Unique Starbucks Marketing Strategies With 4 Marketing Ps
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Introduction
The Starbucks Corporation is an American multinational chain of Coffeehouse and Roastery reserves that is World famous for its Premium Quality coffee. Starbucks has 32,600 coffeehouse chain stores in 83 countries around the world. Starbucks offers varieties of coffee since 1971.
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Starbucks Marketing Strategies – About Starbucks
The first store of Starbucks was started in Seattle, Washington on March 30, 1971, by three partners who were students at the University of San Francisco. In 1987, the original owners of Starbucks sold the company to Howard D. Schultz, an American businessman who redesigned Starbucks and began the expansion of the company. In 1992, Starbucks Corporation filed its first Initial Public Offering (IPO) and by September 1992 the share price of Starbucks had risen by 70%. The rest is history, with the company going on to become a worldwide chain.
Starbucks Marketing Strategies – Marketing Mix of Starbucks
A company’s marketing mix is a series of actions, or techniques, that it employs to promote its brand or product in the marketplace. Price, Product, Promotion, and Place are the four Ps that make up a conventional marketing mix.
Starbucks Marketing Strategies – Product Strategy of Starbucks
The Product is the value offered by a brand to its customer.
Starbucks is a brand that is renowned for its premium quality coffee. It offers more than 1000 varieties of food items including coffee, smoothies, cookie, tea, muffins, pastries, doughnuts, fresh fruit juice, blended beverages, and much more.
A Simple Coffee cup with the Handwritten name of the customer on it is the unique product design strategy of Starbucks which is a signature favorite among customers.
Starbucks commits to the “Barista Promise “ in which they make their coffee and drinks in the way that customers desire. Customers can request to customize drinks.
Thus, the product categories in which Starbucks deals are:
- Coffee
- Tea
- Baked Goods
- Frappuccino
- Smoothies
- Starbucks Merchandise (Mugs, Instant coffee etc)
- Other food items and beverages.
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Starbucks Marketing Strategies – Price Strategy of Starbucks
The pricing of a product is a delicate decision that matters to consumers the most. The price of a product is set by keeping in mind the brand image and the demand for the product in the target market.
Starbucks adopts the Premium Pricing Strategy. The purpose behind this strategy is to cultivate a sense in the market that their product is superior to others.
Starbucks sells its products at high prices to its target audience.
The company satisfies its customers and justifies its prices by providing excellent service and ambiance at its stores.
Starbucks’ price strategy is focused on customer experience and product quality which also helps them stand out from the competition and thus becomes a status symbol for its customers.
Starbucks Marketing Strategies – Place Strategy of Starbucks
The place and distribution strategy is a component of the marketing mix that plays a vital role in the success of any business. The location where the business runs its operations is a crucial factor.
Starbucks’ place strategy has played a huge role in the success of the chain stores. It has more than 30,000 stores in around 83 countries across the globe. Starbucks offers the maximum number of their products at their stores. However, they also have the following chains of distribution for their products.
- Coffeehouses
- Retailers
- Mobile applications
Starbucks highly focuses on the design and environment of its coffeehouses where customers enjoy a premium experience. They open their stores at “it” places like Malls and Popular Markets.
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Starbucks also sells its merchandise with different brands and retailers
The company also has an e-commerce presence integrated with e-payments. Customers can easily order their coffee from the Starbucks app and pick up their order from the store.
Starbucks in India also collaborates with food delivery partners like Swiggy and Zomato. Customers can order their coffee from these apps and get easy delivery at their homes.
Starbucks Marketing Strategies – Promotion Strategy of Starbucks
The promotional mix refers to the unique blend of advertising, sales promotion, public relations, social media, and e-commerce used to promote a product. The promotion strategy is a part of the marketing mix that refers to informing, persuading, or reminding target audiences about a company’s products.
Starbucks promotes its products by the following mediums:
- Advertising
- Offline
- Online
- Social media
- Sales promotions
- Word of mouth marketing.
Starbucks promotes its products via both offline and online mediums of advertising.
It uses big banners for the promotion of its beverages and ongoing offers.
The Starbucks marketing team regularly runs different ad campaigns on online advertising media platforms like Google ads and Facebook ads.
Starbucks is highly active on various social media platforms like Instagram, Facebook, Twitter, Snapchat, etc.
The company promotes its products on each platform with very deliberately designed images and videos that easily connect with its audiences. It also provides many offers at its coffeehouses.
They also issue discount coupons in collaboration with payment apps. All of these are sales promotion incentives.
Word of mouth marketing is the strategy in which your existing customers become the biggest promoters of your brand. Starbucks’ brand image helps immensely in this regard.
By focusing on customer relationships and customer satisfaction, they have been able to successfully bank on consumers’ recommendations. The chain of recommendation from one customer to another is the strategy that boosts their sales organically.
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Starbucks Marketing Strategies – Conclusion
After taking a hard look at all 4Ps strategies of Starbucks, we conclude that the Starbucks Corporation is a successful chain of coffeehouses around the world that excels at its marketing. Starbucks has maintained its product quality and brand image efficiently over many years. It opens its stores at places that are engaging and attractive to its targeted audiences.
Starbucks maintains its unmatched presence via public relations through social media where they actively engage with their target audiences that are the best promoters of their brand. All in all, Starbucks surely has a well-rounded, all-inclusive marketing mix that still continues to be perfected.
Related FAQs
1. What is Starbucks promotion strategy?(Starbucks Marketing Strategies)
Use a Multi-Channel Promotional Strategy. Starbucks predominantly uses its website, social media channels and in-store displays to promote the brand and the products. It also uses sales promotions, events, direct marketing, print media, and PR in an integrated manner to multiply the impact of its promotions.
2. How does Starbucks use sales promotion?(Starbucks Marketing Strategies)
The company also advertises its products through television, print media, and the Internet. Sales promotions are used in Starbucks Rewards, which is a program involving freebies that customers can avail after purchasing a certain amount of the company’s products.
3. How do Starbucks attract customers?(Starbucks Marketing Strategies)
The one that Starbucks uses to attract customers who gush about their business? It’s simple: they send birthday cards to their rewards members. All they do is email or text their customers on their birthdays – and they include a free drink voucher that the customer can redeem at any Starbucks location.
4. Why do customers love Starbucks?(Starbucks Marketing Strategies)
Howard Shultz (Starbucks Founder) spent a lot of effort not only in the beverage itself but in the entire coffee buying experience. This is why Starbucks locations around the world consistently have a good atmosphere, indirect lighting, relaxing music in the background, great aromas, and friendly ‘baristas’.