4Ps for the marketing plan for a coffee and coffee shop
4Ps for the marketing plan for a coffee and coffee shop is as follows:
- Product: products signify the services that are provided from a coffee shop. The coffee shop must offer a wide range of beverages to the target consumers for a more effective initiative. Essential products should be- different kinds of coffee of different flavours, different tea types of different flavours, baked goods, Frappuccino, and smoothies.
- Pricing: Pricing strategy should be set according to the financial characteristics of the target market. Market research is necessary before setting a price for each of the coffee flavour and beverages. Cost-plus pricing strategy, competitive pricing strategy and value-based pricing strategy are three significant types of pricing strategy. Initially, a company must adopt the value-based pricing strategy to assume the financial characteristics of the target market.
- Place: Place is a significant marketing factor for a coffee. The selection of place should be appropriate by the organization. For example- nearest areas of any offices, schools, colleges, airport or railway station are a suitable place for coffeeshop marketing.
- Promotion: Four significant factors that lead the development of a coffee shop are-positive word of mouth advertising, sales promotions and various public relations. The coffee shop should adopt either any of the four strategies or all the four strategies to marketize coffee and coffee shop.