The company revolutionized the coffee shop concept so that customers line up for the pleasure of paying top dollar for their favorite coffee concoction made with premium beans, fashioned into every manner of taste, and finished off just the way they like it.
Starbucks started the business by selling roasted coffee beans, and various accessories for brewing and roasting the coffee.
However, inan entrepreneur Howard Shultz joined the firm. Inspired by the Italian coffee culture, Shultz decided to replicate the culture in the United States Robbins, Discussion Starbucks Coffee Company is now among the coffee retailer giants.
The company has as many as 10, coffee shops in more than thirty countries. Starbucks aims to become the most recognized brand of coffee. In order to achieve long term growth, Starbucks is utilizing effective marketing strategies.
Currently, the company is relying on retail expansion along with the product and service innovation to achieve growth and success.
In order to implement these strategies, Starbucks has opened new stores in both existing and new markets Willmott et al, Target Markets During the initial years, the target market of Starbucks included: Affluent customers Well educated customers White Collar Patterns The age of the target market was between 25 and With the passage of time, the company realized that opportunities for growth also exist in other market segments.
Eventually, the company decided to expand its target market to include young, less-educated and low-income consumers. A large portion of coffee drinkers is found in urban areas of the United States.
It is because most of educated and working professionals live in the urban areas. With the rapid expansion, Starbucks targeted customers of every age group.
Starbucks expanded the target market to include customers of every age. The target market of Starbucks expanded to include rural communities, ethnic neighborhoods, rest stops, and others. Market Analysis The business of gourmet coffee is at its peak.
A number of players have entered into this market ranging from multinational chains to road side cafes. Specialty coffee in the United States is the fastest growing business. The credit of Starbucks' success goes to the projection of its stores. The stores of Starbucks coffee offer customers a venue where they can socialize.
This strategy increased the customer base of Starbucks. A lot of customers prefer Starbucks as a place to socialize. Starbucks has positioned itself as an upscale brand. The company has differentiated itself by providing not only coffee but a rich experience.Zacks is the leading investment research firm focusing on stock research, analysis and recommendations.
Gain free stock research access to stock picks, stock . You've got a great idea for a business. But before you manufacture that product or set up your ingenious new service, you need to do your homework. Starbucks has been very careful about its target market because for the last decade the consumption of coffee has been decreasing (Starbucks, ).
Its target market comprises of consumers with specific attributes as well as needs that the company desires.
Nadeem Walayat's Financial Markets Trading and Analysis Site. Segmentation and Target Market Essay. Segmentation and Target Market MKT/June 09, Erica Hayes Segmentation and Target Market Marriott International, Inc. was founded by J. Willard and Alice Marriott in and has been a leading hospitality company for over 80 years.
Strategic Analysis Of Starbucks Corporation 1) Introduction: Starbucks Corporation, an American company founded in in Seattle, WA, is a premier roaster, marketer and.