The company contributes GAP 300 million in the British economy and employs over thousands of people in UK alone. The range of its products does not include the coffee alone but also includes other beverages and snacks to nibble on. Its mission is ‘to nurture the human spirit – one person, one cup and one neighborhood at a time. ” It to only provides the products but an experience in its stores where the customers enjoy their cup of coffee in a relatively different atmosphere. (Struck, 2014) 2. Internal and External Stakeholders Stakeholders represent those individuals or group of individuals who are directly or indirectly influenced by the operations of the organization. Such people are said to have vested interest in the success of the organization and are influenced by its achievements. (Friedman & Miles, 2006) They can be divided into two categories: internal and external. Internal stakeholders are he ones that are directly and financially associated with the company’s projects.
Such stakeholders may include, and is not limited to, donors, project owners, employees, customers, financial creditors, etc. They are formally associated with the project. External stakeholders on the other hand are the ones which do not have vested interest in the operations of the company but they can get affected by its operations and thus have stake with respect to company’s operations. Such stakeholders include Nags, local bodies, wholesalers, social organizations, media or nearby residents, etc.
PRODUCE AN INNOVATIVE IDEA AND DEVELOP RATIONALE BEHIND THE IDEA The idea with regards to company is to introduce coffee powder with different labels such as “Struck Morning Fresh”, “Struck Evening Special”, “Struck Light Delight” and “Struck 24/7”. The significance of coffee consumption in UK cannot be denied. In 201 3 alone the British consumer spent GAP 730 million on coffee consumption and each person consumes about egg of coffee annually. 1 Therefore, the market is huge. The reason behind introducing coffee with different names such as Morning Fresh, Evening
Special, etc is to attract customers with regards to the time they like to have their coffee (because 57% of coffee is drunk at breakfast; 34% between meals and at other meals)2 and introduce coffee powder so that they can make it at their own from the convenience of being at home. Therefore, those who drink coffee at breakfast time I. E. 57% they don’t just grab it on the move, most Of them have their coffee at home. So these customers can be attracted towards enjoying the same taste at the convenience of drinking coffee in their home at breakfast.
HOW TO COMMUNICATE THE IDEA TO STAKEHOLDERS In order to communicate the idea to the customers and attract them towards the product, fierce marketing campaign need be launched. Elements of marketing mix may be utilized to determine the right approach in this regard. The tool represents four elements such as product, price, promotion and place which helps the marketer in marketing the product (McCarthy, 1964). In the current scenario the product is the coffee powder offered to customers so that they can enjoy company’s product at home.
Price represents the mount of money the customer pays for the product (Needled, 1996). In this regard, it is essential that the company establishes the cost leadership strategy and offers product on the basis of affordability criteria so that market share can be gained easily. Promotion represents the tool used to communicate the message/service/product of the company to the customers. It may include advertisements, sponsors, sales promotions, etc (Needled, 1996). The company can utilize social media to attract larger audience and also launch a television and radio advertisement campaign.