Marketing Essay

1681 words - 7 pages

Toyota Marketing MixMarketing 400December 4, 2009Toyota Marketing MixThe given study is grounded on the concept of marketing mix which is an inherent part of the marketing actions of a company. The marketing mix is an accumulation of the four elements of the market which are product, price, place and promotion. Each of the four elements have equal implication for the effectiveness of a company's marketing strategy. The companies operating in all types of industries make use of marketing mix in the formation of various marketing strategies and tactics.This can be understood in a prominent manner with the help of the example of Toyota Motor Corporation, which operates in the automobile sector. The company has gained a great competitive advantage through the implementation of the marketing mix in its different and diverse marketing strategies. Marketing mix renders Toyota with a number of competitive advantages in different aspects of its marketing activities.Marketing Mix is a very significant concept of the business progression. The products and services of the business organizations get a very effective strategic position in the market with the assistance of the application of marketing mix. Through correct diligence of the marketing mix, a company can have a well explicated marketing strategy and tactics through which the marketing aims of the company can be accomplished at the desired level (Kotler & Keller, 2006). The marketing mix is not an individual term but rather the assemblage of the various elements of marketing.It is primarily compiled of the four P's of marketing: product, price, place, and promotion. These four P's have equal implication for the marketing of the products in different organizations. These quantifiable elements of the marketing mix can be used by a company for increasing its marketing effectiveness. With marketing mix, the company can have marketing information to measure the effects of the marketing activities on its sales. With this, it can evaluate the degree of overall effectiveness of its marketing activities.The explanation of the four elements of marketing mix is as follows:• Product: Product is the fundamental element of the marketing mix. In the product mix, both the physical goods and services are considered. The other elements of the marketing mix are also ascertained by the product mix. The product mix conveys all aspects of the product like product design, quality and manifestation, brand name of the company and services of the products.• Price: Price is the second imperative element of the marketing mix. The price is specified according to the expected profitability and the keen competitors. This is considered as a critical element as it determines the purchase power of the customers up to a convinced level. The organizations keep their product prices reasonable in order to make them affordable by all the customers. In pricing, more than a few factors are integrated such as discounts price,...

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