Mkt 421 Marketing Plan Phase 3 Paper

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Marketing Plan Phase III Melanie Kennedy, Shawn Linville, Kevin Mayer, and Amador Ferrer University of Phoenix Marketing MKT/421 Joseph Aguirre June 27, 2012 Marketing Plan Phase III With the new Starbucks children’s breakfast meal in place and target demographic established the following paper will discuss the next phase of releasing this product to the public. In this paper, Team B will discuss the attributes of the new product in full detail and how it will appeal to consumers. The description of the new attributes will also show how this new product is different from any other product in this particular market. Also this paper will discuss the product life cycle of Starbucks’ new product. The product life cycle will play…show more content…
The children’s breakfast menu item will be promoted as a sample item to consumers at select locations. As the product gains positive feedback from the consumers, the product will move through the second stage of the product life cycle in which the product will gain public awareness as well as gaining sales volume and profitability. As the children’s breakfast menu item gains more public awareness, the product will be available at all Starbucks locations, production cost will be lowered, and brand differentiation will be a major factor into prolonging the product in the maturity stage. The product life cycle will be a major factor regarding how the product is marketed. The product life cycle will determine if the product will be available at all locations or just a select few and will also determine how long the product will be available. If the product gains consumer interest and maintains profitability the timeline of the product will be increased; however if the product quickly looses consumer interest the product will move quickly through the product life cycle and the decline stage will cause the product to be removed from the…show more content…
If Starbucks coffee believes that a specific strategy would support its goal in obtaining its pricing objective, the company should be concerned about making changes on product mix. The company’s target market is another consideration. The demographic target market will facilitate company isolate suitable pricing goal. The method of product distribution can also have a big impact of the pricing objectives and strategies. Direct marketing gives the company more control than wholesale or retail (Kotler & Keller, 2012). The life cycle of product is important as well. Longer life cycle gives the company more time to achieve pricing objectives. Finally, Starbucks sets its prices on a simple idea: high value at moderate cost. When people feel like they are getting a good deal for their money, they are more likely to pay a higher cost (Starbuck coffee,

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