Create a new product or service for Starbucks, will be the basis for marketing Plan.
The new product: is a coffee with chocolate chips
Include the following:
- Name of product-market
- Analysis of other aspects of external market environment
- Company analysis
- Marketing information requirements
To remain competitive in the current business arena, Starbucks will add additional product items to their existing marketing lines. This will help the company to diversify and better meet the needs and wants of their exclusive target market. Many companies are imposing on Starbucks market share; as such Starbucks must be creative in their marketing tactics and product development. This has led to the new Chip Café'. This product mixes coffee and chocolate chips to create a divine chocolate flavored drink for the consumer and is available in a hot version as well as an iced coffee.
Name of Product
The name of the new product will be the Chip Café. This product is a coffee offered in both a hot beverage as well as an iced version that is interspersed with chocolate chips. This gives a rich flavor to the coffee and provides a new taste sensation for the consumer.
After completing a preliminary survey utilizing the product concept of Chip Café 75% of the consumers surveyed indicated that they would likely try a coffee product that included chocolate chips. The primary target would be the normal target for Starbucks, busy business people on the go and the college student as well as educated individuals. This product would fit this target as well as individuals that do not care for the pure taste of coffee but love chocolate and would like to experience the two together.
External Market Environment
Several environments must be considered here. The economic environment will impact our new product specifically as the economy is in a downturn currently decreasing the amount of discretionary income consumers have for products that are not necessities.
The technological environment will also impact our new product as more and more product choices are available now due to better technology as well as transportation and the internet. This means that our company will be able to distribute our product efficiently and have it at the right place at the right time.
The political and legal environment will impact the Chip Café specifically in that we will need to address the current legislation ...
A marketing plan for a potential new product or service is provided.