will buy the product and the potential for sales. They then develop a marketing mix tailored to the target market. For example, a marketing mix targeting middle-class teenagers may include blue jeans priced affordably, placed in department stores, and promoted on pop music radio stations. Aligning the four P's with consumer needs and the target market leads to marketing success.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 3

    Marketing Strategies: Marketing Mix and

    Target Market
    The marketing strategies of determining product, price, placement, and
    promotion are not planned in isolation. Marketing analysts often look at a
    combination of these four factors. This combination of the four P’s is known as
    the marketing mix. The elements of the marketing mix focus on the consumer.
    In order to develop a successful marketing mix, researchers first ask two
    important questions: Who is going to buy the product? What is the
    potential to sell this product?
    The group of customers or consumers who will probably buy the
    product is known as the target market. The company directs its marketing
    efforts toward this group of potential customers who form the target
    market. Once market researchers have determined the target market they
    wish to appeal to, the company can develop an appropriate mix of
    product, price, placement, and promotion. The company attempts to
    match consumer needs or mold consumer desires to the product being
    offered. For example, if the target market is “middle-class teenagers”, the
    marketing mix might consist of the following:
    Product: blue jeans
    Price: with the market
    Placement: department store
    Promotion: advertisements on a “pop music” radio station
    A successful marketing mix depends on the knowledge about
    consumers and their buying habits gained through market research as
    well as correct identification of the target market. Strategies of
    product, price, placement, and promotion are blended in order to
    reach a chosen group of consumers.

    Practical Assignments
    1. Discuss the following questions with a partner.
    1. Which type of promotion appeals to you most – radio, television,
    magazine, or newspaper advertising? 2. How are the buying habits of
    consumers influenced by promotion? 3. What do you think the target market
    would be for a Rolls-Royce? For microwave ovens? For tennis shoes? 4.
    What are some of the factors that the market price of a product depends on?

    2. In the exercise below, determine the marketing mix that you think
    would be successful for this particular group of consumers (target
    market). Then fill in the price, placement, and promotion you think
    would be most effective for the target market that is indicated.
    1. Target market: teenagers 2. Target market: small restaurants
    Product: tennis shoes Product: microwave ovens
    Price: _____________________ Price: _____________________
    Placement: ________________ Placement: ________________
    Promotion:_________________ Promotion:_________________

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