The Marketing Mix Purpose: To enforce the value of the marketing mix elements in

Question

The Marketing Mix

Purpose: To enforce the value of the marketing mix elements in designing a marketing strategy.

Background: Given the highly competitive marketing environment, many marketers focus on specific segments of consumers when designing and building products, setting the price, determining where the products will be placed on shelves, and designing the promotions. This process is known as building the marketing mix.

Directions: Review the elements of the marketing mix—product, price, promotion, and place. In 1 - 2 pages, explain how the marketer of each of the products/services (below) has built the marketing mix.

Products:

Old Navy

Wendy’s

Manchester Community College (NH)

Questions to address in your assignment:

Do any of the products/services presented have more than one target market? Explain your answer.

What factors determine the price of the products/services presented? Explain your answer.

Do the marketers use various types of promotion? Explain your answer.

Please note that students can bullet their answers; however, answers must be thoroughly explained and free of grammatical errors.

Explanation / Answer

1. Yes Product like Old Navy and Wendy's have more than one target market. Wendy can have Local as well as International market. They can sell through tying up with online channel partners. They can work on franchise / royality model.

Incase of Wendy's marketer can keep the prouducts as per local market taste and sourcing of material can be done from local market to cut down the cost and keep the product pricing at optimum level.

Incase of Old Navy as well target market can be many. It can target premium clothing for high end customer, Mid segement and mass segement. Pricing can be also done accordingly.

Marketers use the mix as per store location, products are sold through online channel partners or any other channel like Mega store or exclusive store.

Incase of Manchester community college , other market can be a difficult task as purpose is to provide education . But still they can provide other services like short term vocation courses which will benefit people to enhance the skill in a particular area..

2. There are many factors determine the price of the products / services offered. Like incase of Products like food or cloths , Brands matter a lot. It drives the pricing of the product. Store location, Target consumer, Overhead cost, Raw material avaialbility to manufacture the cost, Labour cost prevailing in the area plays a very important role in pricing of any product.

3. Yes, Marketers use various type of promotion. Some of them are as following :-

Basically the above listed techniques are widely used for promotion.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.