Friday, February 21, 2020

Segmentation and Targeting Essay Example | Topics and Well Written Essays - 750 words

Segmentation and Targeting - Essay Example Starbuck has experienced tremendous growth since it was founded. Identify the company’s target market and positioning strategy The level of coffee consumption in the United States has been on a downward trend, especially in the late twentieth century. However, Starbuck has been quite cautious when choosing its target markets. A target market can simply be defined as a group of consumers who share the same interests that a particular company selects to serve. The process of choosing a target market can be undertaken by evaluating social, environmental, political, and competitive factors. Consumers bargaining power and entry barriers all fall under the category of market factors. The prices offered by Starbucks were extremely high and the company was trying to develop a new culture for its customers. Considering that Starbuck was very careful when it came to coffee production, the company managed to maintain a stable relationship with its suppliers hence, it faced minimal threat s and competition (Starbucks Corporation SWOT Analysis, 2008). Office employees with both middle and high revenue were the sole target for Starbuck. Schultz wanted Starbuck to be the place where people could meet and relax on their way home, after work and socialize with each other. Therefore, the company was aggressive in meeting the needs of the consumers. Great consideration was also placed on the arrangement of the store. Target market can be executed in various ways namely concentrated, distinguished and undistinguished (Kotler & Armstrong, 2004). The concentrated strategy focuses its efforts on a single market section and develops and maintains an exclusive approach for every section. The distinguished approach reaches out to the market by creating distinct products and promoting the programs for the various sections. The undistinguished strategy on the other targets the whole market using a single (Kotler & Armstrong, 2004). Starbuck adapted the undistinguished strategy to ma rket their products. The company measured the whole market as one single section. The main obstacle that Starbuck faced when it employed this strategy is the development of a brand that would satisfy the needs of all customers. Nevertheless, Starbuck did not compromise any of its services hence, they did everything they could in order to produce a quality product. A company must choose which position it wishes to occupy in the market after identifying its target. The positioning entails the way consumers define a particular product in terms of quality, size, price and performance and several other factors. Previously, Starbuck had been using transactional marketing where profit was obtained mainly from reserved customers who had a long-term relationship with the company. However, the customer retention approach aims at enchantment instead of consumer fulfillment. Starbuck later discovered that public opinion was a better approach. This kind of strategy takes a long time to thrive, t hough the benefits are worthwhile (Brassington & Pettit, 2000). How does their product line fit with their target market and positioning? Does it make sense? Starbuck began to create high quality products and services to its consumers. Schultz was aware of the fact that coffee is indeed perishable hence, he emphasized on the production of quality products by supervising each stage of coffee manufacture. Whole bean coffee was purchased from countries such as Kenyan and Ethiopia (Stanley, 2002). The coffee was then roasted and

Wednesday, February 5, 2020

What finding meaning in life is for you Essay Example | Topics and Well Written Essays - 500 words

What finding meaning in life is for you - Essay Example As we transition from childhood to adulthood, our experiences and mental capacities steer us in different directions. For example, in a school with 200 students who go through the same syllabus and share the same experiences, not all of them end up in similar careers. Some will find fulfillment in music, others will be inclined to pursue art, while some will end up settling in politics. In all the students, however, the common denominator is the fact that each of them sees their futures in different areas (Zimmerman 34). Individuals gravitate towards different things when seeking meaning in life, and this is what lead to fulfillment in different aspects. Meaning in life changes over time, but it can also be rigid. Again, this comes back to individual preferences and character. For example, at some point (e.g., in college) some people seek professional prosperity over other issues. However, once they attained this they start leaning towards other interests that they think are just as important in life. For example, a senior student in college may think, for a long time that getting a good job is the essence of life (Zimmerman 49). However, after building a successful career, the student may discover that having a family is the most important thing in life. As such, the career becomes secondary to family life. Other individuals may discover a newfound passion for business and community service, and then consider this to be the basis for their lives, relegating previous meanings to minor roles. The essence of a human being is to understand oneself and becoming self-actualized. This is part of finding meaning in life and that is what separates humans from animals. Human beings need to become aware of their surroundings, their priorities, and their trajectories (Zimmerman 83). In general, people who can be classified as having no meaning in life are often less