Essay on "Starbucks Case"
Essay 4 pages (1358 words) Sources: 2
[EXCERPT] . . . .
The key questions which must be taken into account are:Who- are the customer base for the product? Can it serve the present customer base?
Where- can these potential customers be? What is the product's market potential?
What- prospects does the product offer? What will the product solve?
Why- must it be purchased by customers?
When- will it be launched in the market?
The key lies in thinking the entire process through to ensure that every base is covered. Ascertain that a market as well as a confirmed need is present, before the "however-you-want-it-Frappuccino" program is launched (Panwar & Bapat, 2007).
Product Implementation: implementation represents another crucial factor. How difficult it is to setup, install or activate the "however-you-want-it-Frappuccino" program? Will extra in-house personnel be required to support its implementation? Are benefits linked with selling the offering worth the efforts in implementation? Another important factor to keep in mind is the amount of workload the manufacturer or seller is ready to undertake to facilitate implementation, support, as well as train staff in launching this "however-you-want-it-Frappuccino" program (Panwar & Bapat, 2007).
Competitive Environment
Being aware of the competitive environment surrounding a new business prospect is vital. No new product can be competitive enough like those currently in markets. Market research is essential to determine major competing companies, their strategies of pricing, their market share in one's target zone, unique
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5. What are your recommendations regarding launching the "however-you-want-it-Frappuccino" customization program?
Brand Extensions: This refers to entering of parent brand into a new product category, in addition to the one presently served by it; this new product category may or may not be related. This strategy is inclined to be viable and cost-effective in highly-competitive markets, in addition to situations wherein the cost linked with introduction of new brands proves to be very high. In comparative terms, brand extension represents an offensive marketing strategy, while line extension is comparatively defensive. Corporates having strong brands frequently make use of both strategies (Panwar & Bapat, 2007; Gokhale & Paul, n.d.).
Line Extensions: This refers to introduction of variations of same brand in a particular product category; it enables the company to occupy various slots. This strategy often comprises launching a different size or form, ingredient variety or different flavors, or some new application of the brand. Parent brand, in case of line extension, is employed in branding a fresh product, which is targeted at some new target population in some product category that parent brand presently serves (Panwar & Bapat, 2007)
6. What are some ways to implement your recommendations?
Investigate Fit: Carry out research on the key-targeted segments' assessment of the degree to which potential extensions in brand will fit the parent brand. Make sure that samples adequately represent prospective consumers, who will likely buy brand extensions (Panwar & Bapat, 2007).
Select Brand/Line Extension: Choose brand extensions, which are indicated by research as having the best fit with parent brand, and have, as such, the greatest potential to succeed in markets. For carrying out brand extensions with lesser fit, identifying the fit construct which is missing and endeavoring to change prime consumers' brand evaluations through marketing or advertising to enhance the extension's fit is essential (Panwar & Bapat, 2007)
Conduct Extension: Make sure the brand is mapped carefully after extension for identifying whether any change has taken place in parent brand values because of the line/brand extension (Panwar & Bapat, 2007).
References
Gokhale, A., & Paul, P.J. (n.d.). Product Strategy: Starbucks. In Marketing Management Cases. Madison: University of Wisconsin. Retrieved from 202.113.72.64/lihui/data/CaseStudy/Starbucks.pdf
Panwar, J.S., & Bapat, D. (2007). New Product Launch Strategies: Insights from Distributors' Survey. South Asian Journal of Management, 14(2), 82.
Starbucks Corporation SWOT Analysis. (2014). Starbucks Corporation… READ MORE
How to Reference "Starbucks Case" Essay in a Bibliography
“Starbucks Case.” A1-TermPaper.com, 2015, https://www.a1-termpaper.com/topics/essay/starbucks-case-analysis/9526137. Accessed 4 Oct 2024.
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