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Strategic marketing plan for a selected business

Develop a strategic marketing plan for a selected business that you will use throughout this course. To do so, the assignments and summative assessments in this course build on each other, and you will develop your strategic marketing plan in sections. Please do not integrate previously used content from other courses or assessments outside of this course.

Review the Strategic Marketing Plan Template to get an understanding of the type of information you will need throughout this course.

Select 1 well-known business you would like to research and use as the basis for developing a marketing campaign. Refer to the following resources, as needed, for assistance selecting a business and locating information about it:

Marketing professional organizations, such as 4 A’s website or American Marketing Association website
Get Started with Marketing Research page on the University Library website
Business databases on the Week 1 University Library

Consider the following during your business selection process:

The business you select will be used throughout the weekly assignments and summative assessments in this course.
It will be to your benefit to select a business whose information is easily accessible. While you will base your plan on the actual business, there may be parts of this assignment that will require you to use your knowledge and resources to make an informed plan.

Develop a 350- to 700-word outline for your selected business in which you include the following information that you will use to complete portions of your Week 2 summative assessment:

Mission statement
Vision statement
Product line description
Business information, such as the size of the business
Current target markets
Current marketing tactics

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Sample Answer

 

 

I. Company Information:

Mission Statement: “To inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”

Vision Statement: “To establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow.”

Product Line Description:

  • Core Products: Espresso-based beverages (hot and iced), brewed coffee, tea, hot chocolate, Frappuccinos, pastries, sandwiches, and snacks.

Full Answer Section

 

 

 

  • Additional Offerings: Merchandise (mugs, apparel, etc.), bottled beverages, ready-to-drink coffee, and seasonal specialty drinks.

Business Information:

  • Size: As of 2023, Starbucks operates over 38,000 stores globally, making it the largest coffeehouse chain in the world.
  • Industry: Coffee Shops, Food & Beverage Services

II. Current Target Markets:

  • Primary: Young adults (18-34), professionals, college students.
  • Secondary: Families, tourists, health-conscious consumers.

III. Current Marketing Tactics:

  • Promotional strategies: Advertising through various media channels (TV, social media, in-store), loyalty programs, seasonal promotions, collaborations with other brands.
  • Pricing strategies: Premium pricing, value-added offerings (e.g., mobile app discounts), tiered reward programs.
  • Distribution strategies: Extensive brick-and-mortar presence, online ordering and delivery, partnerships with grocery stores and other retailers.
  • Communication strategies: Social media engagement, customer relationship management (CRM) programs, in-store experiences, mobile app marketing.

Further Considerations for Week 2 Summative Assessment:

  • Conduct a SWOT analysis of the business, identifying its strengths, weaknesses, opportunities, and threats.
  • Analyze the effectiveness of Starbucks’ current marketing tactics, considering strengths and weaknesses.
  • Research and identify potential new target markets for Starbucks to consider.
  • Propose innovative marketing tactics that could help Starbucks reach new target markets or achieve specific marketing goals.

Disclaimer: While this outline provides a starting point, remember to conduct your own research and gather additional information specific to Starbucks to complete your Week 2 summative assessment effectively.

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