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Elements Of Marketing Mix Essay

1464 words - 6 pages

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.Price"Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix" (Perreault et al, 2004, pg. 40). The price is the amount that will be charged for the product. "Managers must know current practices as to markups, discounts, and other terms of sale" (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 reach 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 California may only sell for 7 dollars in the state of Georgia. The overall objective is the set the right price...

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