Marketing Plan II
As Starbucks continues to expand the current product line with a new line of soups, several issues will provide valuable information for marketing and sales. The potential buyers and consumers of the products will be the rise or fall of the product. As the company begins a new line of soups, the target market must be clearly defined. The purchasing decisions of potential buyers and consumers are key factors in the marketing plan of Starbucks’ new soup line. While companies are constantly competing with each other, the competition of the corporation will be examined and taken into consideration for the marketing structure of Starbucks Soups. The external factors of the product expansion will determine the route for marketing Starbucks new products.
Target Market Selection
Market segments are the grouping of consumers based on homogeneous responses to merchandise offerings. Segment descriptors provide the ways in which market segments can be described. (Canadian Retailing 2000)
Typical descriptors based on demographics, such as age, income, and occupation, are the most frequently used ways of segmenting markets. Psychographics (the activities, interests, and opinions of consumers) are often used to supplement demographic data.
Target markets are the divisions that management chooses to serve. Market positioning is how management plans to compete in target markets that appeal to the firm. (Canadian Retailing 2000)
Business Select Soups
Market Segment Description Age, Income, and Occupation
Target Market Select Adults aged from 18 to 55
Education Level: College
Personal Income: $22, 000 and up
Professional: Blue and White -collar
Positioning Strategy in Target Superior-quality soup selections at a premium price in an attractive surrounding
Canadian Retailing (2000) states that: The market segments selected by management must be:
1. Measurable - Is the segment measurable and identifiable?
2. Accessible - Will focusing marketing...