Bsbmkg608 Assignment

BSBMKG608 DEVELOP ORGANISATIONAL MARKETING OBJECTIVES

ASSESSMENT 1

STARBUCKS MARKETING REPORT Strategic direction 1 a)  Starbucks’ mission is to establish Starbucks as the premier purveyor of the finest coffee in

the world while maintaining their uncompromising principles while they grow. Their guiding principles are: • •

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Provide a great a great work environment and environment and treat each other with respect and dignity. Embrace diversity as an essential component in the way we do business.  Apply the highest standards of ecellence ecellence to the purchasing! roasting purchasing! roasting and fresh delivery of our coffee. coffee.

•

"evelop enthusiastically satisfied customers all of the time.

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#ontribute positively to our communities and our environment.

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$ecogni%e that profitability is essential to our future success. success.&

 Target market: is men and women aged '( to )*. They account for almost half +), percent1 b) Target of its total business. Starbucks appeal to this consumer age group through hip! contemporary design that is consistent in its advertising and decor! and working to keep its products current as status symbols. ' Starbucks needs to epand its current international markets in order to diversify its income base. base. The compan company y has epand epanded ed greatly greatly in the last last few years into into intern internati ationa onall market markets. s. Starbucks has doubled in the amount of stores it possesses since '**)! but it has consistently stayed at only a /*0 international market +1Starbucks #offee #ompany2 3nvestor $elations2 4inancial 5ighlights!6 '**,- #urrently &&!&/& stores are in the 7nited States verses only (!8'8 stores stores throug throughou houtt the rest rest of the world world +Starb +Starbuck ucks s #orpor #orporati ation! on! '*&*-. '*&*-. 9o matter matter where where Starbucks goes as a corporation! it still has to consider the market of people it is selling its produc products ts to. Tea Tea is the common common bevera beverage ge of ritai ritain n and other other countr countries ies!! while while ;ormon ;ormon populations will not drink tea or coffee because of their religious background and heritage.  Although Starbucks needs to broaden its market scope! it must take time and put in the proper  amount of research when going into different communities and countries./ 1 c) Political factors impacting Starbucks #offee include political stability in local and global

markets! as well as! the etent of international relationships between Starbucks home country 1

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7S and countries in African continent and raph Shorter term 7tili%e specific resource to achieve sub2goals that support defined mission #overs particular unit 3nternal business environment

5)

;arketing metrics

;arketing metrics are a set of measures that are utilised to determine the marketing performance of the organisation. To effectively achieve this aim! the chosen metrics should reflect the organisation. To effectively achieve this aim! the chosen metrics should reflect the organisation’s industry and strategic position at a point in time.

 Again! the metrics should relate to the mission and strategy of the organisation and should investigate the following areas. #ustomer satisfaction

3f customers are not satisfied with an organisation! they will eventually find another organisation that meets their needs making customer satisfaction vitally important to an organisation. Poor customer satisfaction is usually an indicator of future decline! even if the current situation is positive.

;arketing share

;arketing share refers to the organisation’s revenues as portion of total revenue generated for that market. ;arket share can be determined by comparing total sales of the organisation to total sales across the industry or by identifying the organisation’s respective share of usage by consumers.

;ore specific metrics may be used to determine market share vary and should be specific to the market and organisational strategy.

rand e@uity

This is the intangible value added to product because of the brand it bears. This may be ac@uired through effective marketing! to the etent that brand becomes synonymous with the product for eample! ?leene for tissues or lue2tack for re2usable adhesives. rans e@uity may be determined on the three levels: the organisational level! product level and customer level.

 At the organisational level! the value of the brand as an intangible asset is determined by:

4irm value = +tangible assets  measureable’ intangible assetsQbrand e@uity

The second level is the product. This may be determined by comparing the price of e@uivalent branded and no2name’ products! assuming that all other variables are controlled. $evenue should also be considered! to better understand the value of brand e@uity at the product level.

The third level to consider when determining brand e@uity is that of the customer. At the customer level! you should consider the organisation’s mind share’! i.e. how aware consumers are of the organisation’s brand. This may be determined by the formula:

$espondents with unaided awareness Qmind share+0Total respondents

Establish ;arketing GbBectives

9ow that you have completed all of the preparatory work! you can move on to establishing marketing obBectives for your organisation. This final step re@uires you to develop marketing obBectives based on your understanding of the organisationRs epectations and capabilities! and in the contet of the marketing opportunities you previously evaluated.

4or each marketing obBective you establish! it is important to fully eamine the risk management strategies re@uired to ensure that the obBective is able to met by the organisation.

4inally! you need to document all of your work to date by recording the marketing obBectives in writing and make this document available to management and relevant key stakeholders.

Dhat skills will you need

3n order to establish marketing obBectives! you must be able to: • •

• •

"evelop marketing obBectives Ensure obBectives are consistent and compatible with the organisationRs capabilities and purpose 7ltilise risk management strategy "ocument and report on marketing obBectives.

usiness and market needs

The marketing obBectives you establish are proBections of what you intend to achieve in the future! so you must ensure that they are consistent with the forecast needs of both the business and the market itself.

Trend analysis is an effective way for companies to determine future results in economic marketplaces. A business trend analysis is a study of a companyRs financial performance over an etended period of time. $eviewing past information can provide you with information regarding current trends and where a market niche may be for a product.

Technology provides you with an incredible amount of information. 5owever! raw data by itself does not provide much assistance in developing marketing. 3t is the conversion of this raw data into significant facts! relationships! trends and patterns that gives your organisation a competitive edge!

The ability to accurately gauge customer response to changes in your business strategy and other environmental factors gives you a powerful competitive advantage. 3t will assist you in making analytical decisions about which marketing opportunities to pursue.

Trend analysis can also provide critical economic information about current business situations! by identifying products trends! determining the strength of an industry or capitali%ing on emerging markets. Trend analysis also helps to eliminate uncertainties in business! such as slow sales! overstocking products and seasonal consumer demand. Trend analysis

Grganisations operate in an ever changing environment M it is imperative to constantly monitor market trends and developments to determine the best marketing strategy.

These trends and developments can include: • • • • • • •

"emographic trends Ecological and environmental trends Economic trends +local! regional! national! internationalPoliticalCgovernment activities! for eample! interest rates! deregulation 3ndustry trends Penetration of new technologies Social and cultural factors.

The process of identifying trends is critical for both long2term forecastingM providing a better understanding of what industry can epect for the future.

Political events

Political events such as elections may influence business activities or markets relevant to your business activities. Dar or internal conflicts in the international arena can create unstable environments that may have a negative effect on the success of the business activity planned

for the chosen market. ;ore generally! in times of crisis consumer behavior changes to a focus on security and basic life re@uirements such as essential food items! shelter and basic health care.