TM603- Strategic Management, ID: 21702912
The branding used for Taylors of Harrogate branding could be described as sophisticated ad high quality, which reflects the excellence of the product. It could also be said that the packaging used shows craftsmanship and creativity which is something the company values highly. One product that they brand and market effectively is Yorkshire tea. According to Statista in 2020, any kind of Yorkshire Tea was in the top 3 teas for UK tea drinkers (Statista, 2020). Yorkshire Tea can be recognised by the orange banner sitting across a picturesque background of the Yorkshire Dales. Next to this text box is a link to a Yorkshire Tea advert to give an overview of some of their values and their brand. This advert displays the slogan the whole way through, making a point that everything is done "proper". It also shows the values and ethics of Taylors of Harrogate by being environmentally conscious with an overlying family feeling to it showing transparency. The imagery of that same warm orange colour and the background, similar to the one on the box. All of these factors show the audience that this is 100% Yorkshire Tea by Taylors of Harrogate.
This company offers many products. The product diversity is one thing that stands out about this company. Taylors of Harrogate offers various types of tea and coffee, and Bettys sell these as well as confectioneries, keepsakes and a unique experience that is not offered by many other brands. One perfect example, again, is Yorkshire tea. This comes in several different products: a box, a bulk bag, loose leaf, speciality brews and takeaway cups (Yorkshire Tea, 2022).
One fact that has been made apparent from the values of this company is that they care greatly for others. This however could be taken as a weakness by suppliers and competitors. Although there is something unique about caring for others as a large company, they may not be taken seriously which could affect trade in the future. Suppliers and other companies may take advantage pf this for their own benefit. which may diminish stock, reduce profits and leave them with a tarnished reputation.
One major opportunity that Taylors of Harrogate could encounter as a new venture is international trade. According to World Population Review, the United States is the largest consumer of coffee in 2022 so far. After that are European countries such as Germany, France and Italy (World Population Review, 2022). International trade could allow for their market to grow substantially and allow their reputation to grow.
A global issue which could affect expansion or continuation of this business is economy. Due so socio-political issues across the globe and Coronavirus, prices of necessities are increasing meaning that there is less disposable income to spend on luxuries such as teas, coffees and confectionaries. Since the end of 2021, UK GDP (Gross Domestic Product) has decreased by 0.1% already since March of 2022 (McAuley, 2022). Although this is higher than pre-pandemic levels, energy prices have increased by almost 52% through April of 2022 (Stuart and Bolton, 2022).
There are many competitors in the market for this company such as Lavazza, Costa, Starbucks, Twining’s and PG. The products offered by these competitors are very similar to what Taylors of Harrogate sell. This becomes more apparent each day as more artisan small business coffee roasters and tea specialists enter the market.