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Marketing Planning

The essence of the Starbucks business model lies in its ability to promote revenues and profits through improved customer experience (Tewell, Odom & Snider, 2006). Recently, the company introduced the Starbucks Card that enables the customer to avail Starbucks menu offerings by simply swapping the stored value card. This card is linked to the customer’s credit card and the card can be recharged through the credit card, thus saving the customer from any cash transaction in the counters. The card strategy has promoted the marketing plans of Starbucks Coffee and helped in expanding its market shares (ERS, 2008). The paper provides an insight into the marketing planning approach taken by Starbucks and analyses the possible strategies that could have provided the company with a more effective model of customer retention and market share expansion plan. The first part of the paper provides an assessment of the marketing audit techniques followed by an assessment of the main barriers to marketing planning, the process of formulating a marketing plan and the ethical issues that underline marketing plans. Marketing audits Marketing environments and operating conditions within which businesses operate are deeply influenced by the political, economic, social and technological factors that drive business efficiencies. The rapidly changing consumer tastes and evolving consumption patterns are strongly impacted by increasing purchasing power, improved standards of living, and growing consumerism promoted by the influx of global brands and alternative products in the market. The dynamic market environment today is driven by the globalisation of economies, new product launches, increased competition in markets and a host of alternative product choices available to the end consumers. Marketing audit is a structured approach adopted by businesses to study and highlight the operational challenges and define new opportunities for its products and services (Kotler, Gregor & Rodgers, 2005). The term marketing audit can be defined as “a comprehensive, systematic, independent, and periodic, examination of company’s – or business units – marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance” (Kotler et al., 2005). Marketing audit framework (Boone & Kurtz, 2008) The diagram here illustrates the key variables driving the defined market segments for specific products and services. A study of the marketing environment involves the analysis of political, economic, technological and social factors that have a strong linkage to marketing strategies and marketing mix framework adopted by organizations. Environmental analysis Marketing audit mandates an in-depth screening of the operating environment and this can be done using the PEST analysis. It is important to note in this context that environmental analysis plays a significant role in identifying operational challenges and requirements that can help businesses improve its profitability. PEST analysis provides “an overview of the environment that your business is in, the factors that might affect it, and hence issues that should be addressed in the strategy” ...Show more

Summary

Marketing planning Table of contents Contents Introduction 3 Marketing audits 3 Environmental analysis 5 Organizational analysis 7 Barriers to marketing planning for Starbucks 10 The marketing plan 13 Ethical issues 16 Conclusion 18 Introduction The Starbucks Coffee Company has come a long way from its first store opened in Seattle in the year 1976 to its present position with over 6000 stores across 30 countries (Starbucks website, 2011)…
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Marketing Planning essay example
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