Lessons Learned Paper

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timer Asked: Jun 25th, 2018
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Question description

NO PLAGIARISM, MUST E ORIGINAL WORK!!

MUST BE A MINIMUM OF 4 PAGES LONG NOT INCLUDING THE REFERENCE PAGE, NO WORD COUNT MINIMUM.

ANY REFERENCES USED MUST BE LISTED IN APA FORMAT

I HAVE ATTACHED ALL WEEKS PRESENTATIONS AS TO USE FOR A GUIDELINE OF THE WORK THAT WAS DONE.

BELOW IS A LIST OF THINGS THAT WERE LEARNED THROUGH THE DURATION OF THIS COURSE, FEEL FREE TO INCORPORATE SOME OR ALL OF THESE THINGS.


OBJECTIVES AND COMPETENCIES LEARNED:

Applying environmental analysis information to marketing decisions.

Determined marketing objectives, strategies, and tactics.

Formulating internal and external messaging that demonstrates an understanding of the implementation of marketing strategy and tactics.

Evaluating the consumer decision process to determine how consumer problems are identified, evaluated, and the products/services are selected.

Analyzed post purchase processes, consumer satisfaction, and metrics to evaluate customer loyalty.

Evaluate business to business buying behavior.

Explain organizational behaviors taking into account business to business and business to consumer buying behaviors.

Contrasting pricing strategies and tactics and when each should or could be used.

Differentiating pricing strategy setting from price getting.

Determined distribution strategies for consumer and organizational or industrial goods and services.

Distinguish between the dimensions of channel power

Defined core marketing performance metrics in relation to the marketing plan.

Created processes to monitor and control marketing performance.

Assess legal and ethical considerations that arise in relation to the marketing plan.


Write a 4 page paper in which you discuss your key list of lessons learned from your marketing plan process.

1) What key things did you learn about marketing by doing the marketing plan?

2) What key take-aways did you have from weekly reviews of your plan?

3) What things would you change in your marketing plan looking back at the process?

4) Did the class and the plan change your view of marketing in any ways?

MKT/571 Instructor: Myles Suer Team A: Gregory Aranha Joseph Blue Walker Lepulu Starbucks On-The-Go Jose Ramirez Chad Stacy Agenda Company Overview New Service Description Market Needs New Service Importance SWOTT Analysis 10-Question Survey Competitor Overview Conclusion • Founded in Seattle, Washington in 1971 • Operates in over 26,696 locations worldwide • Employs 238,000 employees Starbuck’s Company Overview • Offers a choice coffee beverages, Italian-style espresso beverages, cold blended beverages, iced shaken refreshment beverages and a selection of teas and distinctively packaged roasted whole bean coffees • Brings Starbucks directly to customers • Convenient, timely orders made fresh • Customer’s no longer have to worry about going off-site to get Starbucks • Same Quality, More accessible New Service Description: Brew-on-Wheels Customers Want: • Casual and Informal sales environments • Relaxing and Enjoyable Experience • Gourmet Experience Market needs Brew-on-Wheels: • Elevates Food Options • Adds a strategic element encompassing innovation • Places the company in a strategic advantage in chosen market arenas Justification Product Differentiation Points-Of-Difference and PointsOf-Parity • According to KOTLER and KELLER (2016), “Points-ofdifference (PODs) - are attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand” (Chapter 10 Crafting the Brand Positioning). • According to KOTLER and KELLER (2016), “Points-ofparity (POPs), on the other hand, are attributes or benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands”(Chapter 10 Crafting the Brand Positioning). • (3) Basic Forms of POPs • Category • Correlational • Competitive Points-Of-Difference (PODs) • (3) Criteria that determines whether effective brand association can truly function as a Point-of-Difference: • Desirability • Deliverability • Differentiability • Differentiator’s for On-The-Go Starbuck’s • Desirability • Determined market demand for mobile locations • Specific markets can be requested by consumer • Deliverability • Product design and marketing offering must sustain expectations of Starbucks quality • Differentiability • Starbucks brand association must continue to be recognized as distinctive and superior to relevant competition Points-Of-Parity (POPs) • According to KOTLER and KELLER (2016), “Points-of-parity (POPs), on the other hand, are attribute or benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands”(Chapter 10 Crafting the Brand Positioning). • (3) Basic Forms of POPs • Category • Attributes that consumers view as essential. “Price of Admission” in the gourmet coffee industry. • Correlational • Attributes that make up their POPs or PODs are inversely related. (e.g., gourmet coffee, delivered incurs higher cost) • Competitive • Designed to overcome perceived weaknesses of the brand in light of competitors’ points-of-difference. • Competitor’s PODs will, in turn, will influence the brand’s POPs. Strengths • It will bring about a strong marketing position and brand recognition globally • Mobility of the food trucks in different locations, will enhanced the company to be able to comply with customer taste and preferences • Additionally, extensive use of technology will increase the effectiveness of the company • The company will show its uniqueness in supplying coffee/pastries in colleges Strengths Cont’ • Improved customer loyalty due to the new services that the company will have to offer. • Implementation of Starbucks customer reward gifts will attract more consumers. • There will be intensive innovation by use of technology as a result • Effective advertising will be possible • Provision of wide variety of products Weaknesses • Product cost • Self-cannibalism in Starbucks • Limited future expansion • The coffee culture clash • Starbucks coffee usage will no longer be limited to Americans • Dependence on the US markets which leads to saturation Opportunities • Expansion of new emerging markets • Self-cannibalism and saturation will be a way to integrate international markets • Opportunity to expand products variety buy the new innovations. Threats • There will be Increased competition from companies such as Dunkin Brands, Costa Coffee as well as McDonald's. • Dunkin Brands is marked as the main threat for the Starbucks since it is about 24% trailing in the US markets (Geereddy, 2013). • Price fluctuations due to the amount of money spent in innovation Trends • Advanced use of technology and innovation through the mobile trucks • Expansion of emerging markets • Extensive retail operations • Saturation of the US markets Current & Projected Competition • McDonalds, Dunkin’ Donuts, Peet’s Coffee • Convenience Stores and Fast Food chains • Mom & Pops coffee shops Competitive Landscape w/ Strengths and Weaknesses Coffee industry employs 1 million people Established market selling doughnuts The cannot duplicate the Starbucks’ experience $225.2 billion made in 2015 They are new Mature industry with lots of growth potential still Strengths Weaknesses Established market in fast food industry Conclusion • Utilizing mobile catering expands the brand • Allows the company to further it’s mission • Capitalizes on the opportunity to saturate harder-to-reach markets References Geereddy, N. (2013). Strategic analysis of Starbucks corporation. Harward [Електронний ресурс].–Режим доступу: http://www.scholar.harvard.edu/files/nithingeereddy/files/starbucks_ case_analysis. pdf/ Hawley, J. (2018). Investopedia. Retrieved from https://www.investopedia.com/articles/markets/101315/who-are-starbucks-maincompetitors.asp KOTLER, P., & KELLER, K. L. (2016). Marketing Management (15th ed.). Retrieved from https://phoenix.vitalsource.com/books/9781323299838/epubcfi/6/2[idloc_ 000.xhtml-itemref]!/4[eid1]/2[eid2]@0:65.8. Starbucks Corporation 10-K. (n.d.). Retrieved from https://www.sec.gov/Archives/edgar/data/829224/000089102003002898/v95180e10vk.htm#002 SWOT analysis of starbucks - starbucks SWOT analysis. (2018, March 1). analysis-starbucks/ Retrieved from https://www.marketing91.com/swot- 2017 US Coffee Drinking Trends Include More Gourmet, More Youth. (2017, August 31). Retrieved from https://dailycoffeenews.com/2017/03/27/2017-us-coffee-drinking-trends-include-more-gourmet-more-youth/
Starbucks On The Go MKT/571 Instructor: Myles Suer Learning Team A: Gregory Aranha Joseph Blue Walker Lepulu Jose Ramirez Chad Stacy Target Market • Starbucks on the go: selfserve concept • Fits into a variety of environments: offices, street corners • Designed to look and feel like a conventional Starbuck coffeehouse • Target market: individuals on the move • People who want to grab their coffee and be on the move. Target Market • May include: university students in their campuses, • The healthcare workers in various health facilities • Employees in a given office block • Travelers on the roadside or stores, or airports • Cinemas and many other public locations Target Market's Demographics and Psychographics • Starbucks demography : • Gender • Lifecycle stage • Occupation • Main customers are students employees and professionals • Main target market were people in the urban areas Target Market's Demographics and Psychographics • Psychographics-groups of customers: • guided by their lifestyles • purchase behaviors-attitudes, the customers' activities/attitudes. • Majority of the Starbucks customerscollege educated and have a good income • Prefer sociable environment • Variety of needs: • desire a freshly brewed beverage • preference for convenience • fast and friendly services • affordability Insights • Starbucks gets to know its customers through: 1. The type of drinks consumed 2. Bulk coffee purchases 3. Food purchase behavior Potential Market Criteria • “Third Place“ Concept • Competitive Advantage ▫ Blanket an area completely Chad Target Market Segmentation Factor Identification • Men & Women age 25-40 • Certain drinks found “appealing” • Has a professional career Customer Groups Needs & Wants • Mono segment positioning • Adaptive positioning • Standby positioning Detail Portrait • Identify the very best customers for your product then focus all marketing, • Advertise sales efforts on this particular type of customer • Define product from the customer's point of view • Define the ideal customer for what you sell • Determine specific benefits customer seeking in buying your product. Ideal Consumer & Specific Buyers • Businessperson on the go • Internet Customers enjoy atmosphere and do business while enjoying coffee • Customers working in big offices who can pick up pastries or coffee in the morning for their coworkers • Young, well educated, and with a somewhat lower income • Satisfy the customer so they buys from you again Differentiate Your Product • • • • • • Product Differentiation Service Differentiation Distribution Differentiation Relationship Differentiation Image/Reputation Differentiation Price Differentiation Buying Behaviors & Decision Motivators • Low involvement ▫ Inexpensive ▫ Little risk • High involvement ▫ More expensive ▫ Harder to make the case to the customer Influence & Impact • Starbucks will encounter many new markets and cultures • Different kinds of customers demanding unique and appealing products. • Continuously offer customers a high level of value and satisfaction, • Focusing on products range& services provided References • Dudovskiy, J (2017). Starbucks Segmentation, Targeting and Positioning – Targeting Premium Customers with Quality Products and Service. Research Methodology. Retrieved from https://research-methodology.net/starbucks-segmentationtargeting-and-positioning-targeting-premium-customers-withquality-products-and-service/ • Melllinger, B.B (2018). Who is Starbucks’ Target Audience? Retrieved from http://smallbusiness.chron.com/starbucks-targetaudience-10553.html • Selecta. (2018). Starbucks on the go: What is Starbucks on the go? Selecta. https://www.selecta.co.uk/starbucks/ • Starbucks (2017). Starbuck on the go. Starbucks. https://solutions.starbucks.com/on-the- References • https://blog.marketresearch.com/6-ways-to-differentiate-yourbusiness-from-the-competition • https://www.entrepreneur.com/article/75648
Starbucks Marketing Plan: Phase III Presented by: Learning Team A: Gregory Aranha, Joseph Blue, Walker Lepulu, Jose Ramirez, Chad Stacy MKT/571 June 11, 2018 Myles Suer Detailed Attributes One person, one cup, and one neighborhood at a time ➢ Catering services ➢ Don’t come to us, We'll come to you ➢ Greg Coffee Shop Industry Chad Coffee Shops (AAGR / CAGR) Average Annual Growth Rate (AAGR) - Average increase in the value of an individual investment over the period of a year. Useful for showing trends; however, sometimes misleading because it does not accurately depict changing financials. Compound Annual growth Rate (CAGR) - Mean Annual Growth Rate over a specified period of time longer than one year. Chad Starbucks Current Stage of Life Cycle Chad Starbucks Current Stage of Life Cycle ➢ Currently in the Mature Life Stage – Starbucks recognizes comparative competition that offers similar products, thus Starbucks must defend market share while maximizing profit – Successful organizations spend most of their time in this life cycle stage • Maintain Market Share to extend product lifecycle • Tweak product to maintain uniqueness • Watchful eye on competition and pricing • Offer incentives (Rewards Program) – Promoting brand loyalty and new customer conversion Impacts of Product Life Cycle ➢ ➢ ➢ ➢ Walker Development: – First introduce, sales slow during this stage, consumers are unfamiliar with the new product Growth: – High demand lot of sales. Get customers to choose your product over the competition Maturity: – Sales volume will not be climbing unlike growth stage – Typically, the maturity stage has the most competition Decline: – Less demand, discontinue or add features to make it stand out more and give it fresh life Product life Cycle Impact the Market ➢ Manage sales, – Determine prices – Predict profitability – Compete with other businesses in the industry ➢ Track product’s activities and successes (4 P): – – – – ➢ Walker Product consumer is ready to pay Price and amount for the product Promotion exhibition and demonstrations Place and distribution channel Help keep profits high and avoid sharp losses Product life Cycle Company's Differentiation ➢ ➢ ➢ ➢ Walker Offer unique set of valued differences: – Product features, Pricing, Advertise or where it’s vending Growth: – Expand the sizes and flavors or types available Maturity: – Modify products, promote as “new and improved” or “bigger," or “stronger" Decline: – Consolidate volume into a few basic options to achieve economies of scale where possible Product life Cycle Pricing Power ➢ ➢ Walker Maturity: – The market has reached saturation – Decrease sales leading to poor profit margins • Lowering prices, reinvent product with lower prices – Sales dynamics is beginning to decrease – Intense competition – Cutting prices to keep customers, emphasizing the uniqueness of the product as well as any discounts Never go below your break-even point Positioning and Differentiation Strategies Serving consumers on the GO ➢ Strategic placement of services ➢ Competitive pricing ➢ Reducing distance in high flow areas ➢ Jose Positioning and Differentiation Strategies Starbucks on the go is of high quality ➢ Service delivery is very efficient to make it different from what is offered by competitors ➢ Applying various methods of payments ➢ Jose Continued; Price and quality of Starbucks on the go ➢ Higher quality product equals an increase in consumers ➢ Lower quality products by competitors is associated with low prices ➢ Jose Pricing strategy The Starbucks on the go will adopt premium pricing strategy ➢ Raising profits where customers are willing to pay more ➢ By making the price to be higher, Starbucks on the go will be considered to have high quality ➢ Jose Marketing Plan Elements Joe Marketing Plan – Distribution Strategy ➢ Starbucks on the Go will utilize multiple channels for distribution to include: – Direct Selling – Direct sales allowing choice of market while setting the selling price – Wholesale – Selling through brick and mortar stores – Mail Order – Maximize sales through mail order utilizing CRM tools – Online - customer and keep all revenue under the control of the company. Direct sales let you do your market research and choose your own customers while setting the selling price. Starbucks on the go intends to distribute products through multiple distribution channels that will differ in cost, foster different customer relationships, and will require a multitude of resources to successfully operate the competing channels. Joe Marketing Plan – Channel Strategies: Mass, Selective, Exclusive ➢ Joe Starbucks on the Go will utilize multiple channel strategies in an attempt to capture all demographics – Intensive Distribution – Mass Marketing with the intent to blanket an entire market – Selective Distribution – Will sell identified product in select markets based on supply and demand – Exclusive Distribution – Identified retailers will be given the opportunity to carry product in their store through agreements between Starbucks and retailers Marketing Plan – Positioning within Channels ➢ Joe Starbucks on the Go will position our marketing concept through a multitude of channels with the intent to move the dial on buyers from knowledge of Starbucks on the Go to loyal customer. – Advertisements – Grassroots effort to position ourselves in the market – Brick and Mortar Store Locations – Location, location, location. Will create consistent marketing to reinforce brand – Price – Identify best pricing based on market comparisons. Price Setter! Many associate higher price with higher quality and the opposite with a lower price (Lauren, 2018). References ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ ➢ Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education. Blakely-Gray, Rachel (2017). Patriot Software, Accounting Blog Accounting Training, Tips, and News Griffin, D. (2018). Concept of Product Life Cycle. Retrieved from http://smallbusiness.chron.com/concept-product-life-cycle-1433.html Lauren, L. (2018). What Is Positioning in a Marketing Plan?. Retrieved from http://smallbusiness.chron.com/positioning-marketing-plan-22983.html Markgraf, B. (2018). Distribution Methods and Marketing Plans. Retrieved from http://smallbusiness.chron.com/distribution-methods-marketing-plans-60788.html Sujan, M., & Bettman, J. R. (1989). The effect of brand positioning strategy on consumers' brands and categories perception: Some insight from schema research. Journals of marketing research, 454-467. Tischler, Jim (2018). Differentiation Strategy With a Product Life Cycle Focus. Hearst Newspapers, LLC. smallbusiness.chron.com/differentiation-strategy-product-life-cycle-focus Plunkett Research, Ltd.. (2018). Industry Analytics. Retrieved from https://www-plunkettresearchonlinecom.contentproxy.phoenix.edu/researchcenter/industrysummary.aspx?industry=4&naics_code=722 5&keywords=starbucks

Tutor Answer

agneta
School: UCLA

check_circle agneta marked this question as complete.

Running head: STARBUCKS MARKETING PLAN

Starbucks Marketing Plan
Institution Affiliation
Date

1

STARBUCKS MARKETING PLAN

2
Introduction

Starbucks is an American coffee server company that operates a series of coffee chains all
over America and the world. Its first coffee shop was set up in 1971 and have been growing until
today where it is found in over 28,200 locations all over the globe (Reinhardt, 2015). Its founding
block has been founded on taste quality and impeccable customer experience. The company serves
both hot and cold coffee which they do according to the consumer and customer preference.
According to the marketing plan of Starbucks, I was able to learn a couple of elements that are
very important during the marketing phase of the product. I was also able to get some few take
away with me after the weekly reviews of the plan.
Key Things I Learnt About Marketing by Doing the Marketing Plan
After doing the marketing plan for the Starbucks Company, I was able to learn a lot of
things that I did not know about marketing. One of the things I learned about marketing is that one
must have some tactics and objectives to reach out the market. For Starbucks Company they use
the tactic of having a target market which is people between the ages of 25 to 40 years as the
consumers. They then went on to focus on the adults from the urban areas who have a professional
career to themselves. Other target markets of the company include the campus students and the
office personnel who like to enjoy a drink while doing their daily activities. Starbucks noted that
people from the urban areas are the ones who consumed coffee a lot which made them be able to
make any profits from being close to the market. From this, I was able to learn that in marketing
you must have a strategy and some tactics to reach out the market out there.
Secondly, I was able to learn that to make it in the market an excellent internal and external
communication system where people should understand themselves. With Starbucks, they have
formulated a communication system between the customers and the employees. With this, the
activities of the company become open and transparent, and they can beat rumors that might be
brought about by competitors with the intention of bringing down the company. I was able to learn
that open communication is very crucial between the customers to maintain customer loyalty. It is
also a strategy to beat of doubters and even outwit competitors through openness and
communication.
I was also able to learn about the pricing strategy that the Starbucks Company uses.
Starbucks management was able to set their prices basing on the geography that the coffee shops
are located. For example, I found out that the amount of coffee in England is half the price of the
coffee that is sold in Switzerland. Starbucks also uses the psychology mechanism of pricing, and
through this, they can increase the customer base like for exa...

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Anonymous
Outstanding Job!!!!

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