Question

Topic proposal TEA example would be a company like  (Starbucks) not starbucks a made up one

Marketing Plan draft: MAKE UP A TEA COMPANY

Course Objectives

Propose appropriate marketing strategies for the product or service based upon its position in the product lifecycle.

Knowledge, Skills, and Abilities

• Describe the steps required to develop and launch an innovative product or service.

• Examine a product's current position in the product life cycle and how its stage in the lifecycle affects marketing objectives.

• Demonstrate how branding can be used as a marketing strategy for a product or service.

• Inventory the different factors used to segment consumer and organizational markets.

1. Product Innovation

2. Product Life Cycle

3. Branding

4. Services Marketing

5. References

Answer 1

Example: Tetley Tea Cafe.

Tetley is one of the premium brands from the house of TATA ( World's largest manufacturer of processed tea) . Tetley can come up with premium cafes like Starbucks. It can stress on the benefits of drinking tea in various forms.

The product line can range from black tea, green tea, packed tea leaves , ice tea , spice tea and various flavored tea. This can be offered with confectionery items that goes with tea like banana cakes, chips and shallow fried items as well. This is mainly offered to hold on to the customers for longer time in the cafe , to increase spending per customer.

Since, the product or the service offered is in the nascent stage, we can place it in the introductory phase in the product life cycle. Increase of awareness mainly about the benefits of drinking tea, its natural anti oxidant properties needs to be focused. The market for this must be developed and then the brand. In this stage the pricing must be skimming pricing. This type of pricing helps in holding on to the premium image of Tetley while encouraging high end customers to spend some quality time over tea. This segment can be the health conscious one who prefers a healthy beverage than coffee. The location of these cafes must be in posh areas like high end shopping malls , five star hotels and places of tourist attractions. Promotion must be through business magazines, news papers and in hotel lobbies to create the perfect brand essence that the brand is for sophisticated customers and not for the mass market at least in the introductory phase. The service personals must be chosen carefully with a focus on the target customers.