Marketing Mix Essay

1476 words - 6 pages

Introduction:In today's economy, organizations must gain a competitive edge in the marketplace against its competition. These organizations must be able to combine its business strategy with new product designs and development. A company must be able to integrate all aspects of marketing in order to achieve the success considered necessary for business today as well as for tomorrow. Implementing a good marketing plan, also known as the marketing mix, is where the journey for every business begins.This paper will attempt to detail the elements of the marketing mix: product, place, price, and promotion. These four elements have been used as the primary foundation on which a marketing plan is based. In addition, this paper will detail how each one of the four elements of the marketing mix impacts Starbuck's marketing strategy for the company's coffee products.Product:This mix defines the characteristics of tangible, physical products or services that meet the needs of its customers. Some examples of the product decisions to be made are: brand name, functionality, styling, quality, safety, packaging, repairs and support, warranty and accessories and services.Society has been overwhelmed with products every day from companies on a global scale. A good marketing plan helps an organization to define its goals and develop a series of activities to achieve those goals, such as developing new products. It will help the organization know what consumers want, need, and what they are willing to buy.Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest quality of Arabica coffee in the world, since 1971. With coffee stores around the world, the company is the leading roaster and retailer of specialty coffee on the globe today. Through Starbucks' steadfast commitment to superiority and its guiding principles, the unique Starbucks Experience is brought to life for every customer through every cup.According to starbucks.com, "Starbucks purchases and roasts high-quality whole bean coffees and sells them along with fresh, rich-brewed, Italian style espresso beverages, a variety of pastries and confections, and coffee-related accessories and equipment -- primarily through its company-operated retail stores. In addition to sales through our company-operated retail stores, Starbucks sells whole bean coffees through a specialty sales group and supermarkets. Additionally, Starbucks produces and sells bottled Frappuccino® coffee drink and a line of premium ice creams through its joint venture partnerships and offers a line of innovative premium teas produced by its wholly owned subsidiary, Tazo Tea Company. The Company's objective is to establish Starbucks as the most recognized and respected brand in the world".Pricing:Of all of the elements of the marketing mix, pricing is one of the most important elements, as it is the only mix that generates a turnover for the organization. The remaining 3 elements are the variable costs for...

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