Marketing Mix

Essay by kellyhitch1College, UndergraduateB+, September 2008

download word file, 6 pages 2.0

Imagine the loss of time and revenue lost when a promotion campaign fails. The promotion of products needs to be done systematically and subjectively depending on the current fad. According to Armstrong and Kotler (2005) "marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization"(p. 113). Several variables can be used to help in making the right decision when it comes to marketing. This paper will describe the various elements of the marketing mix. This paper will describe how each of the four elements of the marketing mix influences the development of Starbucks marketing strategy and tactics as well as how each element is implemented. There are ways to help an organization make decisions and simplify the process; this is called the marketing mix. This marketing mix can be broken down into four categories product, place, promotion, and price.

The idea behind the marketing mix (4 P's) is to not include the customer into the mix, but rather to build a marketing strategy that is around the customer. This helps to put the target group at the focus of the strategy and to create a campaign that will influence, motivate, and persuade the target group. Product is the first component of the marketing mix. This requires the organization, or the marketing manager to create the right product that will be desired by the targeted consumer. This can be a service as well as a physical product that the consumer will want or desire. An example of a service rather than a physical product according to Perreault and McCarthy (2004) is "the product of a political party is the set of causes it will work to achieve" (p. 38). The basic objective is to promote and sell...