Starbucks Product Life Cycle
The product life cycle is very important to Starbucks when bringing out new products. During the market introduction there are several things that must be done but the first and one of the most important it to let everyone know about your product. Promotion should be focused on this seasonal product the candy corn flavored coffee and mug. Starbucks must offer informative promotion to let get their customers know about the product and what it contains. During this stage much of the money that will be spent by Starbucks will be on product, place, and promotion. During this stage, the sales are down because at this point no one is familiar with the product (Perreault, Cannon & McCarthy, 2011). During the market growth Starbucks will start to make profit. Just as Starbucks will start to see their sales increase they will more than likely start to see competition with similar products. Competitors such as McDonalds and Dunkin Donuts will start to emerge with similar drinks and will try to improve Starbucks’ product and probably with cheaper prices.
At the market maturity stage the competition for Starbucks will grow and the sales for will start to decline. Persuasive promotion will be used to attract customers to buy Starbucks coffee and to show why their candy corn flavored coffee is better than the ones offered through other competitors. At this stage Starbucks will probably invest a great sum of money in promotion (Perreault, Cannon & McCarthy, 2011). The final stage for the candy corn flavored coffee is the sales decline. New products such as Christmas featured drinks will replace what will then be the old candy corn flavored coffee drink. Starbucks will have an advantage over its competitors until the product end because of its loyal customers. The product life for the candy corn flavored coffee and mug will be fast since the drink will be available from late September to early November (Perreault, Cannon & McCarthy, 2011). References
Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2011). Basic marketing: A marketing strategy planning approach (18th ed.). New York, NY: McGraw-Hill Irwin.