A review of the marketing strategy of an organization and Its effectiveness. Part 1 Project Objectives and overall Research Approach 1. 1 Project Topic My topic selection for this project Is Topic 18: A review of the marketing strategy of Cutbacks and its effectiveness. The reason for choosing this topic was because of my deep interest in marketing and also to understand the different ways as to how a company can market their products successfully.
I would like to also further analyze as to how the usage of social media such as Backbone and Instating, can actually alp enhance the branding of the company and at the same time, market their products. Moreover, through the extensive research and study of marketing, I hope to be able to understand the different types of marketing models that can be used in marketing a product and also, to understand the different types of marketing strategies that were used to run and later, expand a cafe business. As a student of CA of UP, I hope this project will help me understanding business models and also help me excel in UP. . 2 Organization Selection The organization that I have chosen Is Cutbacks. The reason for choosing Cutbacks cause I have always love their coffee and I love hanging out with my friends in the cafe. As Cutbacks have many outlets here, It is very accessible in many parts of Singapore. This Is because Cutbacks Is a popular cafe which Is known all over the world. They have more than 15,000 stores in 50 countries. In Singapore alone, they have 100 outlets which they started out from 1994 till date. It is a very popular cafe hangout place among the students and working adults. Reasonably, It would be an ideal company to do my research especially when I have interest in setting up a cafe store someday. 1. 3 Aims & objectives This report aims to review Cutbacks marketing strategy and its effectiveness which is focusing on how Cutbacks expand their businesses in Singapore through product differentiation and whether they have meet their mission as a favorite go-to cafe among the rest of the coffee houses in Singapore such as Coffee Bean and Tea Leaf. 1. 4 Research Questions 1) What Cutbacks SOOT? ) How Cutbacks expands their business growth further by introducing new product differentiation in the market which Is hugely promoted through the use of social media? 3) Does introducing new product contribute to the successful placement of Cutbacks as a premium brand that leads to capturing more market shares in Singapore ? 4) Is their marketing strategy effective? 5) What are the favorable factors Cutbacks have over their competitors (Coffee Bean & Tea Leaf) and what are the unfavorable factors that needs to be mitigated. 1. Research Approach 1) Cutbacks Mission and Vision in the Food and Beverage industry in providing the local consumers with quality coffee which enhances their taste buds through its aroma and taste. This is fuelled through various marketing schemes used by Cutbacks either via prints or through usage of social media. ) Cutbacks Marketing Mix 3) Cutbacks Internal and external factors Traditional Marketing-The 4 As of Marketing: The marketing mix or what is commonly known as the 4 As is a framework for marketers to implement a marketing concept.
It consists of a set of major decision areas that a company needs to manage in order to at least satisfy consumer needs. According to Kettle et al. (1999), the mix is a set of ‘controllable tactical marketing tools that the firm blends to produce the response it wants in the target market’ (p. 8). Hence, in an effective marketing program, all of those elements are mixed’ to successfully achieve the company’s marketing objectives. The traditional marketing mix contains four major elements, the ‘4 As of marketing’. As defined by Kettle et al. 1999): 1 . Product: Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. In includes physical objects, services, persons, places, organizations and ideas. 2. Price: The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service. 3. Promotion: Activities that communicate the product or service and its merits to target customers with a view to persuading them to buy. . Place: All the company’s activities that make the product or service available to target customers. With the rapid changes surrounding organizations, the traditional marketing mix of the 4 As has been criticized for being too myopic in this current market situation. The traditional marketing mix has also been disparaged for being too product-focused and for taking an overly inward-looking strategy with regards to the organization’s resources and capabilities in production matters.
This is antithetical to attending to the more important organizational goal of satisfying the desired needs and wants of customers. In addition, the Web and E-commerce revolution has played a major role in alleviating customers’ ability to shape their relationships with the company. This has led customers to expect companies to market their products and services in ways that reflect more directly their individual needs. These changes have prompted enterprises that wish to stay ahead of their competitors to shift their traditional marketing approach to customer-targeted marketing.