'Elements of Marketing Mix Essay\r'

'Elements of Marketing Mix â€Å"A typical marketing ripple includes a harvest-home, stick outed at a scathe, with more or less promotion to tell possible clients about the product, and a way to progress to the customer’s repoint” (Perreault & McCarthy, 2004, pg. 36). A partnership will use the marketing mix in army to control variables in marketing to fulfil a cig art group. This paper will attain the tetrad elements of the marketing mix; product, place, hurt, and promotion. In addition, the four elements of the marketing mix will be discussed on the impacts in the reading of Starbuck’s marketing dodging and tactics.\r\nProduct”The product atomic number 18a is concerned with maturation the cover â€Å"product” for the luff market” (Perreault, 2004, pg. 38). This requires a company to determine what item or dish is desired by the customer in invest to fulfill take. The product needs to provide a divine service, cover the expected needs for the customer, or release the expectations establishd by other elements of the marketing mix. Service, benefits, branding, and packaging be some things that be taken into consideration with an face’s product (Perreault et al, 2004). The over each(prenominal) objective is to offer a product that will satisfy the wants and needs of nation.\r\nPlace”Place is concerned with solely the decisions mired in getting the â€Å"right” product to the target market’s place” (Perreault et al, 2004, pg. 39). Place refers to the manner of speaking of a product or service to a location that customers may obtain from. This step is needful to get the finished product from the company or origin to the consumer. Marketers need to consider the most(prenominal) competent method to distri juste an organisations product. Channel type, market exposure, locations of stores, service levels, means of transportation and distri simplying atom ic number 18 factors that are taken into considers when sellers need to develop a strategy for place (Perreault et al, 2004). The overall objective is creating a place in parade for customer’s to buy the product.\r\n harm”Price puzzleting must consider the contour of competition in the target market and the woo of the whole marketing mix” (Perreault et al, 2004, pg. 40). The price is the join that will be charged for the product. â€Å"Managers must tell apart current practices as to markups, discounts, and other terms of gross revenue event” (Perreault et al, 2004, pg. 40). The prices set by competitors will affect the price of the product. Organizations use pricing techniques in order to penetrate a competitive price of the product. Prices are set by a company in order to become profitable or to even reach the break even point. Flexibility, product life, cycles, geographic terms, discounts, and allowances are factors that must be considered before setting the price of a product (Perreault et al, 2004). In addition, pricing strategies also will vary according to region. For example, a product that sells for a price of 10 dollars in atomic number 20 may only sell for 7 dollars in the state of Georgia. The overall objective is the set the right price for the product.\r\n onward motion” procession is concerned with singing the target market or others in the course of distribution about the â€Å"right” product” (Perreault et al, 2004, pg. 40). Promotion is how the marketer will communicate, inform and persuade customers to grease ones palms a product or service. There are legion(predicate) ways in which to market the product. The marketer must take in account triune ways of promotion; personal selling, mass selling, and sales promotion. All cigarette be mixed to create the right blend that will target the marketplace. individualised selling contains direct communication between a company and their customer, usually face-to-face. However, direct communication can also be through phone interviews or sales calls, conferences through video and the internet (Perreault et al, 2004). Promotion can also be used to target a large group of consumers at the kindred time such as radio or television advertising. This is known as mass selling. Finally, sales promotion refers to promotion activities that do non involve advertising and personal selling. Contest, coupons, and special offers are some examples of sales promotions (Perreault et al, 2004).\r\nStarbucks’ Marketing MixStarbucks Coffee mission description is to â€Å"establish Starbucks as the premier purveyor of the finest deep brown in the world while maintaining our uncompromising principles while we engender” (Starbucks, n.d.). Starbuck’s has utilized the four marketing elements to athletic supporter create an excellent impact in the development of their marketing tactics and strategies. Starbucks orig inated in Seattle, Washington, over 30 years ago, and owns more than 12,000 stores worldwide. Starbucks achieved this by creating a in(predicate) marketing strategy. Starbucks was recognized 7 times as one of the â€Å"100 Best Corporate Citizens” by Business Ethics Magazine (Shareholder, 2007). Starbucks customers include people of diverse ethnicity, income, and age groups with varying tastes and interest. With this diverse clientele, Starbucks has make marketing a challenge to target all these diverse groups of people.\r\nProduct”Starbucks is dedicated to purchasing the highest prime(a) deep brown and paying premium prices to reflect current commitment to coffee-farming communities” (Shareholder, 2007). The reason Starbucks offer so many different varieties of products is to satisfy the diverse clientele. This company has always been able to influence their clientele by offer products that appeal to all cultures. Starbucks has been able to meet a specific market demand. â€Å"Starbucks gives a wide function of food and swallow options, from indulgent treats to lower-fat and reduced-calorie choices for all consumers’ tastes” (Shareholder, 2007). Starbucks continues to insert and extend the Starbucks Experience with imaginative new ready-to-drink beverages and smashing coffee offerings.\r\nPlaceStarbucks’ stores are strategically placed in locations that are visible and go for a great plentifulness of traffic. Starbucks is successful at placing their products strategically in order to impact sales volume. According to the Starbuck’s 2006 yearly report, â€Å"we opened 2,199 new stores globally (ahead of 1,800), at an clean pace of six new stores per day, bringing our sum to 12,440 stores in 37 countries” (Shareholder, 2007). They have locations on expeditious street corners, in malls, theaters, office buildings, grocery stores and airports which have allowed them to be clearly visible. Almost anywhere a person turns there is a Starbucks around the corner.\r\nPriceStarbucks does not consider their price to strategy to be of significance compared to the other elements in the industry. â€Å"The company’s 12-ounce marvellous latte ranges from $2.25 in Minnesota to $3 in New York City” (Wong, 2004). Like any company, prices are ground on the level of economy in each area. Starbucks prices largely are also based on manufacturing. Starbucks’ prices reflect cost of coffee beans, sugar, geographic areas, and the overall experience. Distribution also plays a procedure in how the product is priced at each company.\r\nPromotionStarbucks employs a mix between personal selling and sales promotion. â€Å"Personal selling lets the salesperson adapt the truehearted’s marketing mix to each authorisation customer” (Perreault et al, 2004). Starbucks does not just have salespeople, but baristas. Starbucks’ baristas inform and sell the product face-to-face to the customers. Starbucks’s promotions do not include traditional advertising, but global sales promotions. Sales promotions spark purchases by customers through different channels.\r\nIn August of 2006, Starbucks back up Jumpstart’s Read for the Record campaign. They sell 53,000 copies of The Little Engine That Could and hosted 330 reading events setting an positive Guinness world record. Furthermore, incentive sales promotions included donating 5 cents for every bottle sold for the Ethos pissing Fund. The Ethos Water Fund focuses on improving local pissing sources and providing sanitation and hygiene education to the communities in Ethiopia and Indonesia (Shareholder, 2007). flock want to be apart of Starbucks’ global efforts and these are examples of effective sales promotions.\r\nConclusionWhen developing a marketing, all decisions impacted the four Ps should be do at the same time. The four elements of the marketing mix are equally imp ortant. This is because the products, places, prices, and promotions of an organization surround the most important element; the customer (Perreault et al, 2004). According to Starbucks 2006 yearbook report, â€Å"There are numerous competitors in almost every market in which Starbucks operates and in which it expects to expand in both the specialty coffee beverage business and the specialty whole bean coffee business” (Shareholder, 2007). Starbucks has proven to mollify on discharge of their market. However, Starbucks and any organization need to continuously attempt their marketing mix in order to stay competitive and profitable. By successfully completing the quite a little of the four Ps, Starbucks has established a multi-million dollar organization that is a Fortune 100 Company.\r\nReferences\r\nPerreault, W. D. & McCarthy, E. J. (2004). primary Marketing: A Global-Managerial Approach. The McGraw-Hill Companies. Retrieved Nov. 11, 2007, from https://mycampus.p hoenix.edu/secure/resource/resource.aspStarbucks, (n.d.). Retrieved Nov. 11, 2007, from http://www.starbucks.com/aboutus/environment.aspShareholder, (2007). In Starbucks Coffee 2006 Annual Report. Retrieved Nov. 11, 2007, from http://www.shareholder.com/visitors/dynamicdoc/document.cfm?CompanyID=SBUX&DocumentID=1382& wooden leg=&Page=13&zoom=1xWong, B. (2004, Sept. 28). In Cup of Starbucks going up fair of 11 cents Oct. 6. Retrieved Nov. 11, 2007, from http://seattlepi.nwsource.com/business/192721_coffeeprice28.html\r\n'