...2 Four P’s Marketing Mix on Starbucks The marketing mix plays an important part in marketing. The purposes of the marketing mix are to use a combination of tools to satisfied the customers and obtain company goals. The marketing mix is referred as the four P’s: product, price, place, and promotion. “The elements are adjusted until a right combination is found that serves the needs of the product’s customers while generating optimum income”. (Marketing Mix, 2010, p. 1). By using the four P’s, most businesses have the ability to connect with consumers within the targeted market. The ability to create a successful marketing mix often has good results. However using the wrong mix can lead to failed marketing strategies which can result in the business dissolving. The key is not to get stuck on one mix; the combination of elements often has better results than just using one. This research paper will review all elements of the marketing mix and how each ones plays an important role that organizations must acknowledge in order to be successful. The first P in the mix is the product. The product is used to determine market needs, wants, and desires, to assess internal resources regarding satisfying market needs, wants, and desires with innovation, to develop process for market resource and product testing, and to forecast product life cycle. With this being said, the product would refer to a physical product or service in a company. The product would be used to satisfy a targeted...
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...Marketing Mix Frank Robles MKT/421 February, 25 2013 Paressa Naveed There are four categories in the marketing mix. They consist of product, place, price and promotion. Many companies use these four elements of the marketing mix to help bring in revenue on the services that they are using. This paper will focus on those four p’s of marketing and explain in detail how the four p’s are beneficial to any organizations, marketing strategy and tactics. The first category in the four p’s would be the product. What the product is a service or item that a company offers. When a product is marketed, it means that the company created the idea to reach a target audience. The product should attract a certain audience and the company is responsible for creating the marketing strategy in order to hit the target audience. The second category in the four p’s would be place. Place is directly involved where an organization puts together a strategy where they make sure they get the product to its target audience. The whole process is revolved around how the product gets distributed to the consumer. This process is very important on deciding how the product gets to the consumer before they decide to purchase it or buy it. There are many ways on how the product gets to the consumer and how it reaches the target population. Now, as for the third P which stands for promotion. When a company promotes a product, they have different ways of doing so...
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...Market Mix The Four P’s Price, Product, Promotion, and Place My company has decided that we want to sell a particular product or offer a service? This product will be based on Coffee. Not just hot coffee’s – but Iced Coffee’s with different flavors. As the company grows we will introduce 2 simple baked goods, English Scones and muffins. Deciding to sell these certain products will keep it simple in the beginning. As my company action plan will employ the market mix, and the essentials of the four P’s that will enable me access to get the goods and services to the customers that I am targeting in my local area. The action plan is called the “Marketing Mix”. The marketing mix is one of the biggest and most critical decisions that a company can make. A bad marketing mix can result in poor performance and the potential for financial losses. One has no wish to be alone with a great cup of coffee and a Blueberry Scone watching the Casey Anthony Trial in an empty Coffee Shop. Now that’s a bloody nightmare there.(Fulton et al, 2006) The Origins of the Market Mix Plan It is well known the marketing mix plan created and well defined by McCarthy some forty years ago. It is commonly used to date as the standard outline and set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories are called the four P’s or Product...
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...The term "marketing mix" became popular after Neil H. Borden published his article The Concepts of the Marketing Mix in 1964. In this article Borden explains how he first began using this term in the late 1940's after James Culliton described the marketikng manager as a "mix of ingredients". These ingredients in Borden's teachings included product, planning, price, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding analysis. These ingredients were later grouped by E. Jerome McCarthy into four categories which we now refer to as the four p's of marketing (NetMBA 2007). The four p's of marketing make up the marketing mix which is probably the most well known of all the marketing terms. "Its elements are the basic, tactical components of a marketing plan. The four p's, of the marketing mix elements are product, place, promotion and price" (Marketing teacher 2009). These four elements create the marketing mix which impacts the development of any organization's marketing strategies and tactics. The concept is simple. Think about a cake and the components of a cake. There are certain ingredients that are required but one can alter how much of each ingredient is added. The same goes with marketing. The four p's are required but depending on the organization there may be more emphasis on one and less on another. But one thing remains the same, all four p's are necessary. "The majority of people...
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...Marketing Mix MKT/421 February 20, 2012 University of Phoenix Marketing Mix Marketing is important to any organization small or large. It gives the organization the chance of promoting new products and services, and brings in more customers. “Marketing is the performance of activities that seek to accomplish an organizations objective by anticipating customer or client needs and directing a flow of need-satisfying goods and services from product to customer or clients” (Perreault, Cannon, & McCarthy, 2011, p.6). The purpose of the paper is to select an organization and describe the elements of the four P’s of the marketing mix. The paper will describe how each of the four elements of the marketing mix impacting the organization’s development in marketing strategy and tactics. The paper, based on the marketing mix will describe the implementation of each element. The History of Walmart and the four P’s of the marketing mix In 1962, San Walton became the founder of Walmart, and opened the company’s first discount store in Rogers, Arkansan. In 1968, the first full-time pilot was hired; who provided help to Sam was well as the opening of the first stores in Sikeston, Montana, and Claremore, Oklahoma. The first company officially incorporated Walmart stores Inc. on October 31, 1969 (Walmart Timeline, n.d). Walmart serves customers and members more than 200 million times per week at more than 10,020 retail units under 60 different banners in 28 countries. With fiscal...
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...Marketing Mix Clarisa Santiago Marketing/421 April 3, 2013 Instructor Steve Fritzenkotter Elements of the Marketing Mix What are the elements of the marketing mix, the elements are the four P’s. The four P’s include product, place, price, and promotion. These elements are essential for the success of an organization. If any of these elements are missing on a marketing plan the organization’s product might fail. The next couple of paragraphs will describe the elements of the marketing mix. This paper will include Mary Kay has an example of how the four P’s are used in the marketing mix. The book provides a description for the four P’s for the marketing mix but it also talks about the four P’s used by management. The four P’s management use reflects a more accurate modern market. The marketing mix focuses on product, place, price, and promotion. The new management P’s focus on people, processes, programs, and performance. Product as described in the book and in class is a service or article of good that a company supplies to customers. For example Tide detergent offers customers with a detergent that makes cloths look newer for a longer period of time and it also give the cloths a nice smell. Place is described has the area the product is manufactured or where the product is sold to the customers. Price is how much a product is worth and how much the customer is also willing to pay for the product. Promotion is the advertising...
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...targeting. The action plan is called the marketing mix. The marketing mix is one of the biggest and most critical decisions that a company will make. A bad marketing mix can result in poor performance and the potential for financial losses. The marketing mix was defined by McCarthy forty years ago as the set of marketing tools that a firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing mix is then broken down into four distinct categories. These categories are called the four P’s or product, price, place, and promotion. The goal of the four P’s will hopefully be the aim of attracting and retaining the customers or target market that a company has identified. All four P’s of the marketing mix are essential and are interrelated (Perreault and McCarthy, 2005). In order for a company to successfully implement a marketing mix, a careful and well researched market plan needs to be generated. The market plan should include a SWOT analysis. The SWOT analysis is an evaluation of a company’s strengths, weaknesses, opportunities, and threats. The SWOT analysis can help to identify the areas that a company can use to take advantage of and to stay clean of any roadblocks that might hinder a successful marketing mix. After an organization studies the elements of the SWOT analysis, the business will be seen more clearly, and the marketing mix will be more focused going forward (Davids and Newcomb, 2006). The four elements of the SWOT analysis are listed...
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...Up In the Mix: The Four P’s Abstract Marketing is an integral part of the success of any business. The “Marketing Mix,” otherwise called the “Four P’s” include Product, Price, Place, and Promotion, and outline the fundamental requirements for a business to produce revenue. Firstly, a business needs to have a product, good or service from which to build their company. Secondly, the product has to be reasonably priced and be of lasting quality or value to the consumer for the business to be able to make profits and continue to flourish. Thirdly, products need to be made readily available to consumers and needs to be affectively distributed to meet the demands of the consumer. Lastly, the consumer needs to be made aware of a product or service through promotion. In utilizing the Four P’s, businesses have the fundamental tools to grow a successful company, as is the case with the Unilever subsidiary, Dove. Up In the Mix: The Four P’s Over the course of history the needs of consumers has grown. In an expanding market with growing competition individuals are presented with many companies from which to choose to purchase their various goods and services. In starting any business the basic goals are eventual profit and customer satisfaction. There are essential tools utilized by companies to gain and retain the business of the consumer. These essential tools are part of the “Marketing Mix” and are referred to as the “Four P’s.” The Four P’s include Product, Price, Place...
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...The Marketing Mix Abstract The marketing mix also known as the four P’s of marketing is generally used by marketers as means to assist with implementing effective marketing strategies. When used efficiently and effectively to generate the optimum response within a target market, businesses are typically successful. The four P’s can be adjusted as needed by marketers to meet the changes and demands of consumers. These four elements consist of product, price, place and promotion. The product is the merchandise or service that is offered to consumers. The aspect of a product includes functionality, appearance, quality (value), service, support and warranty. Pricing involves the list price as well as discounts, financing, leasing and other options. Placement (place) in marketing consists of distribution channels, locations, logistics, and service levels including support. Promotion involves how consumers or a particular target market is informed and/or educated about a product or service. This would include advertising, public relations, sales, and media. According to Goi, the concept of the four P’s has been criticized in numerous studies. However, in spite of its insufficiencies, these four elements remain fundamental to the marketing mix (2009, p. 3). The Marketing Mix Marketing has been around for many years. It includes planning and implementing the proper marketing plan for an organization. For many, marketing only involves selling and advertising. However marketing...
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...Marketing Mixing AND THE FOUR P’S Abstract The marketing system is the controllable tactical marketing tools such as products, prices, places where the items are sole and promotions that the company offers to blend, and able to produce the response it want in the initial target within the market (Kotler and Armstrong,2010). The main focus for companies such as DHL for example help other companies by providing service to hospitals, small business to help make their organization fun smoothly by having a supply chain that is key with in the health care sector. left strePudding interesting and exciting you can use in almost anything. In the marking arena the Marketing Mix is an important factor in marketing using the marking mix consist of four factors known, as the four P’s which are as followed. I will demonstrate how important the four P’s are in business marketing. Marketing Mix and the Four P’s The first p is product. A product is something tangible that someone can feel. Something made or created, by person machine or natural process, especially something that is offer for sale. Products are made and created by a person, machine, or natural process, such as Pudding, which Peter Cooper invented in 1845. The second P is price. Price is a form of fee that a persons pay for the product. Price is really to reduce costs through improving manufacturing and efficiency, and most importantly, the marketer needs to increase the perceived value of the product for the benefits...
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...The Marketing Mix The Marketing Mix The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled. First, product is the piece of the marketing mix that pertains to the blueprint and formation of the tangible item or service that is presented to the consumer. Therefore, product is noticeably vital to the remaining parts of the marketing mix because the creation offered will mainly be the foundation for producing the additional three elements of the marketing line of attack. Hence, the business is required to follow a line of investigation concerning the target market to come to a decision if a potential product is in fact wanted by the purchaser. Thus, if the company discovers considerable desire for the product then the company should advance toward the designing course of action. As a result, the firm will set the scale of the value concerning the product with the price of the product in an effort to realize a sense of balance that produces an item that is extremely appealing...
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...Marketing Mix – The 4 P’s of Marketing Product The foremost of the marketing four p’s is the product that a company intends to sell. A product can be something like a car, toothbrush, nail polish, utensil, clothing item, etc. Although, manufacturing a product does not fall in the work of the marketing department, yet how the product should look, how it should function and how it can be used by the customers, is mainly determined by market research and based on the same marketing strategies are determined to position it in the best possible manner in the market. To be successful at developing the right product, which is one of the important four p’s of marketing, the marketing department should give regular inputs with regards to the needs and wants of the customers to the manufacturing department. Guarantees, warranties as well as support services for the product are decided upon to match the offerings of the competitors. Price Next of the 4 p’s of marketing is the pricing strategy. The price should be determined in accordance to a number of factors such as the number of product features, the price of similar products in the market, how much the customers are willing to shell out for the conveniences offered by the product, etc. As price is the revenue for a business so special attention should be paid while determining the pricing strategy. Discounts, allowances, financing options fall under the pricing marketing mix strategy too. Place “Place” refers to making a product...
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...Define Marketing Mix. Marketing is a process that depends on customer needs and demands. Marketing concept proposes that an organization requires focusing on customer needs and wants, coordinating its efforts and endeavoring to accomplish organizational goals. Marketing can be best defined as: “A process of identifying, satisfying and retaining customer’s profitability”. The American Marketing Association defines market as: “Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” The marketing mix is a business tool used in marketing and by marketers. It is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps, getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's. When marketing their products firms need to create a successful mix of these four P’s: • Product • Price • Place • Promotion. These four P’s are the parameters that help the marketing managers in controlling, subject to the internal or external constraints of the market environment. The aim is...
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...The Marketing Mix (The 4 P's of Marketing) Marketing decisions generally fall into the following four controllable categories: • Product • Price • Place (distribution) • Promotion The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of marketing, depicted below: The Marketing Mix These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response. Product Decisions The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: • Brand name • Functionality • Styling • Quality • Safety • Packaging • Repairs and Support • Warranty • Accessories and services Price Decisions Some examples...
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...Marketing Mix Netflix Canishia Lloyd 421 MKT March 17, 2018 Susan Tomaski Market Mix Netflix Marketing consist of many different fundamentals, one very important part of marketing is the marketing mix. The marketing mix has four different elements, product, place, price, and promotion. For every business knowing what each of these” four P’s” represents is crucial to the marketing of the product. Before going into depth about the four “P’s” it is important to understand what marketing mix is. According to Perreault, Ph.D., Cannon, Ph.D., and McCarthy, Ph.D. (2011), marketing mix is the controllable variables the company puts together to satisfy this target group (Chapter 2).The target group is the audience that the product will be sold too. The controllable variables are the “four P’s” product, place, price, and promotion. Netflix is a company that was found in 1997 and was one of the first of its kind to stream movies and TV shows on your television and or mobile device. Netflix currently has over 40 million streaming members domestically as well as internationally ("Netflix", 2013). Netflix is also consider to be one of the strongest competitors in their market, the market of live stream movies television and DVD’s that is. This company has been constantly successful because of their marketing mix. P is for Product Netflix is very aware of the product they are offering, they also know their target audience. Netflix does not necessarily have a target audience,...
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