Marketing is one of the most important business activities as it has a great influence on the company’s effectiveness. Marketing is used for introducing the product to the market and to the potential customers. The main goal of marketing is getting the company’s products or services recognized by the buyers, thus increasing the sales.
Starbucks has become a global coffeehouse chain due to its marketing strategy. The customer satisfaction is a must for the Starbucks coffee company. When entering the stores, customers feel that everything is being done by the company for them to enjoy their time while drinking coffee and espresso or eating fresh food.
Also, segmenting and targeting strategies played the key role in the company’s success. Starbucks has a position in a top-brand segment, as the Starbucks brand is highly respected in the market. The global company is targeting at adults aged 25 to 40, who are 49% of all customers. Young people are also a large customer group, who meet at Starbucks when hanging out or studying.
A successful marketing strategy has also helped Starbucks to compete with the local coffee shops and big coffee chains, such as Caribou Coffee and Dunkin’ Donuts. McDonald’s is also one of the main heavy-weight competitors presented by the McCafe coffee line. The successful use of the 4Ps has determined the leading position of Starbucks on the market: they are selling coffee of the highest quality; the cost is slightly higher but acceptable for the top-brand product; they come up with creative ideas of promotion, while the main company’s marketing strategy is ‘word-of-mouth’ advertising; finally, Starbucks is positioning itself as a neighborhood place for gathering as they have 19,767 stores worldwide (as of Sept., 2013).
Starbucks constantly comes up with many initiatives and ideas for new food and drinks. Making adjustments is what makes the winning marketing strategy for the company.
Thus, the marketing mix is so important for all companies. Starbucks has become one of the greatest success stories of the century due to its successful marketing strategy, which plays the key role in boosting the company’s profits.
References
Starbucks.com (2014). Starbucks Company Profile. Retrieved from http://globalassets.starbucks.com/assets/e12a69d0d51e45d58567ea9fc433ca1f.pdf
Isidro, I. (n.d.). Learning from Starbucks: 10 Lessons for Small Businesses. Retrieved from http://www.powerhomebiz.com/leadership-management/success-tips/learning-from-starbucks-10-lessons-for-small-businesses.htm
