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Starbucks Introduction The key purpose of this essay is to underpin the importance of marketing concepts in a real world business scenario. The essay will try to shed some light on the use of marketing concepts, such as product, place, price, promotion, segmenting and identifying target market and integrated marketing communication mix, in order to address real world business challenges…
The next portion of the essay will describe theoretical background of marketing concepts. Marketing Concepts Research scholars such as Burrow (2011), Sandhusen (2000), and Mercer (1996) have stated that organizations need to decide marketing strategy in terms of marketing mix, segmentation and target market, in order to become successful in competitive business environment. Kotler et al (2009) have pointed out that organizations need to change marketing mix such as product, price, place and promotion in accordance with the situational perspective, in order to achieve competitive advantage. Kotler et al (2009) have tried to establish link between implanting right marketing strategy and competitive advantage model proposed by Michael Porter (1980, 1985, and 1991). Elements of marketing mix can be explained in the following manner: Product Companies manufacture new products in order to match steps with the ever-changing nature of consumer demand. ...
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