Toyota Marketing Mix Essay

1443 Words 6 Pages
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
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Place:
Place represents the location where a product can be purchased (Australian Business Case Studies, 2008). It can consist of any physical or virtual store. Placement is how and where the potential customers can purchase the product/services. Place also consists of the points of distribution.
Promotion:
Promotion signifies all the interactions that a marketer may implement in the market. Promotion consists of four distinct elements - advertising, public relations, word of mouth and point of sale (Australian Business Case Studies, 2008). Truell (2008) states that
“Advertising covers any communication that is paid for, from television and cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales often play an important role in word of mouth and Public Relations.” Formation, growth, and advertising are usually the biggest cost in a company’s financial plan. Market analysis will take place. The company will decide how and where advertising takes will place as well as what the costs and rewards of the chosen advertising media will

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