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MKTG 1030 Lecture 2 Questions

A successful marketing plan clearly states goals, analyzes the company's position and environment, and regularly revises to adapt to changes. An unsuccessful plan lacks clear goals or strategy. Supreme's scarcity creates demand that exceeds supply, building excitement around releases. Collaborations with celebrities increase awareness. Their pricing and limited supply create hype. Starbucks failed in Australia as locals preferred local cafes' flavors and prices. It expanded too fast without developing brand recognition. Their customer analysis failed to understand local tastes, and pricing was too high. Tim Hortons has struggled due to declining product quality versus competitors and an unfocused marketing strategy releasing confusing new products outside its strengths.

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52 views

MKTG 1030 Lecture 2 Questions

A successful marketing plan clearly states goals, analyzes the company's position and environment, and regularly revises to adapt to changes. An unsuccessful plan lacks clear goals or strategy. Supreme's scarcity creates demand that exceeds supply, building excitement around releases. Collaborations with celebrities increase awareness. Their pricing and limited supply create hype. Starbucks failed in Australia as locals preferred local cafes' flavors and prices. It expanded too fast without developing brand recognition. Their customer analysis failed to understand local tastes, and pricing was too high. Tim Hortons has struggled due to declining product quality versus competitors and an unfocused marketing strategy releasing confusing new products outside its strengths.

Uploaded by

Donny
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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What are the differences between a successful and not successful marketing plan?

A successful marketing plan is one that is clearly stated and focused. It involves analyzing
the company’s current position and the business environment around them. Furthermore, a
successful marketing plan is regularly revised to adapt to the rapidly changing environment
around them and sets clear objectives and targets for the future. In contrast, an unsuccessful
marketing plan is one that sets no clear goal or does not lay out an adequate strategy to
reach the goal. Furthermore, an unsuccessful marketing plan often fails to analyze the
company’s current position and the state of its competitors. An unsuccessful marketing plan
can also be one that focuses on too many things at once which can overwhelm the business.

What are the factors that make Supreme successful?


The number one factor that contributes to Supreme’s success is the scarcity of its products
which creates demand. Demand is much higher than the supply which causes merchandise
to sell out within seconds. Because most products are limited, there is excitement around the
brand during every new release which spreads the word about Supreme. Another factor for
Supreme’s success are their collaborations with popular artists and celebrities. For example,
the video explained the Kanye effect, where many people became aware of the brand and
started buying its products after they saw Kanye wear them.

Which part of their marketing plan did you find successful?


Section 8 of the marketing plan which is marketing strategies was extremely successful.
More specifically, their pricing strategy as well as the amount of units that they supplied
allowed for them to create hype and excitement around the brand. Supreme’s customer
analysis was also very successful. Rather than targeting the average consumer, Supreme
targets resellers who then sell Supreme products for as much as 10 times the retail price.
Although Supreme does not get the proceeds of the resale, the premium prices add to the
exclusivity and popularity of the brand.

What are the factors that played a role in failure of Starbucks in Australia and in other
countries?
Australia had already been immersed in the coffee industry since the mid-1900s where the
expresso became very popular. One of the main issues was that Starbucks’ sweeter coffee
did not fit the Austrailians’ tastes. Furthermore, their pricing was usually higher than local
cafes which caused Austrailians to stick with the shops that they trust rather than trying out
Starbucks. In addition, Starbucks expanded way too quickly and did not allow time for
consumers to develop a taste for their brand and their products.

Which section of the marketing plan did contribute to their failure?


The biggest issue with their marketing plan came from section 5 which was the customer
analysis. Starbucks failed to research the popular flavours and needs of customers in
Australia and instead, just used a similar menu to what they were using in the US.
Australians found Starbucks coffee too sweet and preferred to stick with the brands they
trust. Secondly, section 8 of their marketing plan which was marketing strategies had a few
key issues. Starbucks’ pricing strategy failed as the cost of their coffee was often more
expensive than other trusted and established brands in the Australian coffee market. Their
product innovation strategy also needed improvement as there were hardly any unique
products that were tailor made to Australians.
Think about coffee chain brands in Canada including Tim Hortons, Starbucks, Second
Cup and Aroma. What makes their marketing strategy successful or not?
One of Canada’s most famous coffee brands, Tim Hortons, has been struggling lately due to
a failing marketing strategy. One of the biggest issues is with their product strategy which is
in section 8. It is clear that the quality of Tim Hortons coffee is not keeping up with the
competition such as McDonald’s and Starbucks. Competitors have been continuously
improving and refining their products while Tim Hortons has been slowly falling behind in the
past few years. Another issue is that their marketing strategy was not focused and their new
product innovations have strayed away from their strengths and what they have always been
famous for. An example of this is their plant-based burger which was removed from their
menu after just two months. Frequent product releases that were not focused on a specific
category just confused customers and resulted in a failing strategy.

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