When exploring the marketing plans of various companies, you will undoubtedly di

ID: 346769 • Letter: W

Question

When exploring the marketing plans of various companies, you will undoubtedly discover how some businesses have already experienced success, but also find themselves facing a highly competitive environment in which they must re-evaluate their target market. Perhaps a company has already tried to make some adjustments to their original marketing plan, and has been considering additional steps that it might take to increase profitability.

How the target market changed over time

Whether you think the marketing manager should make changes to the products he/she offers

Recommendations you might make to the marketing manager

How the marketing manager might be more certain that any actions he/she takes will more completely address the needs of the target consumer group

The risk(s), if any, that are involved with implementing your suggestion(s)

Explanation / Answer

Marketing Strategy

The marketing strategy of all organizations has to change with time and as per changing needs of target segment, product, price, and in most cases the marketing strategy has to change accordingly.

We will explore the marketing strategy of companies like Star Bucks, McDonalds, etc as follows:

Target Segment

Characteristics

Baby Boomers

(1946-1964)

76 million Americans

They are hardworking, loyal consumers; they are individualistic and work on trust. They are interested in bargain deals and discounts.

Generation-X

(1965-1980)

60 million Americans

They are net savvy but plan purchases and will adapt their buying patterns with focus towards the housing, saving and education needs. They have huge online presence and technology friendly. They combine traditional buying with online verification. They are well informed and avoid hardcore selling tactics.

Millennials

(1981-1995)

80million Americans

Buy online, go in for impulse buying, spend lot of time online browsing. They are not brand loyal and will soon surpass the Generation X approximately 80 Million. They are into social media and blogging and are unpredictable in buying behavior.

Star Bucks: The target segment of the organization is 25-40 years old upmarket and status conscious, they are net savvy and enjoy the free Wi-Fi and personalize touch they experience at Star bucks. The current strategy has been made suitable for the clients born from 1970’s to 1995. Most outlets have a presence in rural areas and are easily accessible. They personalize your experience by marking coffee mugs with your name. They have to be conscious of their gap in the product as they are known only as a coffee brand and tea segment is yet to be explored. They have to rework their strategy suitable to the new generation which is also looking for a less expensive coffee shot. They have used word of mouth publicity as a major promotional tool but with changing generation have started actively on star bucks apps and give various promotional offers to consumers on the app with a point and loyalty system.

Mcdonalds in India: McDonald's a QSR from the USA known for its Hamburger had to create a unique vegetarian menu for entering the Indian Market where 40% of the population is vegetarian. They had to create a low-cost product segment and with spices to meet the local tastes. The increased competition with late entrants like Dunkin Donuts and burger king, McDonald's is already seen as an Indian brand and is available around the corner. It has suitably adapted its strategies to Indian market catering to large families and groups. Their latest product is a Kebab wrap available meeting the Indian taste. McDonald's has adapted and reviewed its strategy to suit the local tastes, budget and customer needs.

My recommendations for the marketing manager are as follows:

Risks involved:

The risks involved depends on many factors as follows:

To sum it up all organizations have to adapt and rework marketing strategies to meet the need of changing generations, consumer groups, and tastes.