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분야
docxI. Background of our Project
II. External Market Analysis
a. Customer Analysis
b. Competitor Analysis
III. Starbucks Company Analysis
a. Understanding Starbucks’ Situation
b. Starbucks original 4Ps and Marketing strategy
c. Starbucks SWOT Analysis
IV. Market Segmentation & Targeting
a. Segmentation of the coffee market
b. Targeting
V. 4P Marketing Strategy
a. Price
b. Place
c. Product
d. Promotion
Understanding Starbucks’ Situation
Starbucks is an international coffee and coffeehouse. Starbucks is the largest coffeehouse company in the world, with 17,009 stores in 50 countries. In Korea, Starbucks’ first store opened in 1999. It also dominates Korean market with a 25% market share (about 339 stores). Starbucks has become a medium for people and communities to come together and promote a better place to live in an environmentally conscious society.
Starbucks original 4Ps and Marketing strategy
Starbucks’ mission is to sell top quality and its own culture. So, what is Starbucks doing to achieve this mission? Let’s figure it out based on 4Ps. In terms of product, it offers high-quality goods. Products sold include beverages, pastries, whole coffee beans and coffee-related retail items. Also Starbucks commercializes brand image and sells it. In terms of price, it uses market-skimming pricing from the beginning. In terms of place, Starbucks has a large number of stores, all of which are owned by the company and no franchises to guarantee the quality. Also Starbucks has diverse distribution channels. For example, it supplies goods to United Airline. Finally, in terms of promotion, Starbucks’ promotion is based on its image. It also puts emphasis on indirect advertisement like PPL and the effect of spreading by word of mouth.
Above and beyond these features, there are Starbucks’ distinguishing marketing strategies. First, Starbucks maximizes market penetration. So Starbucks is expanding with speedy pace. Second, it provides a relaxing, attractive social atmosphere. Third, it creates a great working environment. Because the company believes that the investment in staff is connected to customer satisfaction. Finally, Starbucks has strong ethical values and an ethical mission statement as follows, 'Starbucks is committed to a role of environmental leadership in all facets of our business.'
Starbucks SWOT Analysis
The SWOT analysis will help emphasize exactly what Starbucks is doing right or wrong. It will provide us an insight on what the company is good at, and in what areas Starbucks could use assistance. So, Starbucks can retain its strengths and build on opportunities, while suppressing weaknesses and extinguishing threats through the SWOT analysis.
Strengths, Weaknesses, Opportunities, and Threats (SWOT) are described below:
Strengths
∙ Largest market share in industry
∙ Company operated retail stores
(No franchises)
∙ High brand equity
∙ High-quality products and services
∙ Diverse products Weaknesses
∙ Expensive price
∙ Lack of internal focus
(too much focus on expansion)
∙ Over-dependency on coffee products
∙ US based company,
focusing on the US domestic market
Opportunities
∙ Reduce the size of Instant coffee market
∙ Cooperation with other brands
(e.g. MS, HP, Pepsi, etc.)
∙ Technological advances Threats
∙ Increased competition from coffee shops
∙ Consumer trends toward more healthy ways and away from caffeine
∙ Raw material cost rising
Starbucks has Strong brand image associated with high quality coffee and excellent customer service - “The Starbucks Experience”. Starbucks is an industry market leader with a globally renowned brand as previously stated. Exactly how long Starbucks can dominate the market depends on Starbucks itself.
The problem is that its competitive advantage is shrinking. This is because Starbucks model has been copied successfully by its competitors and this becomes a serious threat to Starbucks
