MK 351 Park University Week 6 Starbucks Company Marketing Plan Paper

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Business Finance

MK 351

Park University

MK

Description

Marketing Plan

Learning Outcomes

  • Apply the concepts of the marketing mix to the formulation/evaluation of marketing strategies relative to particular target markets, environments (economic, technological and competitive), and desired positions in market places (both local and global). Areas to be addressed include an integrated communication strategy, branding, packaging, pricing, product/service design, methods of delivery and product life cycle. (CLO 3)

Directions

  • You must not violate Park University’s guidelines with respect to plagiarism.
  • Your plan must contain the following required headings and subheadings for the marketing plan (See the marketing plan rubric (Provide link) for specific point assignments)
    • Executive Summary
    • Situation Analysis
    • Name your file with your name, and paper 1 i.e. Jones paper 1 or Brown paper 1.
    • Your file should be in either Microsoft word (.doc or .docx) or rich text (.rtf) format.
    • Submit your paper to Turnitin via Canvas. Instructions are located here: Submitting Turnitin Assignments (Links to an external site.).
    • After you submit your plan to Turnitin, you must then make the necessary edits, such as adding citations and paraphrasing, to ensure the originality of your plan. Multiple submissions are allowed up till the due date; however, the final version should have an originality report from Turnitin that is not higher than 15%.

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Explanation & Answer

Attached. Please let me know if you have any questions or need revisions.

Running Head: MARKETING PLAN

1

Marketing Plan
Name of Student
Name of Instructor
Name of Course
Name of Institution
Date

MARKETING PLAN

2
Marketing Plan

Executive summary
The report explains the market plan that Starbucks Company can adopt to improve
customer experiences and satisfaction, increasing its marginal profits. The market plan explains
the company's current market circumstances, where the firm operates in the coffee shop market
divided into different segments depending on the customers. The company operates in a
competitive market, where clients have different needs with changing preferences and tastes. The
plan also discusses the Starbucks Company's products and services; the company offers fresh
speciality coffee besides snacks and other food products. The firm's marketing strategies are
given in the plan and branding and the product life cycle. The plan also explains the company's
goals, which involve the launch of reserve stores in some high-growth markets.
Current market situation
Market description
A market entails a setting that involves different parties conducting business transactions,
where some sell while others purchase products and services. Every business operates in a
market with sellers and buyers, depending on the type of market. The sellers are willing to offer
products, and buyers are willing and able to buy commodities. Starbucks is a chain of coffee
stores that operates in the retail coffee and snacks industry (Snell, 2017). The company operates
in the coffee shop market that is divided into different segments depending on the customers.
America's segment growth has been vital to Starbucks' significant price appreciation in the past
years, further increasing revenues and better margins. Market segmentation involves a group of
individuals who possess similar features and meet in the market with the same purpose. The

MARKETING PLAN

3

company operates in a market that h different geographic, behavioural, psychographic, and
demographic segmentation segments.
Consumers in the coffee market have different needs and preferences. Therefore, the
market where Starbucks Company operates is a neutral market where customers can choose from
the various suppliers of commodities, the one they will buy. Clients buy coffee from a coffee
dealer that meets their needs. Customers cannot escape from their needs; several factors make
them buy some commodities and forgo the others hence determining their purchasing power. The
number of speciality drinkers is responsible for the overall growth in the coffee market. Some of
the factors that affect the purchasing power of customers involve group influence. Friends
walking in a group are likely to influence each other to buy or forgo a particular product or
service. Customer experience also influences customer buying power because some brands
satisfy the customer, making them come for more commodities in the future. Customers want
better experiences because most of them attribute the better experience to the quality of a
company's products. Prices, wages, and the availability of credit are also other factors
determining customers' purchasing power.
Product features
Starbucks provides its clients with high-quality and reliable products, service, and
excellent client experience leading to a better understanding of coffee culture. The company is a
global retailer in the snack industry, and its main product is fresh coffee. However, Starbucks
buys and sells high-quality coffee and some tea and coffee products under its licensed trademark.
The employees ensure they prepare quality coffee that satisfies the customers' specifications
(Shirdastian, 2019). Starbucks offers speciality coffee of high quality and unique compared to
other places companies that offer coffee to customers. Starbucks Company operates a chain of

MARKETING PLAN

4

stores that deal with fresh speciality coffee. The reliable products at the company constitute its
source of market share growth.
Product review
Starbucks Company offers products and services with several characteristics. Starbucks
coffee stores offer the finest coffee supplied from across the globe. The company is known for
its high-quality speciality coffee (Simon, 2011). Most clients attest to the company's products
and service; the company offers unique coffee savouring with beautiful coffee scenery.
Starbucks uses fleshly roasted beans to make its speciality coffee. The company recently
launched a seasonal snack, the pumpkin spice latte.
Competition review
Starbucks Company faces stiff competition from various coffee dealers like Dunkin'
Brands and McDonald's McCafe. When commodities are high, the prices of products rise while
the prices become low when the client's need for products is low. The company operates in a
competitive coffee shop market, where demand forces determine their products...

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