McDonalds can be considered. The well established companies with massive brand names may make it more difficult to enter new organizations. Costa coffee company should also introduce variation for their products with serving their uniqueness. It explains that the growths of a business rely on the new products and existing products in relation to the newly developing market and existing market. Ansoff Matrix analysis on Costa Coffee company The Ansoff matrix can be identified as a tool of management that can be used to examine the product and market strategy for a business.
Marketing an existing product to an existing market 2. Marketing an existing product to a newly developing market 9.
Figure 4: The graphical illustration Ansoff Matrix Source: Figure 4 explains the graphical representation of Ansoff matrix. Young Adults Marketing an existing product to a newly developing market can be achieved by the market development strategy. Referring to the figure 4. Profile Economic Middle Market Segment class.
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Married with Children. Hindu Other Asian and Caucasian Table1: Market segmentation of Costa Coffee Source: The marketing report on Costa coffee. Considering the Costa Coffee. Mature Professionals and Retired personnel Age Teenagers Upper middle class and Privileged class Professional classification Students. European Christen. Young Professionals. Referring to Costa Coffee. This can be achieved by the various advertising programs.
The achievement of the market segmentation can be understood by that statistics. Depending on that. Marketing the newly developed products a newly developing market The strategy behind the marketing new product to an existing market is that product development process. The product can be identified as a set of benefits which are being offered for exchange. Marketing the newly developed products to an existing market 2. Those things may lead the company to achieve the product development strategy. Figure 5: The market segmentation of Costa coffee in Source: Increase the profitability of the business is the goal of this strategy through an increased volume of sales from new product and also targeting the new markets.
Diversification is the strategy behind marketing a new product to a newly developing market. It can be explained as the expansion of the target segments through a new product. Costa coffee was served for European community. Figure 6: Demand conditions may lead to create competitive advantage for the company in the home market.
Because they may put the pressure by demanding innovations and it may lead to creation of more innovative products than the rivals. Those can be both beneficial or create losses for the businesses. Chance can be considered as an element without control of the firm. Costa coffee company is associated with the dairy industry and the soy milk industry in order to make its innovations such as hot chocolates. Government may influence with the business by affecting key factors of production.
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Supporting industries may support the innovation and internalization process by producing inputs for that. If the rival is putting more pressure on a particular business. Because of that. It may be more beneficial to an organization also. Not only that. Considering the media. Globalization facilitates the declining the cultural barriers in terms of both locally and internationally. Advancements of the information technology have made the global citizens get closet via the internet based e marketing.
Benefits of globalization and influence of the information technology Globalization is beneficial to a business in many ways. Globalization may have the capability increase the free trade between nations. Information and communication technology is being a widely used term in the last decade. The increased flow of communications permits vital information to be shared between individuals and corporations all over the world.
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That would lead to form the establishment of both local and also the international relationships for an business. Establishment of the global village concept may be vital for an organization to achieve their business facets. Gatos and verity of coffee based products etc. In e this case quick and better service should be offered by serving the uniqueness of the Costa Coffee Company.
Associating with that. Referring to the marketing mix of Costa coffee. Conclusion Referring to the Costa coffee. They have reached this by digesting the saying. By using that. Kearney Pree Inc. New York. What is Michael Porter's Diamond Model? John Wiley. Koen et al.. Karl T. Michal E.
Journal of Research Technology Management.
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