Thursday, September 26, 2019

Marketing Plan of Starbucks Essay Example | Topics and Well Written Essays - 2000 words

Marketing Plan of Starbucks - Essay Example According to a poll, 13- to 21-year olds spent more than $120 million in 2007 (Lockyer 2009). Threats Intense competition in the coffee market – the main competitors being 7-Eleven, Dunkin Donuts, BIGGBY Coffee, Caribou Coffee, McDonald's, Panera Bread, and Einstein Bagels Duplication or products and strategy is not difficult in the sector Threat of being accused of trying to lure kids looms large as McDonald's too have been accused of luring the children towards unhealthy eating. Risk Evaluation The market for new products for the children exists and Starbucks has a very high chance of success in the market. The teens’ spending has increased and they look for a place to hangout. Products can be offered by Starbucks which would be healthier for them than the existing products they consume now. However, chances of failure do exist mainly because of the threat of accusation of luring the teens towards coffee. Overall, Starbucks could enter this segment and introduce innov ative products as the strengths and opportunities far outweigh the threats. However, Starbucks should ensure that their brand image and reputation is not affected as they pursue a strategy for growth and enhanced market share. They must not compromise on quality and adhere to their values and ideals. Market Opportunity options Starbucks should not enter into fresh new ventures to introduce new products. Instead, they should offer these as products extensions from their existing stores. However, on an experimental basis, they could have extension counters at retails stores frequented by teens, for selling exclusively products for teens. While teens go out with parents, they also seek privacy and hence joint ventures with some retailers might... The market for new products for the children exists and Starbucks has a very high chance of success in the market. The teens’ spending has increased and they look for a place to hangout. Products can be offered by Starbucks which would be healthier for them than the existing products they consume now. However, chances of failure do exist mainly because of the threat of accusation of luring the teens towards coffee. Overall, Starbucks could enter this segment and introduce innovative products as the strengths and opportunities far outweigh the threats. However, Starbucks should ensure that their brand image and reputation is not affected as they pursue a strategy for growth and enhanced market share. They must not compromise on quality and adhere to their values and ideals. Starbucks should not enter into fresh new ventures to introduce new products. Instead, they should offer these as products extensions from their existing stores. However, on an experimental basis, they could have extension counters at retails stores frequented by teens, for selling exclusively products for teens. While teens go out with parents, they also seek privacy and hence joint ventures with some retailers might be productive.

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