Taking both a product and a service of your choice you are to identify Essay

Taking both a product and a service of your choice you are to identify the elements of the marketing mix - Essay Example Keeping the aim of customer satisfaction in mind, it becomes essential for the marketers to make sound decisions regarding various aspects of the product or service (marketing mix), rather making decision solely on the basis of estimates or guesstimates. As a result of evolution of such concepts in the business world, the field of marketing has now become something far beyond rule of thumb decision making. This article is intended to analyze the marketing mix (product, price, place and promotion) of one commodity and one service. Before starting the evaluation, it is essential to have a brief overview of the theoretical basis of the elements of marketing mix. In the end, we will comment on the effectiveness of marketing mix of both of them. The marketing mix is one of the most frequently used term in the field of marketing, in fact we can call it a buzz word of marketing. It includes the basic tactical components of marketing mix. Traditionally there are four elements of marketing mix; product, pricing, place, promotion. However, some of the authors add other three Ps too, to make it 7 Ps. The rest of the three are process, people and physical environment. All these Ps have a number to specific decisions to be taking and the sum total of all those decisions ultimately contribute to what we call marketing mix, a set of tactical decisions aimed to better market the product and thus increase customer satisfaction. Costa coffee established its first coffee shop â€Å"Costa Expresso Bar† in 1978 in Vauxhall Bridge Road in London. Even to this date, they still use the same method of slow-roasting coffee beans. Now it serves the brothers’ authentic blend of 6 Arabica beans to 1  Robusta in 500 coffee shops all over the world. The brand name of COSTA has been promoted as a symbol of status, a symbol of high class. The COSTA coffee is basically a hot drink; however, the various customer researches show that customers who have come here are actually not more intend to