Elements of Marketing Mix
Elements of Marketing Mix "A typical marketing mix includes a product, offered at a price, with some promotion to tell potential customers about the product, and a way to reach the customer 's place" (Perreault & McCarthy, 2004, pg. 36). A company will use the marketing mix in order to control variables in marketing to satisfy a target group. This paper will describe the four elements of the marketing mix; product, place, price, and promotion. In addition, the four elements of the marketing mix will be discussed on the impacts in the development of Starbuck 's marketing strategy and tactics.
Product"The product area is concerned with developing the right "product" for the target market" (Perreault, 2004, pg. 38). This requires a company to determine what item or service is desired by the customer in order to fulfill needs. The product needs to provide a service, cover the expected needs for the customer, or deliver the expectations created by other elements of the marketing mix. Service, benefits, branding, and packaging are some things that are taken into consideration with an organization 's product (Perreault et al, 2004). The overall objective is to offer a product that will satisfy the wants and needs of people.
Place"Place is concerned with all the decisions involved in getting the "right" product to the target market 's place" (Perreault et al, 2004, pg. 39). Place refers to the delivery of a product or service to a location that customers may obtain from. This step is needed to get the finished product from the company or origin to the consumer. Marketers need to consider the most efficient method to distribute an organizations product. Channel type, market exposure, locations of stores, service levels, means of transportation and distributing are factors that are taken into considers when marketers need to develop a strategy for place (Perreault et al, 2004). The overall objective is creating a place in order for customer 's to buy the product.
Product"The product area is concerned with developing the right "product" for the target market" (Perreault, 2004, pg. 38). This requires a company to determine what item or service is desired by the customer in order to fulfill needs. The product needs to provide a service, cover the expected needs for the customer, or deliver the expectations created by other elements of the marketing mix. Service, benefits, branding, and packaging are some things that are taken into consideration with an organization 's product (Perreault et al, 2004). The overall objective is to offer a product that will satisfy the wants and needs of people.
Place"Place is concerned with all the decisions involved in getting the "right" product to the target market 's place" (Perreault et al, 2004, pg. 39). Place refers to the delivery of a product or service to a location that customers may obtain from. This step is needed to get the finished product from the company or origin to the consumer. Marketers need to consider the most efficient method to distribute an organizations product. Channel type, market exposure, locations of stores, service levels, means of transportation and distributing are factors that are taken into considers when marketers need to develop a strategy for place (Perreault et al, 2004). The overall objective is creating a place in order for customer 's to buy the product.
References: erreault, W. D. & McCarthy, E. J. (2004). Basic Marketing: A Global-Managerial Approach. The McGraw-Hill Companies. Retrieved Nov. 11, 2007, from https://mycampus.phoenix.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&PIN=&Page=13&Zoom=1xWong, B. (2004, Sept. 28). In Cup of Starbucks going up average of 11 cents Oct. 6. Retrieved Nov. 11, 2007, from http://seattlepi.nwsource.com/business/192721_coffeeprice28.html