Assignment on Strategic Marketing Plan

Added on - 09 Jan 2021

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BELOW IS THE FEEDBACK FROM THE WORK THAT I HAVE DONE. THEQUESTION AND THE WORK IS CONTAINED IN THIS ATTACHMENT ASWELL.(4.1,4.3,4.4,)What you did wellYour introduction was clear. It was obvious your plan centred around moving Costa towards ahealth orientation. You used a couple of frameworks covered on the module e.g. SWOT and 7Ps.You did discuss risks, though there was not an obvious section headed risks.Things to improve going forwardIt would have helped to declare which planning framework you were using e.g. SOSTAC and followthe prescribed order e.g. PEST could usefully have been presented ahead of SWOT. There neededto be more narrative support of the models was required and key take-outs from each modelneeded to be made more explicit. Make sure you label sections properly e.g. stakeholder analysiswas PEST. There needed to be way more coverage of segmentation targeting and positioning.Stronger justification was needed for some of the decisions made e.g. for going into health benefitsand changing vision statement. There could have been more use of models in support of the mixsection e.g. total value concept, brand framework. Properly populate the references section therewere only two references listed when clearly you had used more. Above all answer all the elementsrequired in the assessment e.g. there was no discussion of fit to vision20/70Bev (4.2,4.5,4.6)What you did well:You have included a lot of information from the annual reports, and you seem to understand thetheories around ROI.Your reflection gives a good account of your journey through this module, and also how you hope toapply your new knowledge in your career.Things to improve going forward:Although you have included a lot of information from the annual report, you have not discussedthese numbers enough in your own words to rove your understanding. At times it reads a bit like alist. You need to give more explanation - how are Costa maintaining a dominant position, why havetheir profits increased over the last four years? If the return is only going to 11% instead of 11.81%,is this a problem? How do you know your competitors aren't looking into health benefits?Your
2reflection is too brief.Please put ALL references at the very end of the report, not after eachsection!!14.5/30
31Portfolio content1.1You must write a strategic marketing plan for an organisation or for astrategic business unit within your responsibility (or for an organisation with whichyou are familiar). To do this, you will need to carry out a critical evaluation of theSWOT issues facing the organisation, including a stakeholder analysis, and thenwrite a strategic plan that addresses those issues. The plan must consider thefollowing:i)Recommendations for a targeting, positioning, and branding strategy that willenable the organisation/strategic business unit to achieve sustainablecompetitiveadvantage in future.ii)A critical evaluation and recommendations for a marketing mix that willsupport thestrategy.iii)A critical review of the challenges facing the implementation of your planiii)Ethical issues which may arise as a result of your planGuide word count: 2,000 words1.2You must apply the profit impact marketing (PIMS) methodology to yourmarketing plan. This will involve the development of a financial forecast of the returnon investment. You need to clearly evaluate all revenues and costs associated withthe plan. You should also build in an assessment of the risk associated with yourplan.Guide word count: 1000 words1.3Identify the key external and internal areas of risk for your organization (orone with which you are familiar) in developing and delivering a marketing plan.By referring to examples, illustrate how you would identify strategies to minimizethese areas of risk in order to achieve organizational objectives.Guide word count: 500 words1.4You must critically evaluate how the strategic vision and direction of yourorganization (or one with which you are familiar) impacts on the market planningprocess.By identifying each component part of your marketing plan, discuss howeffectively your marketing plan supports the organizational strategic objectives.
4Identify the level of importance of each component part of the plan in relation toachieving organizational strategic goals.Finally, critically evaluate the process that is required in order to secure approvalfor marketing plans within your organization.Guide word count: 1000 wordsTask 1: Market PlanAbstractMarketing plan is about creating a systematic approach to the achievement ofmarketing goals. (Doyle, 2016)This paper explores how Costa brand can be improved to gain a sustainablecompetitive advantage. Costa brand is mainly about the taste of the coffee served by CostaCoffee and the health side of coffee has been totally left out in developing the brand. Coffeehas tremendous health benefits to consumers (Gamonski, 2018). As such, using healthknowledge to improve Costa brand has the potential to guide Costa Coffee on how tointroduce healthier range of coffee products it serves and to create new commercial interest inthe Costa value because value is powerful (Kelly etal., 2017) \SOSTAC is one of the important marketing model which develop for strategic marketingcommunication. There are several fundamental aspects included in marketing that areexplained under here:Situation: Costa company exactly exact in China and now they need to increase theirdepartment in new areas.
5Objectives: The company has objectives to develop their effectiveness andproductivity through establish operations and functions in new areas. Therefore, itwill help to focus on market demand and requirements.Strategy: Costa company need to use joint venture strategy that help to attain morecreative work performances in new areas.Tactics: There are several tactics exist which could be used by Costa to attain desiredresults. For instance, social media, online promotion, etc. elements consider todevelop target market.Action: Further, in respect to take actions, the company able to implement morecreative work performances. In which they use expansion actions to develop theirtarget market.Control: Controlling activities consider to attain more systematic work performancesat workplace in systematic manner. Therefore, it establish to attain creative workperformances.PEST analysisTo consider PEST analysis, macro environment considers important role in thebusiness to focus on following activities:Political:In the market, current political environment considers conducivedevelopment of company. Costa Coffee can easily compete with Starbucks so thatcompany will not be facing any issue and restrictions which create obstacles indeveloping company’s performance.Economic: In economic terms, it can be stated that consumption of coffee iscontinuously growing which helps Costa Coffee to increase their operations. In this
6regard, company has high consideration to develop their market in internationalenvironment that assists to achieve the set aim and objectives.Social:In different areas of the world, it can be stated that there are different waysexist in which understanding and interpretation develop regarding coffee culture.Coffee become fashionable city in modernization so that new evaluation indexdevelop systematic work performances at workplace.Technological:Costa coffee has advantages to implement advance technology to performdesired results.SWOT AnalysisStrengthsWeaknesses-Costa Coffee has a strong financialbackup and the required competencies tomake it more competitive.-Costa Coffee has loyalty programsthat enable it to retain its customers across theglobe.-Coffee shops are artistically designedto attract customers-Product diversity-Costa Coffee has limited the growth of itsbrand to the cultural taste of quality coffee-Costa Coffee’s product diversity does notconsider the health side of the coffee product andtherefore, may expose consumers to health risks-Costa Coffee’s marketing strategy does notfocus on educating the consumers how the coffeeproducts they take impacts their health.-Costa Coffee has limited its market share tocover only the economically able classes of people.OpportunitiesThreats-The local market has room forproduct innovativeness-More people are becoming informed-Increasing business competition that maytake advantage of winning the market by exploitingthe health side of the coffee bean.
7that coffee is a healthy product and is notharmful to the body-Many people regardless of theirpurchasing power are willing to purchasecoffee for its nutritional value-Existence of government regulations that bansale of unhealthy products in the market.Table 1 showing the SWOT analysis to be used to create a marketing plan for CostaCoffee (Joe, 2014; Bloomberg, 2013)Stakeholder analysisCosta Coffee’s core business is in the industry in which consumers around the globeare beginning to realize that coffee drinking is not harmful to the body. In fact, the drink hassome health benefits and people are being encouraged to continue taking it as healthproblems such as stroke and type II diabetes are reduced with increased coffee intakes perday(Gamonski, 2018). In this regard, coffee shops are highly likely to experience a high flowof consumers based on the encouraging results obtained from surveys done to determine theknowledge people have about the impacts of coffee on health (Teas & Agarwal, 2000).Coffee is grown in particular areas that have moderate weather conditions andtherefore, the presence of extreme weather conditions is challenging the production of coffeebeans making the production costs go up when mitigating climatic effects (Climate.gov,2018). Thus, the cost of coffee has been on the rise especially to meet its increasing demand.The effort of recovering the costs has been difficult especially when there are globaleconomic disparities that reduce consumers’ purchasing power (Sapsford etal., 1997). Moreso, due to high production costs, consumers that are economically disadvantaged are usuallyunable to enjoy the coffee drink and even obtain its health benefits (Liang & Wu, n.d).Sehrawala & Karaduman (2015) develop that customers are now purchasing coffee beverages
8for the value they are finding in the product and because of this; they do not mind its highprice. Therefore, with intensive educational programs covering the economicallydisadvantaged groups, these people will strive to be part of those that consume the beveragesbecause of the value they will see in the product.In the United Kingdom, consumers are adventurous when it comes to food selectionsand therefore, there is a need to have a wide range of foods and drinks in the food market(Kemp etal., 2010). With a strong educational program and product branding, Costa Coffeewill be able to expound its market share in the country and have a more valuable relationshipwith its customers in the long-term. In that, besides providing quality coffee, Costa Coffeewill be able to differentiate itself from its competitors in terms of the utilitarian ethical theoryit applies by selling what is best for people to take (Sehrawala & Karaduman, 2015).As it is now, the growth of Costa Coffee is being challenged by threats of newcompetitors in the market (Theguardian.com, 2018). In that, to start up a coffee business isnot a complex issue as low business capital is required and it is easy to operate coffee makingmachines. The entry of a tough competitor such as Starbucks that is highly innovative and hasa well-known brand is likely to take over the market in UK and challenge the growth of CostaCoffee internationally. Following relevant statistics from the year 2004, it is evident thatCosta Coffee is really struggling to outdo Starbucks in its home market (Joe, 2014). In termsof the number of coffee outlets, Starbucks has had a higher number of them from 2004 to2006 and it was only in 2007 that Costa Coffee was able to outdo Starbucks. Comparing thesame statistics with other competitors like Nero, Caffee, BB’s and Pucchino, all of them havebeen increasing their presence in the country except Pucchino that has had a constant numberof outlets over the years (Joe, 2014).The coffee business in the UK has been left growing following the innovative effortsof businesses. Therefore, competitors have little to differentiate themselves from each other
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