Ch. 2 Strategic Planning for Competitive Advantage
Starbucks follows a societal marketing orientated marketing philosophy. The company is not only concerned about their costumers wants and needs, but also about the community and environment as a whole. With Starbucks "Shared Planet" and diverse charity work they are being one of the leader among "social" companies.
"Relationship Marketing" is one of Starbucks other strategies that drove the coffee company to success. By following through the "Our partners" section in the mission statement Starbucks has been able to retain close to 50% of their customers.
Additionally, the company covers all four options of the "Ansoff's Strategic Opportunity Matrix", which are: Marketing Penetration,Product Development, Market Development and Diversification.
Starbucks just introduced " Starbucks VIA Ready Brew" (instant coffee) in one of the first six additional Asia Pacific markets in Singapore on September 5TH ( Product Development). The company is planning on introducing the instant coffee to the stores in South Korea, Indonesia, Malaysia, Thailand and Australia by the end of September. Ready Brew is supposed to support the expansion of the relevance of the brand beyond their stores by making it possible to enjoy a cup of Starbucks high quality coffee anywhere at any time.
Ch. 8 Segmenting and Targeting Markets
After the class where we discuss chapter 8, I notice that the last paragraph that I posted is incorrect.
Starbucks has one target market that includes everyone. As already mentioned in the blog post, the coffee giant's primarily focus is to target men and women in their forties with children who are categorized as gourmet coffee drinkers; therefore, the relatively high prices etc..But since Starbucks has such a strong appearance and unique store experience, the coffee company ended up attracting to almost everybody. When Starbucks noticed that a high diversity of customer visit their stores, the company constantly has come out with new products that are pretty " general "; in other words, which appeal to a diversity of people. Sometimes, Starbucks also introduces more than one new drink at the same time which are slightly modified in order to appeal to a broad group of people.
