Marketing Mix Question
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At least three different sources 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 organization's marketing strategy. Describe how each element is implemented. Be sure to specifically identify your selected organization and the industry in which it exists.
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Solution Summary
This solution provides a sample analysis of the marketing mix for Starbucks.
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Please find guidelines for writing on marketing Mix Strategy of Starbucks.
Introduction
Marketing mix comprises four P's: Product, Place, Price and Promotion, which is one of the most fundamental concepts of marketing. These Ps are quite essential for developing a marketing strategy of any organization (Perreault & McCarthy, 2004). This paper will help to understand the elements of marketing mix and their impact on the marketing strategies Starbucks.
Product: The first P of marketing consists of products or services offered by the business. It is very necessary to show all the features and benefits of a product or service to differentiate it from others (The Marketing Mix and 4 Ps, 2008).
Place: It includes target market, distribution channel, market coverage, etc. It is the element of marketing mix by which the companies make their products or services available to the customers (Perreault & McCarthy, 2004).
Price: Price determines the value of a product. Price is an important factor for determining the budget of the marketing strategy (The Marketing Mix and 4 Ps, 2008).
Promotion: Promotion is the act of convincing the public to buy the product or service. It is the most significant element of the marketing mix. Advertising, sales promotion, personal selling and public relations are the most important tools of promotion (Perreault & McCarthy, 2004).
Impact of Marketing Mix on Starbuck's Marketing Strategy
The mission statement of Starbucks is to develop the image of company as the first supplier the finest coffee in all over the world (Starbucks Coffees Corporations, 2009). In ...
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