Marketing Mix Essay

Pages: 3 (1003 words)  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Junior  ·  Topic: Business - Advertising

Marketing mix is defined as a set of tools employed by firms in roping baskets of customers for gaining maximum profits. It comprises of promotion, place, price and product commonly referred to as the four elements of the Marketing mix. Starbucks combines the four elements in order to yield a profitable strategy. The company works with a combination of these elements because they have different permutations allowing them to find out what works best for them. Currently, Starbucks develops its marketing strategies based on the following elements:

Product

Products produced by Starbucks must satisfy the needs of customers. If this is not achieved, then the company will be wasting its time and resources. Therefore, they must ensure that customers yearn for their products. Starbucks must ensure that they design products in line with the needs and demands of customers. Before producing nay products, they must ask themselves whether the products have a benefit or fulfill the desires of customers. Starbucks must ensure products produced deliver the expectations of customers. This brings in the aspect of quality. Customers cannot be easily fooled by offering them sub-standard products. Conversely, they can be lured into buying Starbucks products through advertisements. Starbucks has to produce good quality products so that customers may come back. If customers are satisfied, they tend to bring in more customers and vice versa (Lamb, Hair & McDaniel, 2012).

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Essay on Marketing Mix Is Defined as a Set Assignment

Starbucks have been adjusting their prices in a manner that leads to maximum yields. Their prices have never been fixed, and they regularly change their prices according to various external and internal factors. Making profits is the primary objective of Starbucks and is crucial for them to follow the right price. They work to ensure their prices generate maximum yields. The company determines the price for its goods by considering the costs involved in distribution, promotion, and manufacturing. Similarly, Starbucks considers prices quoted by other players in the industry. They emphasize on how much the market is willing to part with in exchange for their products. Therefore, their optimum strategy of pricing is based on establishing the balance between the price and the prices that customers intend to pay for the product (Gitman & McDaniel, 2009).

In case Starbucks were to lower the price of its products, it might experience increased volumes but with low profits. Therefore, before they slash their prices, they should consider second thoughts on the profit margin. In addition, the firm is of the belief that they are producing unique products hence they can overprice. Nevertheless, some firms are operating based on copying products from other players and might develop similar products. If copycat firms produce products similar to those of Starbucks, they will sell them at a cheaper rate. This has the potential of throwing Starbucks outside the track. Therefore, overpricing and under pricing can be beneficial and risky at the same time. When making decisions on marketing strategies and tactics, Starbucks must take into consideration prices quoted by other players and make changes accordingly (Haberer,… [END OF PREVIEW] . . . READ MORE

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Marketing Mix.  (2013, April 5).  Retrieved August 11, 2020, from https://www.essaytown.com/subjects/paper/marketing-mix-defined-set/6812140

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"Marketing Mix."  Essaytown.com.  April 5, 2013.  Accessed August 11, 2020.
https://www.essaytown.com/subjects/paper/marketing-mix-defined-set/6812140.