Marketing Mix

Marketing Mix

Marketing mix can be defined as combination of marketing elements used in the sale of a particular product (Marketing, 2007). These marketing elements are also known as the four Ps. The four Ps of the marketing mix are product, price, place (of distribution), and promotion. Companies use different aspects of marketing mix to help them better serve their target market, for example Starbucks. Starbucks primary focus is to provide outstanding service and products to their customer, while earning their loyalty. In addition to earning their loyalty, the convenience, and other benefits, consumers are demanding for more. We at Starbucks have seen significant loyalty and value around the trust we have built with our customer (News & Release, 2006).

Marketing Mix and Starbucks

Marketing mix is a combination of marketing elements used to sell a product or service the consumers. The four Ps or the elements of marketing mix are:

• product - good or service

• price - cost of product or service

• place - where product or service is located

• promotion - advertisement of product or service

Each element is used by companies to help meet the needs of a target market. A target market is a particular group of people that could benefit from purchasing your product, visiting your site, and/or responding to some other call to action (Marketing & Management, 2007).

First Element of Marketing Mix

Product is the first element of marketing mix. A product is any combination of goods and services offered to satisfy the needs and wants of consumers (Marketing, 2007). A product can either be tangible or intangible. A tangible product is a product that can be touched by a consumer, such as a car or computer. An intangible product is a service that cannot be touched, such as computer repair, income tax preparation, or an office call (Marketing, 2007). The core product is the benefits that the consumer purchased.

Products can be categorized by...