Report On Starbucks-Concepts & Principles Of Marketing Process
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Added on 2020-02-05
Report On Starbucks-Concepts & Principles Of Marketing Process
Added on 2020-02-05
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Marketing Principles
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................4TASK 1............................................................................................................................................41.1 Exploring the various elements of marketing process...........................................................41.2 Benefits and costs of a marketing orientation approach for selected company.....................42.1 Influence of macro and micro environment factors on marketing decisions ........................52.2 Segmentation criteria to promote products in different market segments.............................82.3 Effective use of targeting strategy for a selected product/service ........................................82.4 Impact of buying behaviour on marketing activities in different situations..........................92.5 Effective use of new positioning strategy to promote products.............................................93.1 Ways of product development to sustain competitive advantage .........................................93.2 Arrangement of distribution channels to increase customer convenience ..........................103.3 Impact of prices on an organization’s objectives and market conditions ............................113.4 Integration of promotion strategy to achieve marketing objective......................................113.5 Additional elements of the extended marketing mix ..........................................................11TASK 2..........................................................................................................................................124.1 Planning of marketing mixes for two different segments ...................................................124.2 Exploring differences in marketing products and services to businesses rather thanconsumers .................................................................................................................................124.3 Difference between domestic and international marketing..................................................13CONCLUSION .............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTION In order to promote products and better perform in the market as compared to othercompetitors it is essential for the organizations to concentrate on marketing principles. Starbuckshas been taken for the purpose of understanding fundamental concepts and principles which caninfluence marketing process of the enterprise. Besides that, present report provides informationabout various topics including segmentation, targeting, positioning, promotional mix andenvironment scanning that can influence buying behavior of an individual. By applying thesefundamental concepts of marketing in a systematic manner, organization can meet customer 'wants and can increase their profit margin also.TASK 11.1 Exploring the various elements of marketing processThe Marketing process followed at Starbucks is inclusive of following steps;Situation Analysis - By the very first step of this process, the marketing team atStarbucks makes an attempt to analyze the situation of company (Wise and Sirohi, 2005).It helps the firm in identifying opportunities and further it helps in satisfying the needs ofcustomers by emphasizing on past, present, and future aspects of customers.Marketing Strategy – This step is all about devising strategies related to segmentation,targeting as well as positioning of the product in target market (Martin, 2009). This willhelp the marketing team to create a value proposition for Starbucks.Marketing Mix Decisions – In this step, the marketing team at Starbucks decides whatproduct to be introduced, price to be set, contracts regarding distribution as well aspromoting the service offering in the best possible manner.Implementation and Control – This step entail for analyzing marketing effort in a closermanner so as to make necessary changes. These can be related to product redesign ordistribution channels (James, 2012). Once the process is implemented it is furthersubjected to continual monitoring and adaptation.1.2 Benefits and costs of a marketing orientation approach for selected companyIn order to design desired quality of product and meet expectations of customers,marketing strategies used by Starbucks are helpful for it. Besides that, enterprise is takingbenefits from market orientation approach and they can effectively use their core capabilities and3
can better perform better compared to other business rivals (Cohen, 2005). For collectinginformation about customers in order to better understand needs & taste of them, enterprise hasinvested huge amount in money in the market research activities. Along with this, company isalso emphasizing on both traditional and modern media marketing channels which includes TV,social media and email marketing to cover large geographic area to increase awareness amongpeople (Ceylan, 2008). Hence, it can be said that for the purpose of measuring customersatisfaction systematically and frequently, market orientation approach can be beneficial forStarbucks.2.1 Influence of macro and micro environment factors on marketing decisions Marketing decisions of Starbucks are influenced by both internal and externalenvironment factors that can be understood in details with help of applying porter and PESTLmodels.SWOT analysis:Table 1: SWOT analysis of StarbucksStrengths Global coffee brand. With theirgoodwill and market image they areable to strengthen their market position.It has 9000 cafes in almost 40countries.Company have strong ethical valuestowards customer satisfaction. Weakness Limited product portfolio due to whichmanagement of organization havelimited scope for expansion. Due to spending huge amount of moneyin different activities, it is facingproblem and are not able to payshareholders quarterly dividend(Proctor, 2014).Opportunity Expand its consumer packaged goods(CPG) operations. With this strategy,they will be able to avail variousgrowth opportunities. This can be doneby creating product portfolioImproves its product lines by usingKeurigGreen Mountain(GMCR)ThreatsIncreasing price-conscious consumers ismajor threat to business becauseorganization is providing coffee at highprices in comparison to theircompetitors. With the increasing market share theyare losing market share.4
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