Marketing Mix-Development and Application

Paper Summary:

This document discusses the elements of the marketing mix in any given organization, concentrating on the four primary components thereof: product, price, place, and promotion. These concepts and strategies, as they relate to the marketing strategy and plan of an organization, are then examined in relation to an actual company; in this case, Toyota. Further, the writer looks at its gas efficient brands such as the Prius.

From the Paper:

"An organization that sells products, services or a combination thereof is very dependent on its sales and marketing strategy. By extension, the sales and marketing strategy is reliant on solid market research and experience with marketing approaches made relevant to specific markets. There are myriad approaches to developing a marketing plan but some solid assumptions regarding its structure can be based on being familiar with the following: (1) highlighting key sampling issues specifically associated with international research; (2) considering the relationship between sampling and internal and external validity; (3) examining the way in which research objectives impact upon sampling (and, through sampling, on validity)."

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