Importance of Marketing Mix Strategy
Additional Elements of the Extended Marketing Mix Strategy
Marketing activities combination is called marketing mix, followed by organisations for achieving their marketing targets. The two additional elements of the extended marketing mix are people and physical presence.
People: the employees at retail outlets are responsible for carrying the company’s brand image into the consumers and delivering the value perfectly. The external people involved in the element are the consumers. Starbucks take care of both the employees and the customer’s demands in order to facilitate the holistic marketing approach.
Physical Presence: our company has presence in almost every location globally. In all the market, the company has placed its retail outlets in such way that the access and visibility is easier for the common buyers.
Marketing Mixes for Two Different Segments in Consumer Markets
Respected Managing Director of Starbucks,
For two different segments, marketing mixes are exhibited:
The first segment comprise of the coffee buyers in the developing country like China, Brazil, etc. The marketing mix for this segment assignment help is the following:
Products: We can offer our trademark products with localised flavours and customised products from the wide product portfolio of the company. The basic approach of product should be to make them more approachable and appealing in the new market.
Pricing: it is important to maintain the Premium pricing policy, and the approach should be continued to ensure that the brand image is intact at the higher level. However incertain occasions, there can be scope for with festivity special price discounts to attract customers in festive mood.
Promotions: the main target audience will be college students and young corporate executives. They should be targeted with direct marketing strategy or channel. Our proven channel word of mouth should also be promoted.
Place: Major commercial locations, educational institutions should be targeted. The distribution channels have to be dealt with partners in the region. Best options will be to form partnership ventures with the retail players and distributors who are already present in the country.
Now, let’s look in to the second segment, which will comprise of buyers in the age group of 18 to 35. The age based segmentation will be helpful in focusing the marketing activities in all the locations across the globe.
Product: the newly launched handcrafted sodas including Spiced root beer, Lemon Ale, etc. should be the major product offering.
Pricing: Premium pricing strategy has to be maintained across the geographical locations.
Promotion: Social network should be the main medium of promotion. The younger generation is very much active online; hence we also have to find novice ways of reaching out to the buyers through internet. Every reach will result in word of mouth promotion for us.
Place: Universities and corporate offices should be targeted to set up the shops. Our retail channels are the best medium to promote these newly launched sodas.