Assignment Brief: In this assignment, you are required to develop a comprehensive marketing strategy for launching a new coffee product, “LATTE,” in the Australian market. Your analysis should cover various strategic frameworks and factors influencing the product’s success, such as market analysis, entry methods, and environmental sustainability. Emphasize adaptive vs. standardized marketing strategies and the importance of a well-rounded approach that addresses both customer satisfaction and competitive positioning. Assignment Tasks: 1. Introduction and Mission Introduce the new product and state the mission for launching it in Australia, focusing on customer satisfaction and high service quality. 2. Current Market Analysis • PESTLE Analysis: Analyze the political, economic, social, technological, legal, and environmental factors impacting the coffee market in Australia. • SWOT Analysis: Examine the strengths, weaknesses, opportunities, and threats associated with the product. • Porter’s Five Forces: Analyze the competitive environment and the market dynamics affecting the coffee industry. 3. New Market and Entry Method Identify the best market entry method for the product and discuss the internationalization strategy suitable for the coffee market in Australia. 4. Marketing Strategy Develop a marketing mix for “LATTE,” comparing adaptive and standardized strategies, and discuss which approach would better suit the product in the target market. 5. Environmental Sustainability Outline sustainable practices related to the product’s design, process, and packaging, and discuss the importance of CSR in the coffee industry. 6. Conclusion Summarize the key points of the marketing strategy and its anticipated impact on the target market. Formatting and Submission Guidelines: • Word Count: 1,500 – 2,000 words • Format: 12-point font, Times New Roman, double-spaced • Referencing: APA style • Submission: [University Submission Portal] by the due date Learning Outcomes Assessed: • Apply strategic marketing frameworks to real-world product launches. • Evaluate international market entry methods and competitive forces. • Develop an adaptive or standardized marketing strategy based on market conditions and product positioning.

University/Course: MKT603

Uploaded: October 28, 2024

Files: 1

✓ Solution:

  1. Introduction 

Launching a new product could be exciting, and everyone expects higher revenues (Mariani and Wamba, 2020). Although, there are a lot of things which are required to be done like the strategies, research and others. In terms of minimising the failure risk, it is mandatory to utilise accurate marketing of the product (Mikhno et al., 2021); the appropriate techniques could draw customers’ attention to a little-known product, which is newly emerged and make it popular for purchase. 

  1. Mission 

This marketing strategy aims to launch a new coffee product named “LATTE” in Australia. The primary focus of the company with this launch is the happiness and satisfaction of customers throughout the time they order and get their coffee. Higher service culture is among the vital goals of coffee businesses (Ge et al., 2021). Even though the coffee product is supplied at café and smaller shops, this product aims to make it through rapid turnover rates; its customers and target market expect higher quality services that include fresh and clean cups, a spotless environment and many other factors (Nguyen, 2020). 

  1. Current Market

Current market analysis will be done through the PESTLE and SWOT analyses.

  1. PESTLE Analysis

Political

Economic

  • In a macro environment, the coffee industry experiences various political measures, including coffee beans imported from various other nations.

  • As the coffee business is highly dependent on international trade (Muqimova et al., 2022). Trading relations among the countries which produce and also consume coffee plays a significant role in determining the final price of beverages that ultimately impacts the sales. 

  • Extreme competition globally for the free trading policy or the coffee providers with lower cost, economic conditions that are unstable in specific markets internationally and locally. 

  • With the consideration of economic factors, there are a few problems which impact the business of coffee products that as general unfavourable economic conditions, a decline in customer demand, new product acceptance from customers and a few others.

Social

Technology

  • The 21st century has faced many changes in view of society’s health (Nerubasska et al., 2020). As for products like coffee, making healthy choices is considerably trendier.

  • The other considerable factor observed for the product is fair trading. Fair trading is the international movement which seeks better compensation for farmers behind the production rather than several mediators who historically have reaped higher profits. 

  • With the advent of new products, there must be an appliance for coffee specifically. 

  • Technology plays a significant role in competing with competitors, like implementing information technology and fresh equipment like the roasters of coffee beans as well as brewing machines.

Legal

Environment

  • As the coffee product is designed for consumption. Coffee product falls under the regulations of drink and food in nearly the whole jurisdiction of the World. 

  • To operate the coffee product into industries of Australia, it must be subjected to various laws as well as regulations, so among being significant players in the industry and operating throughout the globe required to follow all the rules for the industries (Proença et al., 2022). 

  • For environmental consideration, several issues are being faced environmentally (Danilwan et al., 2020). However, some of the problems are irrelevant to many drinks and food industries, but in the case of unsustainable farming procedures, it will result in deforestation. 

  • Laws regulating environmental pollution. 

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