Marketing Management - Costa Coffee Assignment

Added on - 02 Jan 2021

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Marketing Management
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3(a) Define the marketing concept................................................................................................3(b) Define the stages of the marketing planning process............................................................3(c) Assess the difference between transactional and relationship marketing..............................4(d) Explain the difference between marketing mix planning for product-based and service.....5based organisation......................................................................................................................5(e) Assess the role of the internet in modern marketing.............................................................5TASK 2............................................................................................................................................5(f) Outline the market research systems used in gathering and managing marketing research. .5(g) Define the stages of the marketing research process.............................................................6(h) Collect market information to identify new product opportunities.......................................6(I) Identify new market opportunities.........................................................................................8TASK 3............................................................................................................................................8(j) Define the strategic planning process.....................................................................................8(k) Outline the segmentation, targeting and position process.....................................................9(l) Define the concepts, advantages and disadvantages of the Decision-Making Unit...............9(m) Describe the concepts of the Decision-Making Process for consumers and........................9organisation................................................................................................................................9TASK 4..........................................................................................................................................10(n) Develop a marketing plan that supports the achievement of business objectives...............10(o) Identify the most appropriate marketing tools that meet business and customer needs......11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONMarketing management is the process of developing strategies and planning for productor services, advertising, promotion and sales to reach to the desired customer segment.Marketing is the process which is used to determine what products or services may be of interestto customers and the strategy to use in its sales, communication and business development(Pohlman, 2015). Apart from this, the role of marketing management is to bring the clearunderstanding of marketing concept for any business firms to raise its profit expectation. Thisreport will be carried on Costa Coffee, which is the British largest coffee-house company, withtheir operations situated world-wide. This report will cover the aspects relating to opening newbusiness into the other company, with major aim to enhance the customer base and profitability.Apart from this, report will put its focus on formulation of the marketing plan with introducingthe new products, its pricing strategies and also with targeted customer's.TASK 1(a) Define the marketing conceptThe marketing concept is the complete philosophy that firms should analyse the needs oftheir customers and then make decision to satisfy those needs, better than the competition. Mostof the firms today have adopted various marketing concepts (Weinstein, 2017). These conceptsare marketing, selling, product and production. In context with Costa Coffee, which is the marketleader of Coffee business in an entire UK, uses product and marketing concept mainly along withfocus on production of their coffee items. Because of these marketing concept, this coffee gianthas gained high brand image and reputation in their customer minds. As, Costa Coffee is lookingfor new place or host country to expand their coffee business to gain new customer base forenabling the business sustainability and profitability. These marketing concepts would helpCosta Coffee to expand its business to the another nation. The Costa Coffee has decided toexpand its business to Brazil, where selling, product, marketing and production will enables thestatutory position for this coffee brand.(b) Define the stages of the marketing planning processMarketing planning process is a set of steps which provide guidelines about how to sellyour product in the market within the specific period of time where, it involves which
promotional market strategies should be adopted to make your product saleable in the market(Lam, 2012) The steps of marketing planning process are listed below:It involves the action plan development in which you decide your goals that what is yourfinal destination. In this planning process, companies mission should be clearlyunderstood.To analyse your current situation with different marketing tools like SWOT analysis orelse we can analyse by auditing market, which can help to find out the current position.To develop marketing strategy which involves all the marketing tactics available for thebest promotion of the product. In this phase, different approaches can be applied to targetmarket for best results.The final planning process executes about employing, executing and evaluating whereoperational level activities are performed. In this you you have to allocate your resources,make budgets for implementation of discussed strategies.(c) Assess the difference between transactional and relationship marketingTransactional MarketingRelationship MarketingThis strategy, where the business focus is moregeared toward making the higher salesalong with increased revenue.It is the strategy in which business focus is moreon building long term relationship with theircustomers.The time boundary of transactional marketing isshort lived.The time boundary of relationship marketing isfar-reaching.In this quality of product is primarily focusedIn this quality is focused on all the functions.The main goal of transactional marketing iscustomers acquisition.In relationship marketing the main goal is allabout customer acquisition, customerretention and customer recovery.It is orientated towards single purchase.It encourages towards repeat sale.The importance of employees for businesssuccess is low.The importance of employees for businesssuccess is always high.
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