Marketing Plan, Financial and Marketing Metrics For Starbucks Coffee-oriented Theme Hotel

Marketing and Financial Project
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* Marketing Goals
Understanding the importance of Marketing Goals is essential for the success of a new business endeavor. It allows them to develop an appropriate marketing plan that would take advantage of the strengths and opportunities of a product while also preparing for any challenges that may arise along the way. Accordingly, this article aims to establish a new Starbucks Hotel with a Coffee-oriented theme in this project.
* Brand Awareness
Ї The Starbucks Brand
The Starbucks brand is one of the most well-known brands in the world. It has branches in almost every major city and urban area worldwide, which significantly increases its logo's foot traffic and visibility to millions of consumers every. Accordingly, the company's brand is not merely known because of its everyday visibility and access, but even because of its place as a cultural symbol. Starbucks has been featured in many movies like Fight Club, The Devil Wears Prada, and You have Got Mail, to name a few CITATION IMD211 \l 1033 (IMDB.com, 2021). In fact, all of these movies have garnered millions of views worldwide, which helped in establishing the renowned coffee brand its place as an international cultural symbol.
Ї The Starbucks Hotel
While the Starbucks brand is widely renowned throughout the world, the new project that is sought to be established for this project requires an entirely different approach compared to the usual coffee shops and other establishments that Starbucks has. Thus, the main goal of this approach is to increase the regular customers' awareness of the new hotel services offered in China to springboard its launch.
Ї Promotional Objective
In order to reach the goal of increasing brand awareness for the new service, the promotional objective that the authors have sought to establish is to achieve around ten (10) million viewers and interactions for the new promotional campaign within one (1) month from its release in the Starbuck's pages and social media platforms. This includes its release on Facebook, Youtube, Twitter, and other social media sites that Starbucks owns.
While this objective might seem to be high, the author believes that this number of viewership could be easily achieved based on the currently existing followers of the company. Today, the company has more than 35 million followers on Facebook alone, which suggests that having sufficient viewership to reach this goal is feasible and practicable CITATION Fac211 \l 1033 (Facebook.com, 2021). Accordingly, this does not even include other social media platforms that the company has, which significantly increases the chances of reaching this SMART goal in a shorter period of time.
Ї Profitability
In order to improve profitability, the authors are aiming to focus on the development of viral and word-of-mouth marketing. As compared to targeted campaigns, these kinds of marketing are very effective and cost-friendly considering that the potential clients are reached through organic growth, such as sharing in one's social media page, telling others in a regular conversation, or even actively asking others to try the service, among others. In other ...