Marketing Management individual Project (MMIP): Price and

3

MMIP and Value Offering Product Experience

Sarah Levart

Liberty University

6/12/2022

The MMIP and Value Offering Product Experience

Q 1: The Organization’s Product plan

Almost all growth and development-focused firms have an elaborate product and organizational plans to withstand the presently sky-high market competition bedeviling different industries and to realize their set objectives. Consequently, Starbucks Inc. has a progressive marketing and corporate plan to enhance market share, sales volumes, revenues, and profitability (Haskova, 2015). It applies a multichannel product promotional strategy to promote its brands, especially client blended coffee, to ensure correct product positioning in the target market alongside considerably improving public relations in an integrated way. This mainly happens through massive advertisements and product promotion activities for its tailor-made coffee.

Q 2: The Current Product Life Cycle, PLC of Starbuck’s Coffee

Almost all products in the market experience one of the four main stages of PLC, namely introduction, growth, maturity, and decline, of which Starbuck’s coffee is inclusive (Mason et al., 2017). From my perspective, Starbucks and its famous coffee product brand are currently at the third stage of the PLC, following the sizable market share and industry dominance. The stiff market competition in the industry necessitates product improvement or quality improvement and cost reduction to reposition the product and the firm in the right target market.

Q 3: The Viable Techniques of Building Brand Equity

It is significant for an organization to build and sustain a brand image for client loyalty. Several techniques exist that companies can use to build a brand and corporate image in a niche market or industry. Product or service quality, brand name, customer loyalty, and corporate social responsibility are reliable ways of building brand equity in the market (Haskova, 2015). All clients prefer purchasing high-quality products and services at affordable rates to satisfy their needs. Similarly, a recognizable product brand and logo are remarkable techniques that can fundamentally contribute to brand equity. Combining all these would significantly build a loyal clientele base for a product brand to benefit the organization.

Q 4: The Recent Product Branding Decisions

Product and service branding is essential to attract and retain a sizable clientele base for improved company sustainability, growth, and development (Mason et al., 2017). In line with its product branding policy, the organization in question resorted to enhancing product advertisements alongside public relations exercises to improve its brand and corporate image in the industry. This would mainly occur through various product promotional channels, such as social media, mass media, and many others.

Q 5: Customer Satisfaction, Loyalty, and Retention

Conscious development organizations must satisfy client needs to build a loyal customer base. Starbucks has elaborate plans aimed at attracting and retaining customers in the competitive industry. Currently, most product and service consumers are price sensitive following harsh economic times (Haskova, 2015). An affordable or pocket-friendly rate for its products and services is a way of attracting new price keen clients and retaining them. Moreover, quality of goods and services is an effective business strategy that significantly helps firms attract and retain customers. Thus, Starbucks Inc. focuses on improving and delivering high-quality products and services, especially coffee, to its broad clientele base. Additionally, prompt and equitable service delivery to all customers is another strategic decision that enables the company to attract and retain a sizable market share in the competitive market.

References

Haskova, K. (2015). Starbucks marketing analysis. CRIS-Bulletin of the Centre for Research and Interdisciplinary Study, 1, 11-29.

Mason, A., Cole, T., & Goza, N. (2017). STARBUCKS: A CASE STUDY OF EFFECTIVE MANAGEMENT IN THE COFFEE INDUSTRY. Journal of International Management Studies, 17(1).

,

5

Marketing Management Project

Name

Name of Lecturer

Institution

Date

Marketing Management Project

Q 1: Forms of Marketing Research

Organizations need to conduct various market-related research activities to discover client needs and remain relevant and competitive in the industry and market in general. Reputable companies, such as Starbucks Inc., usually employ different market research methods to identify customer needs and blend their products and services to satisfy the market demands, tastes, and preferences. They broadly fall under quantitative and qualitative research methods via primary and secondary research techniques. Surveys, personal interviews, focus groups, field trials, and observations are crucial market research methods that firms, especially marketing departments, can apply to realize success (Valuiskaya, 2019). Therefore, in this context, the focus group research method through qualitative research techniques seems the best for identifying the clients’ needs to provide the necessary satisfaction.

Q 2: Explanation of External Forces Concerning Marketing Planning and Strategy

External factors prevailing around an organization usually affect its marketing plans and strategic business decisions in general. These external factors typically play fundamental roles in making critical marketing decisions for the Starbucks Company. These external forces affecting marketing plans and programs entail competition, technology, legal, social, and ethical trends (Qazzafi, 2020). The actions and reactions of competitors in the industry would significantly influence the marketing decisions of food products, such as pricing and advertisements. Similarly, the applicable legislation regulating the conduct of business enterprises in the industry would eventually determine the marketing plans and strategies. Moreover, embracing modern technological advancements in the industry would enable the company to remain relevant and competitive via improved product and service quality for enhanced convenience and customer satisfaction. Furthermore, neighborhoods prevailing socio-cultural trends and patterns may considerably influence the products and services sold to consumers.

Q 3: The Starbucks and Customer Relationship Management, CRM

Clients form the backbone of an organization because their continued support determines overall success. Therefore, an organization should nurture warm relationships with primary stakeholders, especially customers, to ensure ultimate success. Consequently, Starbucks mainly focuses on sustaining high-quality products and services, honesty, transparency, and accountability, alongside responsible and accountable conduct (Valuiskaya, 2019). In other words, it aims at serving the target market responsibly, humanely, ethically, and equitably to foster good neighborliness, thus, harmonious relationships.

Q 4: The Consumer Characteristics

Consumer characteristics typically play tremendous roles and responsibilities when making purchase decisions. These consumer characteristics usually fall under personal, psychological, cultural, situational, and social aspects that all marketers should comprehend (Qazzafi, 2020). From my perspective, among the enlisted consumer characteristics, personal matters tend to influence consumer decision-making processes and eventual product or service purchases. Hence, personal aspects matter most in consumer decision-making processes. Indeed, product or service purchase decisions squarely lie with the personality of the individuals concerned. For instance, some cultures previously loathed taking specific cuisines or beverages, such as coffee, but today, this trend and pattern seem to change based on personal decisions.

Q 5: Product and Service Positioning in the Market

For a product or service to acquire a sizable market share and subsequent client loyalty, market targeting and positioning are prerequisites (Moon & Kamakura, 2017). I would follow five basic steps to position this organization’s product in the target market n this context. First, I would comprehend the primary reasons why clients buy or use the product in question. Secondly, I would identify the target market or the population group which can utilize the product under focus. Thirdly, I would determine the market stages, especially the maturity stage. The fourth stage would encompass determining the prospective clients’ state of mind. Finally, tying all the mentioned steps together would eventually help me arrive at how to position a product correctly in the market to withstand the emerging market competition.

References

Moon, S., & Kamakura, W. A. (2017). A picture is worth a thousand words: Translating product reviews into a product positioning map. International Journal of Research in Marketing, 34(1), 265-285.

Qazzafi, S. (2020). Factor affecting consumer buying behavior: a conceptual study. International Journal for Scientific Research & Development, 8(2), 1205-1208.

Valuiskaya, E. (2019). Corporate Social Responsibility in Business-to-Business and Business-to-Consumer Companies: Nucor Corporation and Starbucks Corporation Case Studies (Doctoral dissertation, University Honors College Middle Tennessee State University).

,

5

Fast Food Industry and Marketing Management Project

Name

Name of Lecturer

Institution

Date

Fast Food Industry and Marketing Management Project

Q 1: A Brief History of Starbucks and Product Description

Starbucks is presently a multinational organization that started as a small, young, and little-known coffee outlet in 1971 in Pike Place Market, Seattle (Valuiskaya, 2019). From a small beginning, its aggressive marketing strategies enabled it to grow and develop gradually to become the current renowned multinational fast-food company serving almost the global market. The brains behind the origin of this company were three industrious academia and business-minded founders, namely Jerry Baldwin, Gordon Bowker, and Zev Siegl (Valuiskaya, 2019). The firm focused and excelled in preparing and serving unique roasted coffee to a widespread clientele base. It remains a respected fast-food company specializing in roasting, marketing, and selling specialty coffee in the crowded and competitive industry.

Q 2: An Explanation of the Current or Possible Global Marketing Efforts

It takes aggressive marketing efforts via sustained strategic business decisions to place a company and its main products in the right market. It applies various marketing methods to market and promotes itself and its products to the target market, such as through its website, social media platforms, and strategic in-store displays. Additionally, it also uses collaborative business techniques to market and promotes itself and its product lines, enabling it to withstand competition in the industry (Haskova, 2015). For instance, collaborative business decisions, such as joint ventures and high-quality products and services blended to suit client tastes and preferences make this organization grow and develop continuously and tremendously in the competition-riddled industry.

Question 3: An Explanation of the Organization’s Mission

Nearly all successful organizations typically have mission and vision statements to guide and govern their overall activities and performance. Therefore, to inspire and nurture the human spirit-one cup and one neighborhood at a time is Starbucks Inc.’s famous mission statement (Mason et al., 2017). The mission statement primarily focuses on motivating and serving the needs of the neighboring community, primarily through preparing and selling high-quality tailor-made products and services to the target market. In other words, the mission statement tends to cultivate harmonious stakeholder relationships that unite the company and the neighboring society via serving them ethically, humanely, effectively, and responsibly with utmost sensitivity to social and environmental matters.

Q 4: An Explanation of the Competitive Strategy

All clients aspire to get high-quality goods and services at relatively affordable market rates. Therefore, Starbucks Inc. has remained true to its word by consistently providing high-quality, tailor-made goods and services at reasonable market prices to attract and retain the target market (Haskova, 2015). Additionally, opening various affiliates is another reliable, competitive strategy, which ensures that its unique products and services in the market reach as many target clients as possible. It succeeds through aggressive collaborative marketing strategies such as joint ventures and acquisitions to penetrate virgin foreign markets.

Q 5: The SWOT Analysis for Starbucks Inc.

All organizations operating in different industries possess different strengths, weaknesses, opportunities, and threats, which all leaders should comprehend for appropriate strategic business decisions. The sound financial base, qualified, competent, and self-motivated staff, alongside the high-quality products and services, form a considerable part of this organization’s strength in the competitive industry. However, an occasional employer-employee relationship problem is a weakness worth pinpointing. Various lucrative or untapped business potentials exist in different world regions, especially in the developing world. Therefore, venturing into and exploiting such market segments may bear fruitful returns for this company (Mason et al., 2017). Contrastingly, threats such as the young and emerging business enterprises in the industry pose severe market and business challenges to this organization, hence, a great threat. Consequently, employing strategic business decisions, which turn weaknesses into opportunities and threats into strengths, are essential for the magnificent growth, development, and general prosperity of this renowned multinational in the industry.

References

Haskova, K. (2015). Starbucks marketing analysis. CRIS-Bulletin of the Centre for Research and Interdisciplinary Study, 1, 11-29.

Mason, A., Cole, T., & Goza, N. (2017). STARBUCKS: A CASE STUDY OF EFFECTIVE MANAGEMENT IN THE COFFEE INDUSTRY. Journal of International Management Studies, 17(1).

Valuiskaya, E. (2019). Corporate Social Responsibility in Business-to-Business and Business-to-Consumer Companies: Nucor Corporation and Starbucks Corporation Case Studies (Doctoral dissertation, University Honors College Middle Tennessee State University).

,

BUSI 520

Marketing Management individual Project (MMIP): Price and Deliver Value Offering Assignment Instructions

Overview

Each student must complete an individual marketing project. Your first task is to select a project topic. No two students will work on the same product/service. This must be an existing product, service, or organization.

Instructions

The same project topic must be used in all installments. Each project installment must include a title page that has the name of the project topic in it. Each of the five questions should be numbered and written out in its entirety in the pages that follow. The entire document (all five questions, combined, but not counting references) should be at least 600 words (12-point Times New Roman font, double spaced), and include a separate references page. All content must show direct application to the topic and exclude definitions of terms and general explanations of generic marketing topics. The assignment should be submitted as a Microsoft Word document.

When completing an assignment for a given module, the student will assume the role of marketing manager for the selected organization. All student responses must be based on research. View the entire course textbook (all chapters) as a resource for the assignment, meaning it may be necessary to locate assignment-related material in chapters other than those corresponding with the module in which the assignment is located. While the effort has been made to ensure that all material necessary for assignment completion is found in the textbook, contact the instructor immediately if information needed to complete the assignment cannot be located in the textbook. The instructor will then provide instructions on locating the required material. Quotes must be minimized and long quotes (40 words or more) avoided. Outside sources to be cited include scholarly marketing journals (Journal of Marketing, Journal of Marketing Research, Journal of Consumer Research, etc.), practitioner publications, and the course textbook. Assignments must be submitted though Turnitin.

Questions

Q1. Explain the selected pricing strategy (penetration, skimming, competitor-based). (Ch.11)

Q2. Discuss various pricing tactics that have or would prove effective in stimulating sales. (Ch.11)

Q3. Discuss the distribution strategy relevant to the product/service. (Ch. 12)

Q4. Explain the channels of used to distribute the product/service. (Ch.12)

Q5. Explain the firm’s use of e-channels, e-retailing, or other non-traditional methods of distribution. (Ch.12)

Collepals.com Plagiarism Free Papers

Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.

Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS

Why Hire Collepals.com writers to do your paper?

Quality- We are experienced and have access to ample research materials.

We write plagiarism Free Content

Confidential- We never share or sell your personal information to third parties.

Support-Chat with us today! We are always waiting to answer all your questions.