1. Define Marketing and Outline the steps in the Marketing Process?
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. The steps in the marketing process are: Situation analysis → Establishing objectives → Selecting the target market→ Developing the marketing mix → Implementation and control.
2. Why is it important to have Marketing as part of the Strategic Plan of an entity?
This is because, in reality, nearly all strategic planning questions have marketing implications. In fact, the two major strategic planning questions --What …show more content…
(1)Executive summary and table of contents.
We must give the senior management the main goals and plan’s major thrust. All supporting rationale and operational detail should follow the executive summary.
All the information is used to carry out a SWOT (strengths, weakness, opportunities, threats) analysis.
The product manager defines the mission and marketing and financial objectives.
Financial projections include a sales forecast, an expense forecast, and a break-even analysis.
The marketing plan outlines the controls for monitoring and adjusting implementation of the plan.
2. How does the Marketing Plan at Starbucks continue to evolve over time?
Firstly, they make Starbucks’ market-penetration strategy and helped the company attain a loyal customer base in Seattle. Secondly, the market-development strategy marked the next phase in Starbucks’ growth: first to other cities in the Pacific Northwest, then throughout North America, and finally, across the globe. Thirdly, Starbucks sought to increase the number of purchases by existing customers with a product-development strategy that led to new in-store merchandise.
Are there any factors or advice you can provide to Starbucks in terms of new product development in the future?