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Marketing Plan Phase I

In: Business and Management

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Words 2001
Pages 9
Starbucks New Product Marketing Plan
Shanna Cobb-Adams, Terri Corona, Antony Coumans, Andrea Garcia, Mary Hale, Paula Warren
MKT 421
April 30, 2012
Mark McClintock

Starbucks New Product Marketing Plan
When a firm is developing a new product it is important to create a marketing plan for that product. The plan begins by researching the products competitors are offering and the products competitors are lacking. The new product should meet the needs of consumers not currently met in the market. This offers the new product a greater chance of success. The next step in developing the plan should include an analysis of the strengths, weaknesses, opportunities, and threats that the new product will face. The plan should also include the marketing approach and implementation to bring the new product to market. Starbucks Profile Starbucks opened its first store in 1971 in Seattle, Washington, at Pike’s Place Market. Starbucks is known for outstanding coffee, tea, and treats as well as a warm, inviting atmosphere. Starbucks’ Mission is “to inspire and nurture the human spirit – on person, one cup and one neighborhood at a time” (Company Profile, p. 1). As of October 2, 2011 the total amount of Starbucks stores in operation is 17,003. Starbucks values its employees and calls them “partners” to show the value each of them brings to the company. The partners of Starbucks receive full benefit packages and stock options. Starbucks is also a company that thrives on ethical decisions, environmental awareness, and community involvement. Starbucks is constantly evolving and striving to satisfy its customers’ needs and wants by expanding its product line. This is the basis for the decision to add a new product that focuses on children’s taste buds. This new product is the Peanut Butter Cup Frappucino, detailed below. New Product...

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