Provide a minimum of 100 words for this discussion board forum. Read at least so
ID: 2821829 • Letter: P
Question
Provide a minimum of 100 words for this discussion board forum. Read at least some of the comments. You may comment on other po requirement to do so. stings, but there is no A target market is a somewhat homogeneous group of persons who need or want our product and who are able and willing to pay for it. The marketing mix often called the 4 P's, Is the combination of product, price, promotion and place/distribution that we offer primarily to the target market. So, what comes first, the marketing mix or the target market? (See also the question regarding the chicken and the egg) More basically, how do the various elements of the marketing mix interact with the target marke? Dave Wilhelm MESSAGE Subject Message Cick Save Drejt to sove a draft of this message Click Submit to submit the post Click Concel to qu 6 8 5Explanation / Answer
It solely depends on the product the company is selling.
The company may first develop a product, fix its price, choose the right distribution system (place) and then promote the product in the market niche which is suitable for the product developed. To whom the product will be promoted and sold would be called as the target market.
In the other case, the company may first recognize a market need and then develop a product and price it accordingly. Under, this the target market is first decided and then only the 4 P's of marketing mix come into picture.
If the company is making need based products then the target market would come first, but if the products of the company are wants or luxuries then the marketing mix would come first. The elements of the marketing mix interact with the target market at every step, because if the elements of the marketing mix are not congruent with the target market then the product would not sell in the market. So, the decisions about elements of marketing mix cannot be made in isolation from the target market. For effective product placement it is imperative that the target market and elements of marketing mix are in line.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.