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Usefulness of the stages of the product life cycle
Product pricing and strategies
Product pricing and strategies
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Recommended: Usefulness of the stages of the product life cycle
Introduction The purpose of this paper is to describe the attributes of the Starbucks Chai Tea and energy drinks in detail. The pace at which this product will move through the product life cycle will be described as well as the factors that will impact its movement. Also, details on how the product life cycle will impact the marketing of the Chai Tea and energy drinks will be identified. The positioning and differentiation strategies for this product will be identified. The appropriate price strategy to be used will be described. Stages of the Product Life Cycles Product Life Cycle What is a product life cycle? A product life cycle "describes the stages a really new product idea goes through from beginning to end. The product life cycle is divided into four major stages: (1) market introduction, (2) market growth, (3) market maturity, and (4) sales decline. The product life cycle is concerned with new types (or categories) of products in the market, not just what happens to an individual brand." (Perreault, McCarthy, 2004). Market Introduction The 4 P's are used in the introduction stage. The product, Chai tea, is introduced. During this time branding and quality is established. There will be low sales do to lack of recognition of Chai tea. The price may fluctuate during this period. Profits are expected to be low during the introduction. High cost towards distributing Chai tea is also expected. The promotion cost will be high in comparison to the sales and profits during this time period. Growth Stage During this stage there is an increase in the demand of Chai tea. The demand increases in parallel with the profits and sales. New methods of a quicker distribution may be accomplished during this stage. "The inn... ... middle of paper ... ...or a six pack, and $10.00 for a twelve pack. Conclusion In conclusion, the attributes of the new Starbucks products were described in detail. The pace at which this product will move through the product life cycle was discussed as well as the factors that will impact its movement. Details on how the product life cycle will impact the marketing of the Chai Tea and energy drinks was identified. The positioning and differentiation strategies for this product were identified. The appropriate price strategy to be used was identified. References http://www.nd.edu yahoo search engine retrieved on November 9, 2005 http://www.wikipedia.com yahoo search engine retrieved on November 9, 2005 http://tazotea.com. Retrieved November 10, 2005. Perreault, William D., McCarthy, Jr E. Jerome. (2004) Basic Marketing: A Global-Managerial Approach. The McGraw-Hill Companies.
... look out for high profile contacts and good image building activities especially due to the on going outsourcing concern. As community theatre boards include executive level staff these consulting companies could get high visibility and a sophisticated image by pairing up with something as ?cultured? as theatre. These companies can be requested by the boards of community theaters to sponsor the building and maintenance of the theatre websites in exchange for good PR and contacts.
Coffee, one of the world’s most known beverages. Seen being drinking at work places, colleges, or in the convenience of your own home. There are a variety of companies that provide us the people with coffee. It can be your local market, bakeries, or even fast food places. 3 places that stand out and our known very well for supplying Americans with coffee is Starbucks, Dunkin Donuts, and McDonald’s. From their strategic advertising, deals, and even straight down to the design of their cups, they meet the definition of marketing. We will be examining these 3 companies using the marketing mix which consist of product, price, place, promotion and also cover value based marketing and see how these companies meet these definitions and how they satisfy their customers as well.
The five stages of the product life cycles begins with the Product development stage when the company finds and develops a new product idea. The second stage is the Introduction and is the period of slow sales growth as the product is presented in the market. The third stage is the Growth and is the period of rapid market acceptance and increasing profits. The fourth stage is Maturity and is the period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. The fifth and final stage is Decline and is the period when sales fall off and profits
The larger serving size of Great Cups of Coffee is perhaps the most apparent gage that will improve appeal for the company’s customers. Receiving extra of a proportionately quality product for a comparable price obviously works as an enticement for customers to prefer Great Cups more than the opposition. While customers identify with a better quality and superior taste with fresher coffee, Great Cups supports its effective model of serving coffee that has been roasted no more 72 hours ago and that is blended and ground right at the store. Great Cups also provides as an unintended marketing method community bulletin boards and assists with book club gatherings as well as
In 2002, unexpected findings of a market research showed problems regarding customer satisfaction and brand meaning for Starbucks customers. The situation was unacceptable for a company whose overall objective is to build the most recognized and respected brand in the world. Starbucks was supposed to represent a new and different place where any man would relax and enjoy quality time, alone or with others. But the market research showed that in the mind of the consumers, Starbucks brand is viewed as corporative, trying to expand endlessly and looking to make lots of money. This huge gap between customers' perception and Starbucks' values and goals called for immediate action.
for a product over a period of time. It shows the revenue by a product. from its introduction to its eventual decline. There are four stages to the product life cycle: Introduction, growth, maturity and decline. Research and development is the first stage of the product life cycle.
The product demand life cycle is the average sequence of a product in the market. The average sequence is in four stages. Introduction stage, growth stage, maturity
This strategic capitalises on weaknesses since will decrease the cost of coffee beans/beverages but also Starbucks operating cost which they regularly ship across the world to various stores. Starbucks can capitalise on this weakness to improve their brand options. It adds value in the inbound logistics activities, operations and procurements. Starbucks should consider this option since it will decrease their operating cost and therefore will reduce the prices on their menu. The attractiveness is the exact same as mentioned in option 1.
The following plan is intended to provide a basic marketing communications plan for a fictitious company. The company in question operates in China and produces soft drinks, particularly adult soft drinks. The information in the plan has been sourced from various textbooks and online research including the National Bureau of Statistics China.
Crescent Pure has the opportunity to position their beverage in one of two different markets: energy drink or sports drink. With extensive research, Crescent will need to look at the benefits and drawbacks of each option and decide which market to enter. The struggle with this is that Crescent’s drink has many qualities that can make it go either direction. This drink posses 80 milligrams of caffeine which is on the lower side of the energy drinks. The biggest issue with entering the sports drink market is that is more expensive than the other options. To be successful the correct market needs to be assigned to this drink to have appropriate advertising to the target markets and placement within stores to reach the appropriate consumers. Choosing the wrong market have strong, negative effects.
In order for PepsiCo to be successful in selling Pepsi Platinum, the company must research the marketing community. The best way to create a strategic marketing plan is to understand the target market in the beverage and sports drink business. PepsiCo must ask, “What is the demographic of this market, what are psychographics and behaviors of the specific market that PepsiCo, in regards of selling this brand, desires to reach?” Understanding our customer needs, and competitors offerings will help PepsiCo create a strategically integrated marketing plan. The principal to any successful marketing strategy is to understand the customers and their needs. The ability to satisfy customers' needs better than the competitors, will first be, that PepsiCo build customer loyalty and increase sales (Business Link, 2007). Marketing research uses many methods to obtain its results. PepsiCo will use external census data and marketing survey data collected by outside marketing research firms, as a method of understanding customer wants and needs. Computer-aided methodologies will also be used to collect data on the competitors of PepsiCo such as Coca Cola, Jones Soda, and Mo...
Caf? Expresso, as the first mover in the coffeehouse marketplace, which has expanded quickly and become one of the ?big three? players in the global coffee shops chain. However, recently this company is continuously facing a lot of problems in terms of its staff, easy-copied business model and product range, resulting this company lost its leading position to the number three. Therefore, its adjusted visionary goal is ?return Caf? Expresso to the number one position in the marketplace? (Beardwell, 2010). To achieve this goal, Caf? Expresso identifies ?the coffee drinking experience? is significant to achieve competitive advantage and customer value-added, which was delivered through three key elements (graph 1),
Tea is common beverage used in the Pakistani culture and has significant influence on the overall economic, social and cultural environment of the country. In Pakistan daily consumption without tea cannot be considered realistic. It is domestically prepared and consumed. In Parallel, it is also a part of business activity in the form of tea points. It is used among all the economic segments of the economy and significant proportion in CPI index of the country. It is the compulsory of social events among all the social class segments and considered as compulsory part of the event. There is number of factors that are identified that with the progress of time has highlighted their significant influence on the tea brand selection and affected the position of tea brand within the local market. It includes brand marketing, brand loyalty, tea brand aroma, tea brand color, pricing policy of the tea brand, market position, demonstration impact, available tastes and quality and many other
This Marketing report comprises of information regarding Coffee Bean and Tea Leaf, a renowned coffee retailer founded in the US. This report begins with an introduction of the company that discuss the origin and elements that this report focuses on, then followed by the vision, mission and values of the coffee retailer for the coming years. Then, it discusses the situational audit of the company where in it provides information about the internal analysis using the strengths and weaknesses of the company. The external analysis continues in the form of a PESTEL analysis which focuses on the factors that affect Coffee Bean and Tea Leaf course of business. A further analysis will take the form of Porter analysis that defines the competition the
Starbucks has identified high value opportunity in China, India, Brazil and Japan. The large expansion opportunity of twelve billion in China alone is enough to drive Starbucks to expand globally. The organization has planned to double its footprint to 3000 stores in China by 2019 ("Starbucks Details Five-Year Plan to Accelerate Profitable Growth", 2014). Starbucks realizes that eventually there will be a diminishing return on their existing market within the US due to market maturity and there are only two ways to expand through diversification in their offerings and entering new markets. Given the international opportunity for growth and expansive tea market in Asia, the company will enjoy the benefits of the growth opportunity. Management’s decision to continue to grow globally is a driving force that has yielded