An Introductory Study on Marketing Strategy for a Coffee Company
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Furthermore, the study provided recommendations so that, it will be possible for the company to reduce challenges and to have business growth in the market of United Kingdom Introduction 4 Task 1 4 Task 2 13 Task 3 16 Reference list 21 Introduction Marketing refers to the process of communicating and socializing the value of service and product to the consumers along with particular objectives to sell the products or services in the existing marketing. In this scenario, the concerned company expects that the entry in the coffee industry will be profitable and thus
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INTRODUCTION TO MARKETING
Executive summary The study focuses on the marketing strategy for “I say, Coffee Company” and for this purpose, the study introduces market research with the help of various marketing models. These include SWOT and PESTEL for the concerned company. Along with this, the study has found that, the company is facing a number of challenges from the rivals while emerging in the market of United Kingdom. For this reason, the study takes help of Ansoff matrix and Boston consulting matrixinordertounderstandtherecentmarketconditionoftheconcernedcompany. Furthermore, the study provided recommendations so that, it will be possible for the company to reduce challenges and to have business growth in the market of United Kingdom Page2of22
Introduction Marketing refers to the process of communicating and socializing the value of service and product to the consumers along with particular objectives to sell the products or services in the existing marketing. As mentioned byZhang(2015), marketing can be considered as a critical function of business that has been utilized to attract customers. If employers become able to plan and execute properly, then only marketing has that potential to provide better results in terms of increased sales, higher revenues, brand image and some other. In this assignment, the concerned company “I say, coffee company is trying to expand into the coffee industry of United Kingdom. For this purpose, the main aim of the study is to provide a better understanding of how marketing, planning, research and marketing mix can be used so that, the concerned company can have an attractive entry in the coffee industry. It is worth saying that, marketing is not only profitable to the marketers but also to customers and for this purpose, the another focus of the study is to deliver some recommendations in the latter part so that, company can make the products more attaining to the customers. From the market research, it can be stated that, UK coffee shop market has been enjoying biggest period of growth since 2011 and the market was valued at near about£ 2.2 billionthat time. Over the past year, the industry has improved its market up to £ 3.4 billion. Researchers expect that, the market value of this industry is going to reach £ 4.3 billion within five years. In this scenario, the concerned company expects that the entry in the coffee industry will be profitable and thus the aim of the study is to focus on market research so that,I say, coffee company can enter in this industry smoothly. Task 1 Developing indicators The coffee company ‘I say, Coffee Company’ is trying to expand their market indifferent cities of United Kingdom. In order to expand the market the organization has started a market research to understand the market condition of United Kingdom. Through the market research, the company is also trying to set a target market for which they can be able to maximize their profit. In order to understand the condition of market the research analyst has chosen different variables Page4of22
on the basis of which the company will be able to get the information about market. Apart from this, the information about the target market will also be collected. In this regard main variables are the per capita consumption and the annual expenditure on coffee. The organization is trying to observe the trend on the consumption and annual expenditure. If the variables have the increasing trend then it will be easier for the organization to expand market. The expansion of the organization will depend on the trend of the variables. In this regard, the organization and the market research analyst will take the help of the statistical measure in order to find the trend. YearTotal annual expenditure on coffee (Billion) 20052928 20062803 20072826 20082791 20092867 20102733 20112587 20122712 20132739 20142976 20153225 20163185 (Data of annual expenditure on coffee in UK) According to the data from the year 2005 to the year 2016, the expenditure on coffee has increased. In the year 2005 the annual expenditure of people of United Kingdom was 2928 million and in the year 2016 amount of annual expenditure was 3185 million. Therefore, it is true an increasing trend is there in the annual expenditure on coffee for which it will be easier for the company to expand their market (Sillani and Nassivera, 2015). In order to understand the market trend the research analyst has developed the market trend and developed a bar diagram from which it is clear that from the year 2005 to year 2016 there was increasing trend. On the basis of the trend the research analyst will be able to infer that the increasing trend will be continue because most of the people in UK like to consume coffee. Without the observing the trend it will be difficult for the company to infer about the future market because if the future prediction of the research analyst will wrong then there will be a adverse effect on the business of the organization. Page5of22
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0 500 1000 1500 2000 2500 3000 3500 Total annual expenditure on coffee (Billion) Total annual expenditure on coffee (Billion) Figure 1: Trend of Annual expenditure (Source: self developed) Year 2006 2008 2010 2012 2014 2016 0500100015002000250030003500 Total annual expenditure on coffee (Billion) Total annual expenditure on coffee (Billion) Figure 2: Trend of annual expenditure on coffee (Source: self developed) According to both the diagram, it is clear that the company is getting a strong market able to get strong customer base because most of the consumers in United Kingdom has spent huge amount on coffee. Page6of22
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