Marketing Strategies for Lawrence Coffee Shop

This assignment focuses on developing an effective marketing strategy for Lawrence Coffee Shop to increase sales among the youth demographic. It involves analyzing and optimizing the 4Ps of marketing (product, price, place, promotion) while considering social media strategies and managing profitability.

BUSINESS ESSENTIALS

TABLE OF CONTENTS
INTRODUCTION..............................................................................................................1
TASK 1.............................................................................................................................1
PART A....................................................................................................................1
An innovative or creative business idea for the reason implementing a new project1
PART B....................................................................................................................3
Objectives and goals for innovative business idea..................................................3
TASK 2.............................................................................................................................4
Assessment of extrinsic factor of a business...........................................................4
TASK 3.............................................................................................................................6
PART A....................................................................................................................6
Defining to launch an event.....................................................................................6
PART B....................................................................................................................6
Prepare a budget for a business project..................................................................6
TASK 4.............................................................................................................................7
Opt several marketing concepts under business organization.................................7
CONCLUSION................................................................................................................. 8
REFERENCES.................................................................................................................9

INTRODUCTION
Business essentials has been considered as significant concept in which person
start new business with innovative idea. Person who is having required skills,
knowledge and experience can start business and earn profit margin as well. Present
report is based on Lawrence coffee shop which wants to launch a new variety of coffee
product in the market. It is the new venture which works as a partnership firm (Hair,
2015). Members who start this business are known as partners. They have to build an
idea for starting a new business in order to increase profit margin and attract customers
as well. In the project, will discuss suitable objective or goals for the purpose of
developing a business plan also conduct PESTEL analysis tool for examining as well as
exploratory major factors of the environment. At last, several marketing concepts will be
discussed in context of selected firm.
TASK 1
PART A
An innovative or creative business idea for the reason implementing a new project
Lawrence coffee shop seeks to start a new branch of coffee shop at different
places in order to attract customers and earn more profit. In this modern era, this coffee
shop established in Park London Street of United Kingdom (Kimbell, 2011). Members of
this firm are responsible to use their collective efforts in order to attain target within
stipulated time period and maintain performance in effective manner. Leaders and
managers are responsible to frame plans or strategies as well as analyse the level of
competition in market. Members want to start a new branch at another place so that
they will have to set price on the basis of location and crowd of people. Lawrence coffee
shop provides several number of goods and services in new branch such as-
 Expresso
 Cappuccino
 Dessert platter
 Aztec Mocha
Coffee shop not only focuses on the quality and availability of products but also
emphasises on use and providing healthy food items. Their main objective is to offer
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hygienic commodities in order to prevent overall society from dangerous health issues
because it will affect their goodwill in the marketplace. Thus, in order to maintain this,
managers of such association are offering few sugar free food products for those
customers whosoever are suffering from diabetes. Additionally, it has been analysed
that number of competitors are available at European marketplace due to increase in
demand of coffee (Naris and Ukpere, 2010). Therefore, to overcome these types of
problems, selected association needs to design effective plans or policies as well as
suitable strategies by considering relevant facts so that they can survive in the
competitive market. Along with this, it will also help in maximizing profitability of an
enterprise by increasing their productivity due to offering qualitative and hygienic
products. However, accurate description of major competitors of Lawrence coffee shop
is mentioned as follows: -
Major
Competitors
Unique Selling Proposition
Colonna &
Small
According to managerial team of this competitor they are having very
smart and impressive interiors in order to seek the attention of
millions of customers. Along with thus trying to target maximum
number of domestic as well as foreign clients.
Kaffeine Mango muffin and chocolate brownie is two best or delicious food
item of this organization which attract several number of clients.
Instead of this, they are also designing chocolate brownie for
diabetes patient which is free from sugar so that they can also
experience unique commodities.
Coffee Aroma At the end of comparison, this association is also one of the famous
rivalries of Lawrence coffee shop because of their affordable prices
which captures minds of millions of customers. Along with this, one of
the major advantageous of coffee aroma is that it was located in mid
of London which is very much convenient to numerous of clients due
to which it was easily attracted by youngsters.
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PART B
Objectives and goals for innovative business idea
Lawrence coffee shop was started by two brothers in a partnership and initially
they are friends of each other whose main objective is to gain maximum return on their
investment. In fact, both of them are performing business operation with a mutual
understanding by equally sharing profit and liabilities between each other for avoiding
any confusion or conflicts. However, healthy relation between both of them are
supporting them while making effective decision in various complicated circumstances
(Singh and Khanduja, 2012). Along with this, it also aids them during resolving issues or
barriers between various staff members. Thus, two major developed or successful
partnership association of UK is just like these two which are detailed below: -
 Marks and Spencer
 McDonald
After accumulating necessary information, it has been understood that both the
organization are growing rapidly and become one of the successful association in
competitive market of Europe. One is popularizing in retail industry whereas another
enterprise is developed in food or beverages sector. Therefore, after inspiring with these
two growing companies’ partners of Lawrence coffee shop is also trying to expand their
business across the globe with their capabilities and talent. Moreover, selected
association having few of objectives and targets which they want to attained in
upcoming time period is mentioned as follows: - Offer standardized quality of services: - First and foremost objective is to
provide best and suitable products to desired consumers in order to capture
attention of millions of customers. Along with this, it is very useful for them to gain
maximum revenue by satisfying needs or demands of local as well as foreign
clients. Maximization in profit: - Secondly, both the partners wanted to acquire
maximum income by increasing their productivity. It means they have to design
delicious food products by considering taste or preferences of entire society and
trends also so that customer will have liked their commodities without
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questioning. Furthermore, they are also focussing on health of different
customers. Wanted to establish their goodwill: - After gaining maximum revenue by
satisfying customer needs or demand time for establishing positive image at
marketplace in order to continue their business for longer period of time. It will
possible only by gaining trust or loyalty of customers.
 Developing a consumer base: Managerial team of Lawrence coffee shop trying
to obtaining the attention of maximum number of those clients whosoever are
belonging from middle class or lower level of family. Moreover, offering sugar
less products to patients.
TASK 2
Assessment of extrinsic factor of a business
In the business condition incorporated a few variables which may be effect on
working execution and nature of representatives. Subsequently, it is important to be
break down and assess major components of business surrounding with the assistance
of reasonable strategies and procedures because of this business can deliberately
execute the systems in the activity and also get more proper results (Woiceshyn, 2011).
Alongside this, directors of the Lawrence café can utilize PESTEL investigation device
for inspecting the natural components. Thus an effective assessment of external factors
is stated as follows: -
BASIS IMPACT IMPORTANCE
Political: - governing bodies of
a nation is having authority to
prepare or execute number of
policies which is required to
consider every individual of a
nation. Sometime it acts as a
boundary line for overall society.
Managerial team of Lawrence
coffee shop need to make
appropriate decision by
considering political norms.
Supports an
association to
develop and grow
their company.
Legal: - Legitimate bodies are
amending legal terms and
HR head of an association
need to follow every lawful
Necessity to
consider legal laws
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norms for example; preventing
rights of workers, managers and
customers.
consideration and laws that
was enacted by legitimate
authorities of UK.
by employers of
coffee shop.
Social: - Every business entity
needs to utilize and assess
necessary culture, ethics, rules
and obligation which is set by
society. It is essential to follow
regulation designed by overall
community in order prevent
society from exploitation.
Manufacturing department of
Lawrence coffee shop is
designing or producing
delicious or healthy food items
in order to take care of service
final users.
Indispensable to
uplift society and
prevent them from
exploitation.
Environmental: - It can be
completed as the fundamental
situation in which included
business exercises and
operations.
Utilized assessment of external
factors for evaluating and
examining surrounding
components and affects.
Required to
evaluate micro and
macro cause in
order to enhance
their company
performance.
Technological: Fundamentally,
innovations are assuming
essential part to create items
and products for clients with
better quality.
Team of referred association is
using smart or modern tools or
techniques for accomplishing
the business activities in a
minimum time period.
Essential to
manufacture food
items in ethical
way.
Economical: At the last, bosses
of the firm must be considering
and comprehend practical
exercises and things since they
are dubious in the nature. With
the assistance of this they will
get increasingly and powerful
Inflation rate, fluctuation in
currency rate, taxation have a
greater impact on system.
Requires to select
appropriate
economical pricing
scheme.
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outcomes and results.
TASK 3
PART A
Launching an event
Lawrence Coffee shop wants to launch an event which enable them for the
purpose of reach with numerous targeted customers. Such event is helpful for them for
bring as well as make a social interaction with people. It can gets incorporated off site in
which business choose sea beaches for their event. In order to attend such event
manager of company wants to invite Rita Ora. She is youth icon and able to inspire
large number of people. They have to provide proper setting and other facilities for
people who wants to join event. This is the perfect way to promote services (Woiceshyn,
2011).
PART B
Preparing a budget for a business project
Members and other staff members of Lawrence Coffee shop have to prepare
budget plan. Through which they can analyse amount of investment and expenses
incurred by company.
Particulars
Event
launch
Amount 280000
Elements for
event Cost
Venue 2000
Catering 11000
Advertising 400
Decoration 300
Transportation 400
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Anchor 600
Guest 100000
Table 40000
Chairs 10000
Equipment 40000
Corporate
social
responsibility 20000
Total 224700
Net position 55300
Budget available and the saving from event are as follow:
Budget
available
Expenditure
22470
0
Remaining 55300
The expenditure for the event conducted by Lawrence Coffee shop is 224700 which
specified that not money gets incur on this project. On the other side, sufficient cash
balance gets sustained by a business through suitable cost cutting on proper as well as
suitable areas which is 55300.
TASK 4
Opting several marketing concepts in the business organization
Marketing objectives- The main objective of Lawrence coffee shop is to provide
best quality of goods and services to large number of people and try to build trust
among them. Members have to promote goods and services in international market for
build trust among targeted customers.
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Target market- The present coffee shop targeting youth for increase sale of its
product. This concept can aid company to managing the level of profitability as well as
increase the level of customers.
Marketing strategies- Members of coffee shop have to adopt social media strategy
among business organization. Framing of planning and strategies is the forecasting
process which is can leads to improve performance and work quality along with profit
margin.
Marketing mix- Marketing has been considered as significant concept which
consist 4P’s of marketing such as product, price, place and promotion (Woiceshyn,
2011). These factors can be having impact on the performance of Lawrence coffee
shop which are as aligned below-
Product- The main product of present firm is different types of coffees which
usually attract people. Lawrence coffee shop provide sugar free items in order to meet
level of satisfaction of people (The Marketing Mix 4P’s and 7P’s Explained, 2017).
Price- Firm provide product at reasonable price which can easily affordable for
people.
Place- Members of coffee shop has been chosen perfect area of London for their
coffee shop through this they can run their firm at Park Street London.
Promotion- Higher authorities of firm responsible to promote goods and services
in international market in meet level of criteria (Woiceshyn, 2011).
CONCLUSION
On the basis of above discussion, it is affirmed that Lawrence coffee shop uses
several essential terms which are helpful in managing and controlling the performance
of business. Prepare PESTLE analysis of this coffee shop.
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REFERENCES
Books and Journals
Hair, J. F., 2015. Essentials of business research methods. ME Sharpe.
Kimbell, L., 2011. Rethinking design thinking: Part I. Design and Culture. 3(3). pp.285-
306.
Naris, S. N. and Ukpere, W. I., 2010. Mentoring programmes for academic staff at the
Polytechnic of Namibia. African Journal of Business Management. 4(3). p.350.
Singh, B. J. and Khanduja, D., 2012. Essentials of D-phase to secure the competitive
advantage through Six Sigma. International Journal of Business Excellence. 5(1-
2). pp.35-51.
Woiceshyn, J., 2011. A model for ethical decision making in business: Reasoning,
intuition, and rational moral principles. Journal of business Ethics. 104(3).
pp.311-323.
Online
The Marketing Mix 4P’s and 7P’s Explained. 2017. [Online]. Available through:
<http://marketingmix.co.uk/>.
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