Business selection

I have chosen Starbucks as the renowned enterprise upon which to conduct an in-depth investigation and formulate a marketing campaign.

Mission Statement

“To inspire and nurture the human spirit – one person, one cup and one neighbourhood at a time” (Gregory, 2022). Their objective is to establish an environment that fosters inclusivity, where individuals can convene and establish connections while indulging in exceptional coffee and beverages of superior caliber.

Vision Statement

Starbucks’s vision is “to establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow” (Gregory, 2022).  Striving to become the paramount purveyor signifies Starbucks Corporation's aspiration to attain preeminence in delivering its offerings, particularly the finest grade of coffee. The company effectively attains its objective outlined in its vision statement through its ongoing multinational expansion, positioning itself as a prominent global entity within the coffee and coffeehouse industry.

Product Line Description

Starbucks presents a comprehensive assortment of commodities, encompassing an array of coffee concoctions (such as espresso, brewed coffee, and blended alternatives), an assortment of teas, an assortment of fresh comestibles (including pastries, sandwiches, and salads), as well as an assortment of merchandise (consisting of mugs, tumblers, and coffee brewing apparatus). Furthermore, they offer a selection of whole bean and ground coffees that are readily accessible for retail acquisition.

Business Information

Starbucks is a transnational purveyor of coffeehouse culture and a prominent coffee enterprise, with its origins rooted in the United States. The establishment came into existence in the year 1971, took root in the city of Seattle, situated in the state of Washington. Its founders, namely Jerry Baldwin, Gordon Bowker, and Zev Siegl, embarked upon their enterprise by engaging in the trade of roasted coffee beans (Statista, n.d). In 1987, Howard Schulz, an employee, acquired the company and initiated its subsequent rapid expansion. The worldwide expansion undertaken by Starbucks has played a pivotal role in the significant increase of its number of locations, nearly doubling over the course of the past decade (Statista, n.d). Currently, the global count of Starbucks stores has grown to 35.7 thousand in 2022, encompassing various segments possessed by the coffee-chain like Siren Retail and Teavana. This achievement solidifies Starbucks' position as the largest coffeehouse chain in the entire globe.

Current Target Markets

Starbucks targets a diverse demographic, encompassing both male and female consumers within a broad age range of 22 to 60 years. Their primary emphasis is on urban and suburban areas (Bergstrom, 2023). The target market consists of individuals who possess a relatively high level of affluence, belonging to the middle and upper class. Additionally, they are well-educated, socially aware, and lead active and busy lifestyles.

Current Marketing Tactics

Starbucks strategically employs a myriad of marketing tactics in order to effectively reach and engage its discerning target markets. They exhibit a robust digital and virtual existence, employing various online platforms such as Facebook, Instagram, and Twitter to effectively market their merchandise, disseminate narratives, and engage in meaningful discourse with their clientele (Gregory, 2022). Starbucks effectively employs mobile applications for the facilitation of orders and the implementation of loyalty programs, thereby augmenting the overall customer experience and fostering a higher frequency of return visits (Gregory, 2022). Frequently, they engage in collaborative endeavours with esteemed influencers and renowned celebrities to secure brand endorsements and forge strategic partnerships. Furthermore, Starbucks actively partakes in cause marketing endeavours, demonstrating its commitment to championing noble causes such as the promotion of equitable trade practices and the preservation of the fragile environment.

References

Complete the References section as you progress through Parts A.

Include your name in the document’s file name when you submit it.

Wk 2 – Part A: Environmental Analysis and SWOT Analysis

Use the information you researched in your Week 1 assignment for the sections they correspond to in this part.

Describe the business you are designing the plan for. Include the mission statement, vision statement, product line description, and business information (such as the size of the business).

Environmental Analysis

Analyze the forces that affect the business and marketing efforts.

Competitive Forces

Analyze the business’s key competitors. You may choose to use a BCG matrix or attribute checklist to compare your selected business against its competitors. Describe any strategic moves the competition has recently made. Estimate the business’s market share. Identify key competitive advantages against your selected business’s competitors.

Economic Forces

Analyze the economic environment in the areas affecting your selected business. Consider differences within their industry and the economic impact on suppliers.

Political Forces

Analyze relevant political forces. Examples may include an election year or a law to drastically reduce or eliminate plastic waste in a county that would affect your selected business.

Legal, Regulatory, and Ethical Issues

Analyze the legal, regulatory, and ethical issues that may affect your selected business. Considerations may include local laws such as a ban on the use of plastic bags, the ability to post billboards, or a possible increased regulation on direct mail.

Technological Forces

Analyze whether your selected business will be affected by emerging technologies or trends in hardware and software industries.

Social Forces

Analyze social trends and how they may affect your selected business. Considerations may include if the business will be affected by demographic trends or a growing dependence on computers, or whether interest in your product might be affected by growing preferences in the way things are done or changing social values.

Current Target Markets

Define the business’s current target markets. Describe the demographic, geographic region, psychographics, and product usage of these targets.

Current Marketing Tactics

Review their current marketing tactics. Summarize how people find out about the product, how they get information about the product or service, what might be involved in the buying process, and what money is available for marketing. If your selected business is a start-up, describe their competitors’ current marketing.

SWOT Analysis

Assess your selected business’s strengths, weaknesses, opportunities, and threats. Then, evaluate how to address these in your marketing plan.

Strengths

Assess your selected business’s competitive advantage. Consider core competencies, assets, location, practices, etc. that are distinct in the way the organization meets the needs of its customers.

Weaknesses

Assess what limits the selected business may have in its current marketing strategy. Consider if the business has a weakness that needs to be addressed through public relations or marketing.

Opportunities

Assess the opportunities you see based on trends or environmental conditions.

Threats

Assess the threats or limitations that may interfere with the business’s ability to meet its objectives or interfere with marketing plans.

Converting Weaknesses and Threats to Strengths & Converting Strengths to Opportunities

Convert weaknesses and threats to strengths; then, convert strengths to opportunities in the marketing plan. Consider the implications for addressing supplier relationships, implementing new technologies, or changing the product line or addressing new markets.

Marketing Objectives

Establish marketing objectives based on the results from the SWOT analysis. Marketing objectives must align with corporate objectives, modified by the business’s resources. Objectives should include a date for the completion of the objective and the way in which success will be measured.

References

Copyright 2023 by University of Phoenix. All rights reserved.

Copyright 2023 by University of Phoenix. All rights reserved.