Props Of Marketing : The Four Components Of Marketing

The process of marketing involves the action of advertising and promoting a company, product or service. This includes everything the customer encounters in relation to the company, from advertisements to customer service experiences. Marketing is often broken down into four sections, known as ‘the four P’s of marketing’.

Founded in 1985, Starbucks is one of the largest coffeehouse companies in the world with over 16,000 stores in 50 countries. This report evaluates major internal and external factors affecting Starbucks using various analytical techniques. Based on the Starbucks brand in UK, it identifies suitable marketing strategies for Starbucks to expand its business in the UK market within the next two years. In line with the chosen marketing strategies, recommendations for the marketing mix are discussed.

In this assignment I will be comparing both Apple and Starbucks to find out how marketing techniques are used to market products. I will include an Ansoff’s Matrix, survival strategies, branding and relationship marketing.

Marketing basically involves a series of processes that focus on determining customers' wants and then providing the necessary product to them. This process can also be regarded as the procedure of developing and implementing initiatives that are geared toward identifying, expecting, and satisfying the wants and demands of customers in a way that also generates profits. Marketing not only contains several important principles but it also consists of four major elements that are commonly known as the 4P's. The four main elements of marketing that are also known as the marketing mix are product, pricing, promotion, and place. Through the marketing process, the major goal of all marketers is to establish more value for customers. In order to create such value to customers, there is need for managers to understand the marketing principles that are crucial for effective marketing strategies and practices.

Starbucks has created a competitive advantage with their product quality by setting themselves apart from their competitors. “The Company has stayed with the upper-scale of the coffee market, competing on comfort rather than convenience, which is the case with its closest competitors, McDonald’s and Dunkin Donuts” (Mourdoukoutas, Panos). Consumers believe they are receiving a better product and experience when they purchase from a Starbucks as opposed to another large food service company that may sell coffee.

It’s a known fact that Starbucks is one of the leading brand in the market.When we analyse the market we find that Mcdonald 's and Dunkin are the competitors in the same product segment. So comparing Starbucks with these competitors will throw light on its grey areas, process and competitive edge in the market.

This Module 1 SLP will be the first part of an in-depth market analysis. The company I have chosen is Starbucks Coffee Company. The first Starbucks opened in 1971 at Pike Place market in Seattle, WA. Eleven years later, Howard Schultz was hired by the company to be the director of retail operations and marketing. The first Starbucks with the current coffee house look and feel was opened in 1984 in downtown Seattle. The Starbucks headquarters is still located in Seattle, WA. Currently, Starbucks is relying on retail expansion, product innovation, and service innovation to achieve this long-term goal once set by current chairman Howard Schultz: “The idea was to create a chain of coffeehouses

Marketing is concept that helps determine the success of an organizational mission. Essentials of Health Care Marketing (2006) define marketing as, the execution of the conception, pricing, promotion, and distribution of the goods, ideas and services. The author, Berkowitz (2006) goes on to say, “in order to respond to customers, an organization must develop a product, determine the price customers are willing to pay, identify what place is most convenient for the customers to purchase the product or access the service, and finally, promote the product to customers to let them know it is available.” Often referred to as the four Ps of marketing strategy; the four main principles of marketing are: product, price, place and promotion.

Marketing involves the management process of translating a concept of goods or services to the customer. It includes the co-ordination of four major elements, the 4 P’s of Marketing. Which can also be known as the marketing mix. The four P’s include; Product, Price, Place and Promotion.

In this paper, I am going to attempt to examine the components of marketing – see how I can compare and contrast these components or diverse approaches and try to analyze their significance in understanding the marketing process. According to the American Marketing Association, marketing is “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Tanner J., & Raymond M.A., 2010, 5). You will realize that this definition symbolizes a chain process that embodies the production of an offering and the satisfaction of a customer’s need, which is the ultimate aim of the manufacturer. This also represents what Tanner & Raymond referred to as the 4 Ps (product, promotion, place and price).

Starbucks is competing in an industry where marketing principles has to follow the differentiator strategy or they will lose market share. The company goal is to create high value for its customers, or the customers will simply find another place to spend their money. Starbucks marketing principles are the basis of the company's competitive advantage within the coffee industry. Starbucks products are associated with high quality, and the company dedicates itself to producing high quality products. Because of this association with high quality, Starbucks has been able to charge a higher price or premium for its products. As long as the company can protect its reputation for high quality and strong values, it will be able to maintain its premium prices.

Marketing is a management process which responsible for satisfy customers needs and wants , and it is a social process by which organizations and individuals gain what they want and need through create values and exchange between each others. Marketing gives you an opportunity to gain profits with your business and build long-lasting relationships with customers. There are four elements “4 P’s” of marketing mix : PRODUCT , PRICE , PLACE and PROMOTIONAL STRATEGY

Numerous people believe the thought of marketing and sales being the same thing. Conversely, sales are only one bit of the entire marketing process. In order to comprehend the idea, it is crucial to understand the marketing mix. Prior to a business choosing to launch an item into the business sector there are variables and components that should be considered. Variables in marketing are considered part of the marketing mix that is set up before the advertising program begins which thus characterizes the four factors known as “the four Ps”. The variables in advertising will decide the components of the item and how the purchaser or client sees the item. The “four Ps” consist of product, price, promotion, and place.

4P’s of marketing: product, price, place and promotion. It is the foundation of Marketing. However, in today’s world we have a new element which would be a, marketer building relationships with other representatives and their customers. How your relationships develop will be building blocks and become the foundation. Thereafter, the marketer is able to use that information obtained using it to your advantage will a long way. Finally, the uses of social media, Facebook, LinkedIn, Twitter, and eBay are all different methods of marketing.

Product: product is like what company have for selling, so company need to give proper information of their product, so peoples known about what they are gaining and what company is selling.