Describe the elements of the marketing mix (product, place, price, and promotion). In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix impacts the development of the organization's marketing strategy and tactics. Describe how each element is implemented.
Be sure to specifically identify your selected organization and the industry in which it exists.© BrainMass Inc. brainmass.com October 10, 2019, 12:09 am ad1c9bdddf
Ted Levitt famously said "A product is not a product unless it sells. Otherwise it is merely a museum piece". These words ring true to any marketing manager when trying to decide the best way to market and promote a product to consumers. Harvard Business professor Neil Borden identified a number of company activities that can influence a buyer. Any company should be able to prepare its own long list. Borden suggested that all those activities constitute a "marketing mix" and should be planned in concert for maximum impact. Professor Jerome McCarthy further defined the marketing mix as consisting of The Four P's: product, price, place and promotion. The four P framework calls upon marketers to decide on the product and its characteristics, set the price, decide how to distribute the product and choose methods for promoting the product.
Product: The basis of any business is a product or offering the consumers wish to purchase. A company aims to make the product or offering different and better in some way that will cause the target market to favor it and even pay a price premium.
Price: Price differs from the other three marketing mix elements in that it produces revenue; the other elements create costs. Consequently companies work hard to lift their prices as high as their level of differentiation will support.
Place: Every seller must decide how to make its good available to the target market. If the product can not reach consumers in the market place it does not matter how good of a product or service is that is offered. Distribution clearly poses a number of challenges. A company must recognize that their distribution choices establish a fairly long commitment that they may have to live with even when and more attractive channels appear.
Promotion: Promotion covers all those communications tools that can deliver a message to a target audience. Some of the tools involved include: advertising, sales promotion, public relations, sales force and direct marketing.
Starbucks coffee has closely examined the four P's and implemented them to become the largest coffee restaurant in the world. They constantly ...
This solution describes the marketing mix, including, product, place, price, and promotion, for Starbucks.