Market research for Market planing
P4-Market research for market planning
In this assignment I will be creating a product for Starbucks and discussing what the marketing planning processing model is and how companies uses it when marketing new products.
What is marketing planning process?
The marketing planning process is when a company analyse the external environment by using PESTLE and SWOT analysis and SMART objectives.
PESTLE stands for: Political, Economic, Social, Technological, Legal and Environmental
SWOT stands for: Strengths, Weakness, opportunities and threats
SMART stands for: Specific, Measurable, Achievable, Resourced and time bound
Other planning processes include: tactics and strategy, and evaluating the effectiveness of marketing activity.
(BTEC Business Book L3)
The Product
The new product that I will be introducing to Starbucks is the vegetarian and normal club sandwich. This sandwich will include different types of ingredients suitable for vegetarian, but also sandwiches with turkey, lamb or chicken with lettuce and butter as well for non vegetarians.
Is there a need for the product?
Yes there is a need for the club sandwich because it means that Starbucks will be able to break into the lunch time market. Along with this Starbucks will be able to offer lunch time meal deals which would include the sandwich a drink and a cookie or a bag of crisps. By having these lunch time deals Starbucks will be able to entice new customers and existing customers in for lunch. By Starbucks doing this it will mean that they will generate more sales which will lead to an increase in profits.
Target market
This product's target market is aimed workers who want a quick bit to eat but also want to be filled up at lunch. The target age would be 20-35 year olds as they are more likely to being buying products from Starbucks already. The product would also bring in customers in the 40-50 age groups who are out and about and look for somewhere to have a nice lunch.
What makes it
In this assignment I will be creating a product for Starbucks and discussing what the marketing planning processing model is and how companies uses it when marketing new products.
What is marketing planning process?
The marketing planning process is when a company analyse the external environment by using PESTLE and SWOT analysis and SMART objectives.
PESTLE stands for: Political, Economic, Social, Technological, Legal and Environmental
SWOT stands for: Strengths, Weakness, opportunities and threats
SMART stands for: Specific, Measurable, Achievable, Resourced and time bound
Other planning processes include: tactics and strategy, and evaluating the effectiveness of marketing activity.
(BTEC Business Book L3)
The Product
The new product that I will be introducing to Starbucks is the vegetarian and normal club sandwich. This sandwich will include different types of ingredients suitable for vegetarian, but also sandwiches with turkey, lamb or chicken with lettuce and butter as well for non vegetarians.
Is there a need for the product?
Yes there is a need for the club sandwich because it means that Starbucks will be able to break into the lunch time market. Along with this Starbucks will be able to offer lunch time meal deals which would include the sandwich a drink and a cookie or a bag of crisps. By having these lunch time deals Starbucks will be able to entice new customers and existing customers in for lunch. By Starbucks doing this it will mean that they will generate more sales which will lead to an increase in profits.
Target market
This product's target market is aimed workers who want a quick bit to eat but also want to be filled up at lunch. The target age would be 20-35 year olds as they are more likely to being buying products from Starbucks already. The product would also bring in customers in the 40-50 age groups who are out and about and look for somewhere to have a nice lunch.
What makes it