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Essay / Marketing companies must identify, anticipate and...
In the world of marketing, before launching a product in the market, a company carries out research in all areas to investigate the targeted audience. Once the market research is completed, marketing or advertising is done so that the targeted consumers can purchase and the company receives a profit on the sales. Marketing is the management process responsible for identifying, anticipating and profitably satisfying customer requirements (Chartered Institute of Marketing, 2009). Marketing strategies must respond to consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their mission objectives. Strategies such as segmentation, targeting, and market positioning are used to analyze the company's brand to satisfy and improve consumer needs. To keep Starbucks stable, the company uses effective marketing strategies (Larson, 2008). For example, the use of retail expansion as well as product and service innovation to enable long-term growth (Willmott, 2010). In this essay, I will attempt to analyze Starbucks' segmentation, targeting and positioning strategy for its brand and products and how it follows the 4Ps; Product, location, promotion and price. First, I'll look at Starbuck's segmentation method. Segmentation is the process of discovering a group of people with similar characteristics and needs. Starbucks uses demographic segmentation (markets by age, gender, income) as well as geographic segmentation (markets by region of a country, market size) and psychographic segmentation, which can be linked to demographics. Starbucks has tried to differentiate itself from its competitors in terms of quality, price, time and space (Peng-Cheng, ...... middle of paper ...... advertising as a form of promotion because it is not effective due to the fact that public relations and brand recognition allowed the company to achieve its goal (Kolter et al, 2004 Even though Starbucks' prices are high, consumers). are always willing to buy more coffee because Starbucks has created a glamorous image of the store Providing quality services and products sufficiently justifies the much higher prices compared to other competitors Finally, to live up to the. reputation of its brand, Starbucks offers good quality and variety of products to enable consumer satisfaction how to successfully apply its marketing strategies in the coffee market by introducing new flavors in its coffee products enables the. company to attract new potential customers and continue its successful growth in the retail/coffee market.