The paper "Marketing Mix and the Impact of the Mix on the Development of ‘ Starbucks Corporation’ " is an outstanding example of an essay on marketing. The marketing concept emerged in the 1950s where the total emphasis was laid on the product-centric approach which has completely transformed itself into a customer-centric approach in the new millennium. The main focus has shifted from merely creating customers for the product to generating and producing products that are apt for the customers. The marketing concept aims to achieve the realization of organizational goals and objective which is the ultimate aim for any strategy implemented in the firm.
Today a holistic marketing approach is applied to develop, design and implement the marketing strategies to cope with the complexities and intricacies of marketing activities. One such sphere of the holistic concept is the application of ’ Marketing Mix’ , a culmination of the four P’ s of marketing, Product, Price, Promotion, and Place. Decisions relating to Marketing – mix are critical as they influence the market exchange means and the final consumers. These models are effective in allocating or diversifying the expenditure into the most profitable component of the mix.
It analyses data from varied resources to strengthen and deepen the understanding of the marketing elements which influence the marketing results such as total market capacity or market potential and the total market share which can be tapped or captured. The first P, ‘ Product’ of the mix deals mainly with the features of the wide range of product offered, the quality standards, appealing designs, useful features, the brand image, attractive and compact packaging, size, service extended, etc. ‘ Price’ includes the market price quoted, the discounts offered, specific allowances proposed, the payment and credit period etc.
The ‘ Promotion’ mix decides about the sale promotion, the personnel selling, advertisements featured in various media, public relations management, etc. Last but not the least “ Promotion’ comprises channels, assortments, location, inventory, and the transport feature. A perfect balance between the four P’ s of the marketing mix leads to the successful execution of the marketing strategy. The model of the marketing mix has been very well depicted in the case of one such renowned company the ‘ Starbucks Corporation’ , which was established in 1971 named after Herman Melville’ s Moby Dick, the world’ s leading retailer, capturing a considerable market share in the product line of ‘ coffee’ .
It was recognized for its local roaster and retailer of coffee beans and ground coffee( The Company, 2008) Starbucks success through the number of years down the line id due to its highly dedicated and devoted services offered in maintaining its quality standards, integrity and rich taste of the coffee. Starbucks Corporation emphasis more on the quality and past experience rather than the price.