In order to determine the proper marketing method it is vital to analyzing certain factors. These factors are often described as the Marketing Mix and consist of: product, place, price, and promotion (Armstrong & Kotler, 2005). According to Armstrong and Kotler "marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization" (Armstrong & Kotler, 2005 p. 113). This paper will discuss the four elements of the marketing mix, and how they influenced the marketing strategy for Starbucks Coffee.
ProductA product does not necessarily have to be a tangible good, but instead could be some service based item. The basic objective is to sell a product that will satisfy the needs of consumers. According to Starbucks website, "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" (starbuck.com
2008 p. 1). Starbuck product line is limited to coffee and coffee related items this is a challenge for the management team. Management must keep a close eye on the coffee market to insure that Starbucks stays relevant. By creating a product that is desired by consumers, Starbucks has created a business that understands that product will greatly influence the marketing mix. Starbucks has decided, on producing a high quality product that is not readily available.
PlaceLocation, Location, Location, it is said that these are the three most important things in business. This is not all there is to it, but location goes a long way in the retail market. Starbucks stores are usually placed in heavy traffic locations that are highly visibility. By placing Starbucks in locations such as grocery stores, airports, office buildings, and shopping malls allows them to...