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Marketing Strategy and Plan: Assignment

   

Added on  2020-03-16

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Running head: MARKETING STRATEGY AND PLANMarketing Strategy and PlanName of the Student:Name of the University:Author Note:
Marketing Strategy and Plan: Assignment_1
1MARKETING STRATEGY AND PLANExecutive Summary The main problem was the lack of enough customers, which had been a major failure forSecond Cup when compared to the huge customer base of other coffee retailers like Starbucks,McDonald's, etc. To improve its sales revenue by attracting more customers, Second Cup hadintroduced a new product named Caffetine. The health related benefits of the newly launchedbeverage and improving the organizational infrastructure to create a good impression hadenhanced the brand presence. The marketing strategy was developed by identifying the strengths,weaknesses, opportunities, and threats that could arise while launching the new product. Properproduct diversification and distribution had helped Second Cup to overcome the challenges facedearlier and sustain within the competitive business environment. The alternative methodsconsidered by the organization to enhance its sales and attract customers had been introducing anew product named Caffetine, improving the organizational infrastructure and expanding theproduct line by introducing more snack items and flavored coffee. It could enable the companyto meet the changing needs of customers and ensure gaining competitive advantage.
Marketing Strategy and Plan: Assignment_2
2MARKETING STRATEGY AND PLANTable of ContentsExecutive Summary.........................................................................................................................1Introduction......................................................................................................................................3Problem Statement...........................................................................................................................3Situation Analysis (SWOT).............................................................................................................4Alternatives......................................................................................................................................7Recommendations............................................................................................................................8Summary Plan..................................................................................................................................9Corporate Objectives.......................................................................................................................9Marketing Objectives.......................................................................................................................9Target Market Profile....................................................................................................................10Positioning Strategy Statement......................................................................................................11Marketing Mix...............................................................................................................................12Marketing Budget..........................................................................................................................14Time Schedule...............................................................................................................................15Conclusion.....................................................................................................................................16References......................................................................................................................................17
Marketing Strategy and Plan: Assignment_3
3MARKETING STRATEGY AND PLANIntroductionSecond Cup Coffee is an established coffee retailer in Canada that operates in multipleplaces all over the country. It has its headquarters in Ontario, and the company sells both coldand hot beverages along with snack items, sandwiches, pastries, cakes and drinkware includingtumblers and mugs. The major competitors of the coffee retailing company have been Starbucks,McDonald's, Tim Hortons, etc. that sell espresso-based drinks to fulfill the needs andrequirements of the customers. Due to existing store design, lack of availability of differentcoffee products and more benefits offered by the competitors, the company has faced a decline ingrowth and sales as well (Armstrong et al., 2015). To overcome this problem, Second Cup willintroduce a new product line including the Caffetine, which is a flavored coffee item formanaging the expansion of selections and choices made by customers and ensure that their needsand preferences are fulfilled. The company aims to renovate the brand name and image andfurthermore increase brand awareness among the customers by delivering them high qualityflavored coffee and gain better growth (Secondcup.com, 2017).Problem StatementFrom the case study, it can be seen that the Second Cup has faced huge competition in themarket due to the presence of competitors like Starbucks and McDonalds. The competitors havelaunched other brands such as Seattle's Best Coffee and have more than 1000 outlets all over thecountry whereas Second Cup has operated just 400 stores. The market share for Second Cup isalso low, i.e., 19 %, which is quite less than the 60 percent market share of Starbucks (Baker,2014). This happened because of losing focus on expansion, and this created more opportunitiesfor the foreign coffee retailers to enter the market and gain a good amount of market share.
Marketing Strategy and Plan: Assignment_4
4MARKETING STRATEGY AND PLANThe competitors like Starbucks, Seattle’s best coffee, etc. have not only provided goodambience and proper environment where the customers can enjoy a relaxing time while sippingup a cup of hot flavored coffee, but also provided them with free Wi-Fi accessibility. This is anadded advantage for them because they can share their photos, videos of the company productson social media and remain connected. These coffee retailers have also provided premiumcoffee to Subway and Burger King because coffee serves as a good beverage item while having aburger, fried items, and other snacks (Berthon et al., 2012). Second Cup on the other hand,though provided good quality coffee products, still left out with the existing business operationsand this resulted in the decline of sales, furthermore staying far behind the revenue levelachieved by the competitors, which had sales around $600 million range with 60% market share.Therefore, the main problem is the decline in sales that has resulted due to failure in attractingcustomers, who have been fetched by the competitors. To overcome this problem, Second Cupneeds to implement a proper marketing strategy and plan by introducing a new product namedCaffetine, which is a flavored coffee with health related benefits and can enable the company togain a competitive edge as well (Ferrell & Hartline, 2012).Situation Analysis (SWOT)From the case study, it could be understood that Second Cup had been facing a lot ofissues, because of the immense competition in business. The major problem was the decrease insales and failing to attract more customers because of huge competition in the market, poororganizational design and less diversification of products that had been offered. Thus, thecompany needs to develop a proper marketing strategy and plan for overcoming these problemsand ensure that the newly launched product launched can bring the company a competitive edgeover its competitors in business (Hollensen, 2015). To develop a proper marketing plan, it is
Marketing Strategy and Plan: Assignment_5
5MARKETING STRATEGY AND PLANimportant to use the SWOT analysis tool for determining the strengths, weaknesses,opportunities, and threats linked to the marketing strategy developed by the company. Theinternal components represent the strengths that include the resources, expertise, andcommitment of workers whereas the opportunities and threats are external components such aseconomic and demographic trends, market features, competition level and technology used(Miles, 2013). StrengthsSecond Cup has introduced a new coffee item named Caffeine, which is a flavoredbeverage product that can meet the changing demands and preferences of the customers andcreate a positive mindset among them. The company's new product is created by extracting theingredients from the best quality coffee beans that can add some extra taste and value for keepingthe customers satisfied (Secondcup.com, 2017). The company's strengths lie in the fact that it hasfurther plans of including some dessert items and fried items just like its competitors do becauseit goes well with coffee. Other strengths include improvement in the infrastructure and makingWi-Fi available for the customers to access (Morgan, Katsikeas & Vorhies, 2012). Thus, theaddition of some product lines and setting up few more stores all around the world will bebeneficial for enhancing brand awareness and spread a positive message to its customers.Reward coupons will be provided to customers while making any purchase, based on which, theycan get discounts on their next purchase. The marketing strategy involving the launch ofCaffetine is a major strength of the company to regain the sustainable position again because thebeverage tastes awesome and can even create a positive impact on the health of people (Mullins,Walker & Boyd, 2012).
Marketing Strategy and Plan: Assignment_6

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