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Marketing Mix - The 4 P's - Starbucks

Marketing Mix - The 4 P's Using Starbucks as an example.
by

Tenisha Corrales

on 9 June 2013

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Transcript of Marketing Mix - The 4 P's - Starbucks

Brief History The 4 P's of Marketing
1950's - Neil H. Borden
published "The Concept of the Marketing Mix"
adaption of Cullition's origional theory
"Marketing Mix" included: Product Must meet customer requirements
Ex: Function
products should meet expectations Price creates sales revenue
price determines value of sales
Important to research consumers' opinions
what they value
what they want to pay
Something of higher value will cost more Place 1/5 costs go towards getting it to the customer
Various methods - transporting, storing, delivering
Distribution system
method differentiates Promotion business of communicating with customers
provides information for the decision making process
PAIDPS
Personal Selling, Advertising, Interactive, Direct, Publicity/PR, Sales Promotion
Associated costs = sizable proportion of overall costs
Successful promotion increases sales
Increased promotional activity response to a problem
competitive activity Using Starbucks as an example Introduction Referred to as the marketing mix
Product, Price, Place, & Promotion
4-P's necessary in meeting consumers' needs
Each equally important for creation of:
brand image & unique selling point product pricing, planning, branding, distribution channels, advertising, promotions, personal selling, packaging, display, servicing, physical handling, and fact finding and analysis E. Jerome McCarthy
grouped each aspect into 4 categories
AKA - the 4-P's of Marketing 1940's - James Culliton
"marketing manager = mixer of ingredients" Starbucks is known for one product: extremely good coffee Allows customers to build custom recipes
via mobile apps or Starbucks website No more breakfast sandwiches
reduced food costs
Doesn't compete with coffee aroma Core product Starbucks Example Starbucks Example Starbucks has strategically located its retail locations (place) Successful
college campuses
Barnes & Nobles - 700 new locations
Irreplaceable real estate Helpful mobile applications
store locations Starbucks Example Starbucks has achieved the highest price point for coffee in the restaurant industry Threat of competitors
McDonald's - McCafe
Dunkin Donuts - Dunkachino Starbucks counter offer
$1.00 coffee item
aiming at a new target Starbucks Example Starbucks is an overall success story when it comes to promoting their products and services Brand Image
"the third place"
Unique & relaxing atmosphere Uses technology to promote their brand
Mobile phone applications
messaging systems Uses "push" technology
does not spend money on commercials
feel it is noneffective Social Media Marketing
FaceBook - daily notices Free Wifi
Loyalty Cards Bibliography Core product
Make sure customers are 100% satisfied achieve maximum daily visits from consumers
target potential customers Consistently offers a high quality beverage Angerer, B. (2011, May 2). Real world examples of the marketing mix. Retrieved from Examiner: http://www.examiner.com/article/real-world-examples-of-the-marketing-mix
BBC. (n.d.). Business Studies: The Marketing Mix. Retrieved from BBC: http://www.bbc.co.uk/schools/gcsebitesize/business/marketing/marketingmixrev3.shtml
Business Case Studies. (n.d.). Marketing Theory: The Marketing Mix. Retrieved from The Times 100: http://businesscasestudies.co.uk/business-theory/marketing/the-marketing-mix.html#axzz2VTOFWZWc
University of Notre Dame. (2013). How to Develop an Effective Marketing Plan. Retrieved from University of Notre Dame: http://www.notredameonline.com/effective-marketing-plan/

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