Final Project For your Final Project, you need to find a business such as your e

Question

Final Project

For your Final Project, you need to find a business such as your employer, a company you support through your personal consumer buying behavior, or a business in your city that is successful and explain how each of the Four P’s of marketing mix work together in order to make this business a success. If one of the elements of the marketing mix was to be off balance with the other P’s would this change the success of the business? Why or Why not?

The requirements below must be met for your paper to be accepted and graded:

Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.

Attempt APA style, see example below.

Use font size 12 and 1” margins.

Include cover page and reference page.

At least 60% of your paper must be original content/writing.

No more than 40% of your content/information may come from references.

Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

IN YOUR OWN WORDS PLEASE!!!!! NO PLAGIARISM!!!

Explanation / Answer

answer-

Marketing mix of Target

a) Product

Target Corporation is known for its wide assortment of consumer market products. It promotes the concept of single-stop-shop and is a mass merchandiser advancing a diversified product portfolio with lots of variant options including apparels, books, office supplies, small appliances, toys/games, footwear, sports goods, pet supplies, housewares, gardening materials, jewellery, furniture, food products, electronic items, health products, accessories, beddings, and beauty products. Target has always focused on the market niche as the upscale discounter (Rowley, 2003).

(a) Price

As long as the pricing strategy is concerned, similar to Walmart, Target also focuses on selling huge quantities of merchandises at a low price (Graff, 2006). Therefore, it has focused on a middle-class clientele who are interested in bargaining to get the best discounts. Target, after Walmart, is the second-largest discount store in the United State. The specialty pricing method of Target includes price differentiation, economy pricing, and bundling which encourage bulk sales.

(b) Place

The first Target store was established in a Minneapolis suburb and the company is growing at a moderate pace (less than Walmart and Kmart) after that (Graff, 2006). Presently, it has more than 1,800 stores in several places the U.S. including Apple Valley, San Francisco, Omaha, San Diego, Chicago, and Boston. The company has an efficient network which lessens the shipping costs and delivery time and assures fast and reliable product availability. It has 38 distribution centres at places like Minnesota, North Carolina, Illinois and California which are used to fed the retail stores in the most efficient manner. Presently, the company has also started operating through an e-commerce platform from Target.com.

(d) Promotion

Target Corporation has used ATL and BTL promotional strategies to expand its customer base. It has started ad campaigns in electronic cum print media through coupons, newspapers, flyers, magazines and tv commercials. Besides, it promotes the special offers and deals with its regular customers using e-mails or SMS. The company has initiated numerous sponsorship opportunities to improve its brand reputation. It supports award shows like Grammys, Oscars, and Golden Globes. It sponsors Times Square Ball Drop and Minneapolis Aquatennial. it has also entered into sponsorship arrangements with racing teams such as NASCAR and IndyCar.

As long as the off-balancing of one of the P's in the marketing mix is concerned, Target Corporation should increase the expansion rate compared to the other two major players Walmart and Kmart. This will be necessary to capture the market share.

References

Rowley, L. (2003). On target: How the world's hottest retailer hit a bull's-eye. John Wiley & Sons.

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