Project Create and Present an Original New Product Launch Strategy

Part One – Written Proposal for Original New Product Launch Strategy
Author’s Name
Institutional Affiliation
Table of Content
TOC \o "1-3" \h \z \u 1. Introduction PAGEREF _Toc26632473 \h 31.1. Starbucks Corporation Profile PAGEREF _Toc26632474 \h 32. Statement of Need and Buyer Persona Profile PAGEREF _Toc26632475 \h 42.1. R&D (Research and Development) for New Product Need PAGEREF _Toc26632476 \h 42.2. Statement of Need PAGEREF _Toc26632477 \h 62.3. Buyer Persona Profile PAGEREF _Toc26632478 \h 73. Proposed Solution PAGEREF _Toc26632479 \h 83.1. 7P’s Marketing Mix PAGEREF _Toc26632480 \h 83.1.1. Products PAGEREF _Toc26632481 \h 83.1.2. Price PAGEREF _Toc26632482 \h 83.1.3. Place PAGEREF _Toc26632483 \h 83.1.4. Promotion PAGEREF _Toc26632484 \h 83.1.5. People PAGEREF _Toc26632485 \h 103.1.6. Processes PAGEREF _Toc26632486 \h 103.1.7. Physical Evidence PAGEREF _Toc26632487 \h 104. Resources Required PAGEREF _Toc26632488 \h 114.1. Arabica Organic Beans for Gourmet Coffee PAGEREF _Toc26632489 \h 114.2. Welfare Projects for Farmers PAGEREF _Toc26632490 \h 114.3. Budget Allocation to Marketing and Customer Services Department PAGEREF _Toc26632491 \h 114.4. Research and Development Activities PAGEREF _Toc26632492 \h 115. Time Frames for Completion PAGEREF _Toc26632493 \h 126. Conclusion PAGEREF _Toc26632494 \h 12References PAGEREF _Toc26632495 \h 14
Part One - Written Proposal for Original New Product Launch Strategy
1. Introduction
Organizations require innovative strategies to develop policies and procedures to launch new products and services. The competitive advantage is sustained through the introduction of new products that are compatible with the requirements of the market and customers. The market conditions have changed a lot in recent years and the rise in competition has encouraged organizations to invest financial capital for the identification of market opportunities that can be used for the development of new products. As a consultant for Starbucks Corporation, a report is developed to present a new product launch strategy. Starbucks Corporation is successful to achieve a competitive advantage in the industry of food and beverages. The new product launch strategy helps the company to sustain competitive advantage through the achievement of customers from new segments of the market. Consultant role and responsibility is to recommend a new product that is compatible with the current product portfolio of the company and it should help in the fulfillment of objectives associated with corporate social responsibility (CSR). The report further highlights the statement of need for new product and it includes buyer persona profile, a proposed solution, resources required for new project and time completion period.
1.1. Starbucks Corporation Profile
Starbucks is a multinational corporation with more than 30,000 stores in 80 countries around the globe (Starbucks, 2019). Company has a diversified product portfolio. Currently, Starbucks offers more than 30 blends and single premium coffees, handcrafted beverages and fresh food products. The handcrafted beverages include hot and iced espresso beverages, iced coffee, Teavana teas and fresh food products include salads, baked pastries and sandwi...