Nishta Plagarism

8/10/2019 Nishta Plagarism

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Hi Nishta,

Please change these words and try to keep the theme as E-

marketing strategy of Starbucks.

Please bold all the references used in this text, so i can

make referencing at the end.

Once finished just let me know and if possible u can do

more

MARKETING STRATEGY:

A marketing strategy identifies (1) a firms target market(s), (2) a related marketingmix

their four Psand (3) the bases upon which the firm plans to build a sustainable

competitive advantage. A sustainable competitive advantage is an advantage over the

competition that is not easily copied, and thus can be maintained over a long period of time.

Starbucks and Dunkin Donuts are appealing to different target markets, and they are

implementing their marketing mixestheir four Psin very different ways. In essence, they

have very different marketing strategies. Although both stores customers seek a good cup

of coffee and a pastry, Starbucks is also attempting to reach the customer who wants a

coffee-drinking experience that includes a nice warm, social atmosphere and personal

baristas to make their esotericdrinks. And people are willing to pay relatively high prices

for all this. Dunkin Donuts customers, on the otherhand, arent particularly interested in


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the experience. They want a good tasting cup of coffee at a fair price, and they want to get

in and out of the store quickly.

Building a Sustainable Competitive Advantage:

There are stores and restaurants that sell coffee and pastries in every neighbourhood in

which there is a Starbucks or a Dunkin Donuts, and many of these have great coffeeand

pastries. If Starbucks or Dunkin Donuts loweredtheir prices, their competition in the area

would match the reduction. If they introduced a peppermint swirl cappuccino for the

holiday season, other stores in the area could do the same. Thus, just because a firm

implements an element of the marketing mix better than competition, it doesnt necessarily

mean it is sustainable.

Establishing a competitive advantage means that the firm, in effect, builds a wall around its

position in the market. When the wall is high, it will be hard for competitors outside the wall

to enter the market and compete for the firms target customers.

Over time, all advantages will be eroded by competitive forces, but by building high, thick

walls, firms can sustain their advantage, minimize competitive pressure, and boost profits

for a longer time. Thus, establishing a sustainable competitive advantage is the key to

positive long-term financial performance.

There are four macro, or overarching, strategies that focus on aspects of the marketing mix

to create and deliver value and to develop sustainable competitive advantages.

Customer excellence:Focuses on retaining loyal customers and excellent

customer service.

Operational excellence:Achieved through efficient operations and excellent

supply chain and human resource management.

Product excellence:Having products with high perceived value and effective

branding and positioning.

Locational excellence: Having a good physical location and Internet presence.


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Figure 1: Marketing strategy of Starbucks

Based on these information, the main consideration for this project is to assess the

electronic marketing approach of Starbucks, therefore we are providing details about their

approach for recognising themselves as globally corporate social responsible firm though

their corporate website, whereas discussion is required to check what are the benefits of

using social media networks and other applications for marketing Starbucks products.

THE MARKETING PLAN:

Effective marketing doesnt just happen. Firms like Starbucks and Dunkin Donuts carefully

plan their marketing strategies to react to changes in the environment, the competition, and

their customers by creating a marketing plan. A marketing plan is a written document

composed of an analysis of the current marketing situation, opportunities and threats for

the firm, marketing objectives and strategy specified in terms of the four Ps, action

programs, and projected or pro-forma income (and other financial) statements. The three

major phases of the marketing plan are planning, implementation, and control.


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Although most people do not have a written plan that outlines what they are planning to

accomplish in the next year, and how they expect to do it, firms do need such a document.

It is important that everyone involved in implementing the plan knows what the overall

objectives for the firm are and how they are going to be met. Other stakeholders, such as

investors and potential investors, also want to know what the firm plans to do. A written

marketing plan also provides a reference point for evaluating whether or not the firm met

its objectives.

A marketing plan entails five steps, the planning phase, marketing executives, in conjunction

with other top managers, define the mission and/or vision of the business. For the second

step, they evaluate the situation by assessing how various players, both in and outside the

organization, affect the firms potential for success. In the implementation phase, marketing

managers identify and evaluate different opportunities by engaging in a process known as

segmentation, targeting, and positioning (STP). They then are responsible for implementing

the marketing mix using the four Ps. Finally, the control phase entails evaluating the

performance of the marketing strategy using marketing metrics and taking any necessary

corrective actions. It is not always necessary to go through the entire process for every

evaluation. For instance, a firm could evaluate its performance, then go directly to conduct a

situation audit without redefining its overall mission.

E-Marketing Tools for attracting customers:

One of the tools of e-Marketing is Emails or e-Letters. The traditional style composing a

letter and posting incurred higher cost and was time consuming. With the establishing of

electronic marketplace, snail mails have been replaced with Emails. Sellers can now reach

out to the masses and/or to their target audience in the most economical but effective

manner through e-Letters or e-Newsletters.

Salient features of E-mail marketing

E-mail marketing is the most effective and economical E-marketing tool to convey the

message on a mass scale. It supersedes the traditional method of communication to marketa product or service. Some of the salient features of E-mail marketing are:


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Fast:

Unlike the letters posted through postal mail, when one sends an email, its customers

receive it immediately. E-mail marketing is especially great if a bank has time sensitive

offers, like a special rate of interest for deposits or loans, a festive offer, bonds etc.

Cheap:

Almost any message one decides to send to their customers via snail mail can also be sent

via e-mail; one avoids the printing, materials, and postage costs. This definitely ensures big

savings especially for the business sectors like banks, which deal with many customers.

Easy:

Sending an e-mail is easier than sending regular mail, too. One does not have all the hassle

of writing a long letter, posting etc.

Inform dynamically:

It helps the users to know about the new changes andDevelopments adapted by the bank

for ensuring a better service to the customers. In addition, if a bank ever plans to move,

having a solid list of its customers' e-mailaddresses allows the bank to make the move with

minimal interruption to its customerbase.

E-mail is a great format for sending out a weekly or monthly tip, article or other updates to

the customers. It is something that will position the bank in the mind of its customer as an

expert. It helps in giving the customers valuable information that makes them want to read

the short newsletter. This type of regular communication reinforces the banks position as

an expert in financial dealings and does wonders at keeping its customers loyal. The ease

with which buyers can spread the word about a firm has spurred a new type of buyer

activism (Varadarajan and Yadav, 2002).

Advantages of e-newsletters

Some of the prominent advantages of using e-newsletters for marketing are mentioned

below:

Branding:

A bank can gain brand recognition by regularly keeping its name in front of the customers

or clients. An e-newsletter with interesting articles can provide that level of contact.


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Typically, print newsletters are published quarterly while an e-newsletter to goes out as

frequently as every week, which reinforces the brand image.

Short lead-time:

Print newsletters can require several weeks to be put together, printed and mailed. By the

time they reach their destination, there's not much news in them. In contrast to this, an e-

newsletter can be prepared, formatted and updated right up to the moment it is sent,

allowing for the inclusion of the latest developments.

Timesaving:

It takes quite a long time to put together and distribute a print newsletter. On the other

hand, with an e-newsletter, the production and distribution time is slashed because many

steps are eliminated. There is no need to juggle the copy to fit into the available space, and

the companies/ banks don't have to deal with printers or mail delays.

Two-way communication:

The best e-newsletters allow readers to request services, provide feedback and ask

questions. By allowing readers to interact through two-way communication, banks have

better chances of building relationships with its clients, as well as begin new associations -

with prospects and referral sources.

Year-round contact:

Loyalty isn't built strictly through billable transactions. It is nurtured by developing and

maintaining relationships so that customers or clients know you care. Newsletters allow a

company to communicate throughout the year and e-newsletters with comment" capability

let readers know that they can maintain a dialogue with the company.

Proactive marketing:

Between transactions, a bank/company may want to offer additional products and services.

But how does the bank know which readers are interested? For example, a bank can focus

its energy approaching certain readers about a service if it finds they have consistently

opened articles on the subject. That can turn a cold call into a warm call.

Product development:


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A bank can gauge readers' interest in certain products and services before deciding to

launch them. Online tracking that reveals what article or topics are read is a basic market

research.

Internet based e-Marketing Strategy tools:

Following are the key internet based e-marketing tools that can be used for advertising

products over internet such as:

Corporate Organisation Website: This tool can be used by organisation for advertising all

their products and facilities available in their stores to attract customers. These websites

can provide members and free voucher services to loyal customers, in order to attract more

customers.

Social Media Networks: These are the most popular tool used nowadays for advertising and

publicity of different products. There are different types of social media networks such as

Facebook, Twitter and Linkldn.

Interstitial Banners: Interstitial banners are shown between pages on a Web site. As you

click from one page to another, you are shown this advertisement before the next page is

shown. Sometimes, you are able to close theadvertisement.

Pop-Ups and Pop-Unders: As the name suggests, these are advertisements that pop up, or

under, the Web page being viewed. Theyopen in a new, smaller window. You will see a pop-

upright away but will probably only become aware of a pop-under after you close your

browser window. These were very prominent in the early days of online advertising, but

audience annoyance means that there are now pop-up blockers built into most goodWeb

browsers. This can be problematic as sometimes a Web site will legitimately use a pop-up to

displayinformation to the user.

Map Advertisement: A map advertisement is advertising placed within the online mapping

solutions available, such as Google Maps.


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Wallpaper Advertisement: A wallpaper advertisement changes the background of the Web

page being viewed. Usually, it is notpossible to click through this advertisement.

e-Marketing through social media networks:

Social Networking is the interaction between a group of people who share a common

interest; Using social contacts to network; Using internet's network groups (such as

Facebook and Twitter) to network and communicate between consumers and businesses

Social networks are compiled from profiles and/or connections. Profiles consist of an

individual or businesses personal information and/or experiences such as; their background,

education, interests or affiliates. Connections consist of either implicit or explicitly obtained

avenues. Implicitly an individual or business can gain connections by actions such as emails

or telephone conversations, and explicitly by actual members of the social network

themselves. (Carfi, Chastaine, 2011). Currently the most popular social networking websites

are Facebook and Twitter, but there are thousands of social networking websites out there.

One can find a social networking website to suit almost any interest imaginable, there are

websites devoted strictly for chefs, auto enthusiasts, music lovers, and many more. With

this in mind a business can join a social networking website that is fine tuned to their

particular business to generate interest by thousands who have a passion for the products

or services that said business provides.

Todays generation and upcoming generations are both familiar with andcomfortable using

social networking websites and are often their first choice in communication today. A

business, new or old to ignore the trends of communicating through social networking

would be a large mistake. Ignoring the trend could possibly lose businesses potential clients,

sales or future knowledgeable employees that may help said company to excel. It is

estimated today that Facebook and Twitter have a combined population of people and

businesses of over 200 million, keeping these figures in mind the imagined potential

business interest seems limitless.

Social Networking websites are not only a great instrument for gaining the public interest in

a company; they can also be a tool within an organization. Internally social networking can

be used as a tool to observe how information within an organization is being exchanged.


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Gaining knowledge into how ideas are surfacing may help a company see how; who or what

is responsible for the changes within an organization (Carfi, Chastaine, 2001).

Generally a person will chose to do business with a company that is a member of the same

social network as them because the form of communication that they feel most comfortable

using is what they will naturally gravitate to first, and after all isnt the name of the game to

be first? Businesses have been forced to change their marketing strategies from selling to

engaging (Gordhamer, 2009).Another argument in favor of social networking is the vast

changes of how the public wants their information presented to them today, people

generally want to feel engaged by a company instead of marketed to. There are downfalls to

social networking that should be considered before a company makes the decision to invest

the time and money from their marketing budget. Although social networking websites like

Facebok and Twitter are generallyset up to be user friendly, if a company does not have the

appropriate technological knowledge to create the site, it can be a daunting task. If a

company lacks the knowledge to start a social networking website then they will most likely

need to hire either a knowledgeable consultant or staff member to set up the website.

Social networking sites arent always reliable, so a company is going to want to employ

someone who has the experience as well as the patience to deal with the necessary trials

that undoubtedly will occur (Bonfield, 2008). Like many forms of marketing within a

business, what you put in is usually a reflection of what you will gain but this is not always

the case due to the lack of statistical information provided today.

Social networking takes time and patience and there is not enough data generated as to the

level of response a business will receive from the work.

Another element to consider when deciding if social networking is right for your business is

the fact that in using a social networking website you do not have full control over the

content that is generated from the website. One factor to keep in mind is that within a

social networking site the individual or business that you associate with could potentially

associate with someone you do not want to have direct ties with. Social networking

websites have tools that are called friends or followers, these are the people or

organizations that agree to follow your business and have the permissions to write

comments on your wall which is showcased foranyone who uploads and views your page.

If a company allows an individual or business to be there friend, potential clients can then inturn look at whom your business is associated with which can be good or potentially bad if


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the associated friends are controversial to your causes (Bonfield, 2008). Another

consideration is the fact that an individual or business is limited to how the information is

presented on the particular social networking website. Most social networking sites do not

allow the user to chose the design or orientation of the content, if you have a design plan or

vision in mind a social networking website may not be the best option for your company.

A final issue to consider when deciding if social networking is right for your business is the

factor of unwanted criticism that can potentially get uploaded to the World Wide Web. With

the accessibility of the web today it is very easy for anyone with a computer to express his

or her opinions with little to no allowance for editing. In the past, when someone had an

issue with a company or organization it would take days if not weeks to tell everyone they

knew of the issue, but today it only takes a matter of seconds to tell everyone you know of

the bad experience (Gordhamer, 2009). The issue of opinion based comments are a two way

street.

Many individuals and organizations will express their opinions in a good light, but on the

other hand there will be some that express their complaints and this criticism circles back to

the subject of time management and having an experienced individual that is on hand to

handle the comments as they arise. Of course it is understood that there is no way to

respond to every comment that is delivered about your business but it will work in the best

interest of your company if you show a concern for the disgruntled clients that undoubtedly

will arise. In answering and showing concern publicly to those who have expressed a bad

experience, a company is viewed as customer oriented and that they are willing to change

to suit the needs of their clients. Criticism from such websites are also a great tool for a

company to use in making the necessary changes that will arise with the changing of your

target audience, keeping up with the change in times is a key to the marketing success of a

business.

To wrap up the discussion of whether social networking is the right choice for a company it

was discussed that social networking websites are a free tool to use, but can be costly to set

up and maintain if you arent knowledgeable with the technology. A business also has to

consider that the content within the site is not completely controlled by the said company,

which can be viewed as a good and or bad result. Regardless of the decision to use social

networking, the fact that todays generation has adopted it, as a very useful tool to


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communicate with is unarguable. With the right tools and planning social networking can

become an extremely valuable tool for a business today.

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Nishta Plagarism