6. MARKETING OBJECTIVES
"Forecasting is how we arrive at our objectives by looking at what has happened, what is happening and what trends are, in order to arrive at what is likely to happen" (Walter & Dana, 2007, pp. 39). Marketing objectives are the goals set by the company on improving or developing their business strategy within a given time frame. A company 's marketing objectives for a particular product might include increasing product awareness among targeted consumers, providing information about product features and reducing consumer resistance to buying the product (Mckinney, 2013). Here are the marketing objectives of Coffee Bean and Tea Leaf for the year 2016 - 2017:
• Increase profitability up to 40% from the revenue
• Maintain …show more content…
56). In this section, the company 's strategies will explain base on the 7 elements of marketing mix. Each element will be supported by 2 strategies that will help the business achieve their goals.
8.1. Product
A product can be either a tangible good or an intangible service that fulfills a need or want of consumers (Borden, 2014). Whether you offer custom beds and wood items or offers luxurious accommodation, it 's important that you have a clear understanding of what your product is and what makes it remarkable before you can effectively showcase it. Here are the 2 product strategies for the Coffee Bean and Tea Leaf to make them more competitive to the market.
8.1.1. Keep innovating products
The company is known for its best selection of teas and coffees and its reputation for bringing ice blended drinks and chai tea to the market. Since all these strategies are very effective to the market might as well keep on doing it by discovering or innovating more flavor of coffees and teas or adding new item of drink to have a variety of …show more content…
Moreover, single serve beverages are not new to the market because of Nespresso, but Coffee Bean and Tea Leaf can increase its promotion by addressing it to the public and showcase what is best and new to this machine. It will be a great help for the company since its major competitors did not have anything like that to offer to the market.
8.2. Place
Place is in regards to distribution, location and methods of getting the product to the customer. This includes the location of your business, shop front, distributors, logistics and the potential use of the internet to sell products directly to consumers ("Smallbiz", 2013).
8.2.1. Provide strong distribution channels
Coffee has a lot of distribution channels before it reach its consumers such as farmers, exporter, importer, distributors and retailers, but since Coffee Bean and Tea Leaf purchases directly to the farmers it increases the chance to reach the product easily by the consumers. The strategy here is to provide the best and fast distributors of the products to each countries and stores. Late distribution of product causes failure in the productivity and big loss of sales in the
"Forecasting is how we arrive at our objectives by looking at what has happened, what is happening and what trends are, in order to arrive at what is likely to happen" (Walter & Dana, 2007, pp. 39). Marketing objectives are the goals set by the company on improving or developing their business strategy within a given time frame. A company 's marketing objectives for a particular product might include increasing product awareness among targeted consumers, providing information about product features and reducing consumer resistance to buying the product (Mckinney, 2013). Here are the marketing objectives of Coffee Bean and Tea Leaf for the year 2016 - 2017:
• Increase profitability up to 40% from the revenue
• Maintain …show more content…
56). In this section, the company 's strategies will explain base on the 7 elements of marketing mix. Each element will be supported by 2 strategies that will help the business achieve their goals.
8.1. Product
A product can be either a tangible good or an intangible service that fulfills a need or want of consumers (Borden, 2014). Whether you offer custom beds and wood items or offers luxurious accommodation, it 's important that you have a clear understanding of what your product is and what makes it remarkable before you can effectively showcase it. Here are the 2 product strategies for the Coffee Bean and Tea Leaf to make them more competitive to the market.
8.1.1. Keep innovating products
The company is known for its best selection of teas and coffees and its reputation for bringing ice blended drinks and chai tea to the market. Since all these strategies are very effective to the market might as well keep on doing it by discovering or innovating more flavor of coffees and teas or adding new item of drink to have a variety of …show more content…
Moreover, single serve beverages are not new to the market because of Nespresso, but Coffee Bean and Tea Leaf can increase its promotion by addressing it to the public and showcase what is best and new to this machine. It will be a great help for the company since its major competitors did not have anything like that to offer to the market.
8.2. Place
Place is in regards to distribution, location and methods of getting the product to the customer. This includes the location of your business, shop front, distributors, logistics and the potential use of the internet to sell products directly to consumers ("Smallbiz", 2013).
8.2.1. Provide strong distribution channels
Coffee has a lot of distribution channels before it reach its consumers such as farmers, exporter, importer, distributors and retailers, but since Coffee Bean and Tea Leaf purchases directly to the farmers it increases the chance to reach the product easily by the consumers. The strategy here is to provide the best and fast distributors of the products to each countries and stores. Late distribution of product causes failure in the productivity and big loss of sales in the