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Starbucks Marketing Mix Essay

1479 words - 6 pages

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Starbucks Marketing MixSuccessful organizations understand the importance of a strong marketing strategy to satisfy customers and sustain growth. Making the right decisions depends on several variables. The purpose of this paper is to describe the four elements of marketing mix and share how Starbucks has implemented an effective and powerful marketing strategy to become the world's largest coffeehouse chain.Marketing Mix DefinedA marketing mix helps an organization simplify the process and help marketing managers make decisions. The marketing mix is composed of four elements: product, place, promotion, and price (also known as the four Ps). The purpose of the marketing mix is to build a marketing strategy around a target group, and focus the strategy to create a campaign that will persuade, influence and motivate the identified customer (Perreault, Cannon, & McCarthy, 2009).The first 'P' of the marketing mix is the product. Product, in this case, refers to both physical products and intangible services. Forethought and research is important to create the right product or service that the target audience desires at the appropriate time (Perreault, Cannon, & McCarthy, 2009).The second component is place. This is the location where the product is delivered and can be purchased by a consumer. A business must determine the most effective way to distribute its product by developing a supply chain management system that includes recognizing the best channel partners, warehousing, inventory management, order processing, and transportation (Perreault, Cannon, & McCarthy, 2009).The third element is promotion. Promoting products is the effort of the marketer to inform and persuade potential customers to purchase the product or service. The organization can choose to use advertisement through different forms of media, sales promotions and salespeople to promote the specific product to the target market. Often the elements are combined to offer the best chance of reaching customers.The fourth and final 'P' is price; the most difficult element to determine. The organization must consider its requirement for net income and its objectives for long-term market control to influence the pricing strategy. Pricing is a quantifiable way of measuring the value a consumer places on the product or service (Perreault, Cannon, & McCarthy, 2009). If the cost is too high or too low, it will not generate the expected volume or revenue for the company. An organization can have different pricing for different regions based on several factors but must be cautious of using this strategy so it does not alienate consumers.Starbucks Marketing MixStarbucks is a brand name recognized worldwide; not only for its coffee but also for its commitment to the environment and local communities wherever the stores are located. The first Starbucks opened in Seattle and 39 years later there are more than 16,000 locations in more...

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