The Mixed Market – the Small Business Owner – Iced Coffees with Different Flavors
Essay Preview: The Mixed Market – the Small Business Owner – Iced Coffees with Different Flavors
Report this essay
The Mixed Market – Small Business Owner
My company has decided that we want to sell a particular product or offer a service? This
product will be based on Coffee. Not just hot coffees – but Iced Coffees with different flavors.
As the company grows we will introduce 2 simple baked goods, English Scones and muffins.
Deciding to sell these certain products will keep it simple in the beginning. As my company
action plan will employ the market mix, and the essentials of the four Ps that will enable me
access to get the goods and services to the customers that I am targeting in my local area.
The action plan is called the “Marketing Mix”. The marketing mix is one of the biggest and most
critical decisions that a company can make. A bad marketing mix can result in poor performance
and the potential for financial losses. One has no wish to be alone with a great cup of coffee and
a Blueberry Scone watching the Casey Anthony Trial in an empty Coffee Shop. Now thats a
bloody nightmare there.(Fulton et al, 2006)
The Origins of the Market Mix Plan
It is well known the marketing mix plan created and well defined by McCarthy some forty
years ago. It is commonly used to date as the standard outline and set of marketing tools that a
firm uses to pursue its marketing objectives or goals (Kotler and Keller, 2006). The marketing
mix is then broken down into four distinct categories. These categories are called the four Ps or
Product, Price, Place, and Promotion. The business goal of the four Ps will hopefully be the aim
of attracting new customers – and then even further – retaining the new customers.
The market mix plan will help target the market that a company has identified. All four Ps
of the marketing mix are essential and are interrelated (Perreault and McCarthy, 2005).
In order for my company to successfully implement a new marketing mix, a careful and well
structured research of the Coffee Industry and Sales will be implemented. Along with the 4 Ps (as described above), I will also be using an analysis plan commonly called the “SWOT” analysis. This along with the 4 “P”s will help ensure a thorough extensive business plan. The SWOT analysis can help to identify the areas that a company can use to take advantage of, and also help one stay clear of the many roadblocks a new business faces and hinder the success of my marketing mix plan. After studying all the elements of the SWOT analysis the ideas behind opening my Coffee business will be seen more clearly, and thus I will be able to put all my focus on the marketing mix and going forward with the 4 “P”s. (Davids and Newcomb 2006). This same marketing mix plan that was generated some 40 years ago I will be using to pursue my marketing objectives and goals. I will be studying the marketing mix as it is broken down into four distinct categories. Remembering the four categories – The four Ps, which are Product, Price, Place and Promotion. Then the whole idea here is to attract and retain a strong customer base, and identify my company as a local leader in Coffee Sales. Many new business owners claim, “Location, Location, Location”. But here in this research paper I will describe how important it is to implement all 4 Ps in the market mix plan. First lets go over the definition of SWOT and its asset in the market mix. SWOT stands for; the four elements and analysis of SWOT are listed below. (Davids and Newcomb 2006)
Strengths
The strengths of an organization can include niche items or services that the company specializes
in and helps to separate it from the rest of the market. This is the area where I will have to focus on having the best quality cup of coffee at the lowest prices in my customers vicinity.
One of the strengths of a company could be the corporate and organization structure that
promotes growth, profitability and the ability to drive down costs and possibly in the future
creating synergies with other partners and divisions. The strengths of an organization could
include customers preferences and positive customer service interactions actions that might be
experienced. (AIU Online : Oberecker, Eva M; Diamantopoulos,
Adamantios. Journal of International Marketing, Jun2011, Vol. 19 Issue 2, p45-72, 28p)
Evaluating strengths can also be a look to the future. The strengths could be the ability to attract
new customers and hold on to established and existing customers, who enjoy purchasing my
products – which I will be keeping real simple in the beginning, hot coffees – iced coffees with
various flavors, and I eventually will implement the introduction of the frozen Granita Coffees as
well as the English Scones and Muffins.
Weaknesses
This area of the SWOT analysis looks to identify any shortcomings within the organization. The
weaknesses could include any areas that a company is losing sales or customers to a competitor.
A weakness could be defined as a process or system within that could be very inefficient, which
could drive up costs that could affect pricing and product decisions later in the marketing mix.
By targeting my local area – my greatest weakness would be the giant company Starbucks. The