New Product Launch

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timer Asked: Jan 1st, 2018
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Question description

Purpose of Assignment

Understanding the various phases of a product or service lifecycle is critical when addressing a market. If your product is in decline and the competitor's product is in growth, your strategy for the product or service will be different. This exercise will enable students to demonstrate an understanding of both their product/service life cycle stage and a competitor's product. It is designed to help students explore product mix strategies in the various phases of a product or service life cycle. This tool is critical when addressing a market penetration, market saturation or product/service decline.

Assignment Steps

Resource: Plunkett Research Online located in the University Library.

Design a minimum 1,050-word New or Product Refresh Product Launch Plan in Microsoft®Word. The product launch plan will be for two markets: U.S. and one international market. Domestic market generally means the market where the company headquarters are located. If you choose a domestic market that is not the U.S. than your other market is required to be the U.S. Compare your product/service to at least one other competitor. This can be a product/service that is used by a team member in their individual assignment. The competitor does not need to be in both markets, you can have two different competitors, one for each market.

Include the following:

  • Brief SWOT (emphasizes internal market--Strengths, Weakness, Opportunities, Threats) and/or TOWS (emphasizes the external market--Threats, Opportunities, Weakness, Strength).
  • A graph or chart if the team deems it necessary.

Include two of the following:

  • Definition of product or service.
  • Description of product or service--marketing message.
  • Why the product or service needs to be introduced or refreshed (target audience).
  • Address competition in each region and how the new product or refresh provides a competitive advantage.
  • Evaluate the potential growth rate. Look for information on similar products/services to determine a 3 year growth rate (Compound Annual Growth Rate-CAGR). Information may be located in the University Library.

Note: Charts/graphs/tables do not count toward the word count.

Cite a minimum of three peer-reviewed references.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

Running Head: NEW PRODUCT LAUNCH 1 New Product Launch Name Course Tutor Date NEW PRODUCT LAUNCH 2 Introduction To begin with, it is important to note that the initial step in marketing a new product is the identification of the various competitors so that an individual can be aware of the best areas to focus on when identifying the customers. The other step would be the identification of the customers that are likely to buy the new product and thus make them part of the market share (Ferrell, 2009). As a result, it will be easy to enlarge the market share through a positive word of mouth from the new clients and the feedback posted on social media (Rahmani, 2015). At this stage, it will be good to create a marketing mix that would involve activities such as advertising, different forms of marketing and the social medial in order to reach as many clients as possible. The final step would be the creation of a buzz when launching the product to ensure that it reaches as many clients as possible. In our essay, we will explore the Starbucks’ new product (“Starbucks Refreshers Strawberry Lemonade Mix”). Starbucks Co. is planning to expand its coffee business in Seattle, United States to one of the successful coffee companies in the world. Starbucks has about 45,000 stores all over the world. The mission of the company is to be a recognized and respected brand globally. Starbucks is a well-established coffee brand worldwide. It has included its business services to include grocery and discount stores. It offers a marketing mix that is comprised of Frappuccino coffee drinks (Rahmani, 2015). Definition of its new product launch The company is planning to bring a new product to the market that will majorly help to boost and venture the market into the coffee industry. The new product is referred to as NEW PRODUCT LAUNCH 3 “Starbucks Refreshers Strawberry Lemonade Mix”. The new product will be easy, convenient and of favored taste and hence will attract more new customers (Rahmani, 2015). Description of the product The new product will be easy and convenient to drink with the use of a portable container. The new product’s target customers will include people who like traveling frequently, conscious individuals and busy people. Owing to the product’s portability and taste, it will be good for them. The product would be a major key to business success for the Starbucks since it will continue developing new flavors to enhance the drink. This will help to ensure that Starbucks is maintaining a competitive edge in the coffee industry. Nevertheless, it would be crucial for the Starbucks to consider branching out its services and distribute the new product to other marketing venues such as grocery stores, organizational departments and convenience business stores. According to the Starbucks’ marketing management, the company targets about 45 percent males and 65 females for its new product. The people who will be buying the product are of age 25 and below and they earn around $40,000 annual basic salary. Most of the product’s customers are college students and take about 25 to 30 cups of coffee (Schmitt, 2014). During the launch of the new product, the company will have to take into consideration the demographic, geographic and behavioral criteria of its customers. It should be noted that many of the company’s customers are intelligent and classy people. They are mostly located in places with internet connectivity. Others are working class individuals who are in need of quick tea breaks. They frequently visit the company’s stores specifically from five to seventeen times a week. NEW PRODUCT LAUNCH 4 Since its inception, the Starbucks Co. has grown to have over 3,000 stores all over around the world. It has coffee stores in around thirty countries around the globe. Australia, Europe, United States and Germany and France are main countries where the company operates its stores. Starbucks has also stores in every major city in the United States including New York, Log Angeles, California and Washington DC. Further the company is aiming to launch a coffee store in Africa. Starbucks offers its entrusted customers with a high-quality, flavored coffee and drinks in a friendly, conducive atmosphere. It is the company plan to blending their products with the customer’s busy lifestyles. Starbucks has taken every measure to ensure they offer their customers with a high-quality coffee that is healthy to drink. The company’s staffs are welcoming and charming individuals. Level of competition in the region Market competition is considerably in the coffee industry. More and more companies are coming up. Starbucks’ business competitors include Dunkin Donuts, McDonald’s, and Tim Horton Co. Dunkin Donuts is aiming to introduce the coffee lattes and smoothies (Schmitt, 2014). McDonald’s is a serious competitor for the company in the southeast. On the other hand, Tim Horton involves in selling pastries, donuts and coffee and been maintaining a stiff competition with other coffee companies including Starbucks. For this reason, it is advisable for the Starbucks to improve their business marketing techniques to ensure their successfulness in the coffee industry. Brief SWOT analysis NEW PRODUCT LAUNCH 5 Here below is a SWOT analysis that shows main strengths and weaknesses of the company’s new product. The SWOT analysis also explores the opportunities and threats that the company is experiencing. Strengths ➢ Starbucks has loyal, trusting customers ➢ Customers are happy and cherishing with the company’s product ➢ It has loyal and welcoming staff ➢ The workers are fully dedicated and committed to delivering quality services ➢ The company’s management is dedicated and committed to business-related issues ➢ It has a special foundation that contribute to such issues including literacy and clean water NEW PRODUCT LAUNCH 6 Weaknesses ➢ The company is experiencing challenges and conflicts in the coffee retail market ➢ The company rarely promotes or make ads for its coffee products; this is slowing business growth ➢ The company is also experiencing low sales due to increased competition ➢ Frequent strikes of its workers is slowing the company’s business growth ➢ Price of coffee is increasing, which makes it difficult for the company to sustain its business growth; expenses are high ➢ Other coffee business companies are competitively outshining Starbucks for its failure to advertise its product. Opportunities It is recommendable for the company to consider coming up and establishing new avenues for expansion of its products offering and services worldwide (Schmitt, 2014). This can be a good way of continuing to being competitively successfully and hence increase its profit earnings. Threats The company is recording high expenses solely due to the increased cost of supplies. Starbucks faces a number of factors that cause it serious challenges including unpredictable weather, unstable politics and fluctuating economy. NEW PRODUCT LAUNCH 7 References Mason, A., Cole, T., & Goza, N. (2017). STARBUCKS: A CASE STUDY OF EFFECTIVE MANAGEMENT IN THE COFFEE INDUSTRY. Journal of International Management Studies, 17(1). Rahmani, Kamaleddin, Korosh Emamisaleh, and Reza Yadegari. "Quality Function Deployment and New Product Development with a focus on Marketing Mix 4P model." Asian Journal of Research in Marketing 4.2 (2015) Schmitt, B. (2014). Experiential marketing. Journal of marketing management, 15(1-3), 53-67. Wu, C. L. (2013). The Research of Brand Image, Experiential Marketing, Customer Satisfaction and Customer Loyalty-Example of Starbucks Coffee. Wu, H. C., & Wu, H. C. (2017). What drives experiential loyalty? A case study of Starbucks coffee chain in Taiwan. British Food Journal, 119(3), 468-496.

Tutor Answer

ameliajamie
School: University of Maryland

Hello my good student, i...

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Review

Anonymous
Awesome! Exactly what I wanted.

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