Strategic Management Assignment : Costa coffee

   

Added on  2021-02-20

11 Pages3081 Words400 Views
STRATEGIC MARKETING
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Table of ContentINTRODUCTION...........................................................................................................................3Adaption and standardization of marketing mix.........................................................................3CBBE model...............................................................................................................................4Integrated communication mix and methods..............................................................................7Measurement of success..............................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONStrategic marketing can be defined as an activity or the process through which thecompany carries on planning and developing for the purpose of differentiating from itscompetitors by way of working and capitalizing its strengths and to provide its customers withbetter value products (West, Ford and Ibrahim, 2015). The present report is based on companyCosta coffee. It is British multinational company founded in the year 1971 by Bruno Costa andSergio Costa. The company is a coffee house which is headquartered in Dunstable, Bedfordshirein United Kingdom. Costa coffee is planning to expand in Romania by launching a new productAFFOGATO which is a simple dessert coffee.The report will start by outlining the general terms in adapting and standardizing themarketing mix and demonstrating that is there need to market products according to thecustomers. Further it will discuss Customer Based Brand Equity model to analyse how strongbrand can be build. Next it will highlight the concept of integrated marketing communication anddifferent communication methods to launch a new product to the target market. At last the reportwill try to measure its success through setting up of various targets.Adaption and standardization of marketing mixMarketing mix can be defined as combination of different factors which are verynecessary for the development of product in to the market. The elements of marketing mix arecalled 7 P's of marketing which includes components like price, place, promotion, product,people, process and physical evidence.Adapting to marketing mix is very necessary for the company in order to make itsproduct successful. This is because of the reason that marketing mix includes all the elementswhich are necessary for the product or services to be successful. Adaption refers to as thestrategy wherein the company has to adapt to the marketing condition of the country where thecompany wants to launch its products into that country. Whereas on the flip side standardizationmeans upgrading the products and services according to the needs and specifications ofconsumers in that country. As Costa coffee is planning to expand in Romania so with the help ofPESTEL analysis of the country, the company came to know that the taste and preferences of thepeople living in Romania is to have sweet and desserts very much (Moutinho and Vargas -Sanchez, eds., 2018).
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