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Marketing Essentials of Starbucks : Assignment

   

Added on  2020-06-05

17 Pages5636 Words209 Views
Marketing essentials

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Roles and responsibilities of marketing functions ................................................................1P2 Interrelationship of marketing with other functional units....................................................3TASK 2............................................................................................................................................5P3 Marketing mix of two different business organisations.........................................................5TASK 3............................................................................................................................................9P4 Prepare a marketing plan ......................................................................................................9CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONThe core concept of marketing is all about creating value for customers; it is known as acrucial function for management. Marketing is the heart of every business organization; itcaptures various aspects, such as- advertising, promotion, sales and public relations. Marketing isan activity which helps to introduce a product among potential customers. It creates awarenessfor people as they can know more and more about it. In addition, marketing also fosters healthycompetition, its efforts or activities helps managers to reach large group of buyers (Askeland andWright, 2013). Starbucks is the chosen organisation in this present assignment, it is an Americancoffee house chain. The firm was founded in 1971 and now it is currently serves in 24000locations over the globe. In order to promote itself the firm adopts various marketing strategiesand policies. The overall operating income of the company is US$3.6 billion; the prime objectiveof Starbucks is to deliver delicious taste of coffee to customers so as to gain high competitiveadvantage. Apart from this, the report will be described different roles and responsibilities ofmarketing functions. Readers will also come to know about interrelationship of marketing withother functional areas of business organisations. Furthermore, a basic marketing plan isdeveloped to analyse market condition of the company. TASK 1P1 Roles and responsibilities of marketing functions Marketing consists of management tasks and decisions directed at successfully meetingopportunities and threats in a dynamic environment. It focuses on developing as well astransferring a need in satisfying manner which offers ton customers in such a way that theobjectives of the organisation, buyers and society would be achieved. In other words, marketinginvolves all activities, functions and efforts which are carrying out in order to render goods fromproducer to its end users (Blacher-Wilson, Mense and Richardson, 2011). Along with this, theprime objective of marketing is to create value for society so as to satisfy their needs and wantsin the best possible manner. Below mentioned are the different marketing functions, such as- Gathering and analysing market information – It is fundamental function of marketingdepartment of business association. Managers have to get and examine current market trends andthen produce accordingly. It involves – product price, quality, customers interest, advertisementactivities etc. It is essential for companies to analyse and examine this information so as to stay1

for long term period in market. Along with this, on the basis of marketing analysis company willeasily know which kind of products and services have to be produced which provides bestopportunity to company. Marketing planning – In order to attain organisational goals and objectives, it is requiredfor business organisations to prepare a marketing plan. It provides proper information tocompany about competitors and current market trends (Clow and James, 2013). Through whichStarbucks will easily develop its marketing strategy so as to effectively perform in target market.For example- in upcoming years, Starbucks wants to increase its market share by 15%; in thisrelation business is required to make a marketing plan and determine internal and external factorswhich will hamper firm's future performance. Product development and designing – New product development or designing also has a crucialrole in growth and development of a business organisation. In this dynamic environment,customers needs and wants are rapidly change, thus companies have to generate new andinnovative products which are able to bring more customers. Starbucks continuously make newimprovements in its products, as this is the main reason that it is one of the famous brand over incomparison of its competitors, i.e. McDonald, cafe coffee day and Costa Coffee. Standardising and grading – It states that every company follows certain standards andprinciples to perform effectively in target market. Whereas standards also sets towards design,quality, colour, size, raw materials etc. in relation to a specific product. With this assistance,company can sale its products on the basis of sample. Mostly, it is beneficial for traders as theycan show sample of the product and influence others to purchase it. Branding – Every business organisation wants great market image or special identity atmarketplace. It this relation, they starts to give name or logo which is different from competitors.Therefore, giving a name to brand it called branding which helps a company to get highcompetitive edge (Desai, 2013). Starbucks always tries to improve its brand image; for this itfocus on generating hygienic products in their outlets. It aids company in increasing its sales andprofitability in a certain time period. Promotion – Marketing and promotion both are two sides of a coin. The core concept ofpromotion is to provide information to customers about the existing products. There are differentways of promotion, such as- personal selling, advertising, sales promotion and publicity.Effective promotion leads the number of customers, which also affect the decision making2

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