The Marketing Analysis of Starbucks

Topics: Marketing, Marketing research, Marketing management Pages: 20 (7051 words) Published: July 26, 2011
The term marketing has evolved with time and today marketing revolves around providing continuous benefits to customers. Through these benefits the exchange of transactions takes place and the companies fulfil their goals and objectives. (Philip kotler)2. There is no one definition of marketing and as a function it adapts itself to the needs of organization. (Janny C. Hoekstra, 1992)1. The Chartered Institute of Marketing define marketing as 'The management process responsible for identifying, anticipating and satisfying customer requirements profitably' If we look at this definition it says that marketing is a management responsibility which requires coordination, planning, implementation of campaigns and a competent manager(s) with the appropriate skills to ensure success. According to Philip Kotler marketing is defined as “satisfying needs and wants through an exchange process” This exchange process will only be beneficial if the consumers pay high value for it that is money. In order to get a higher value on the transactions marketers need to provide consumers with the best of what the demand and desire. The marketing concepts aid marketers in identifying the needs and wants of the consumers. The fundamental idea behind the marketing concept is to focus on consumers. There are four basic parts of the marketing concept: (Principles of marketing, 2006)3 Firstly to understand and satisfy the customer needs in the targeted segment. Secondly, having proper organizational goals and focus their strategies in achieving those goals along with customer satisfaction. Third and the most critical part is when organizations have to execute their marketing strategies. This is critical because if the strategies are not executed in an effective or efficient way, the entire concept will fail. For example, if a product is marketed as being on sale (50% off) but is not available in most of the stores, the distribution failure will result in the marketing concept failing. Lastly, customer satisfaction should be to an extent that it outperforms the competition in that market. The marketing process has seven steps that need to be addressed when developing a marketing plan or strategy. (Principles of marketing, 2008)4 First of all is the understanding of the market or consumers. The product or service should specifically be according to their needs and demands. Second is segmenting the market and identifying the target customers. Once the market is segmented, than the customers’ needs in that market should be properly looked into and identified. After that a specific product according to their needs, should be designed. Communicating the concept of the product and service to the target customers is the next step. Once the communication is done then the product or service is to be delivered to the target customers and lastly, a feedback for the improvement of the product is to be taken from the targeted consumers. This process is applicable to most situations encountered by those wanting to market a product or service.

Marketing orientation:
Marketing orientation is when companies or businesses put customers first. Slater and Narver (1995)5 suggested that ‘‘market orientation is the culture that (1) places the highest priority on the profitable creation and maintenance of superior customer value, while considering the interest of other key stakeholders; (2) provides norms for behaviour regarding the organizational development and responsiveness to market information”. A market- oriented company is always focuses on customers’ needs. So, the relationship between market oriented company and customers’ will become closer and it is easier for the company to get the information from the customers (Jobber David 2007)6. Basically, the goal for a market-oriented company is to earn profit from the consumers’ satisfaction. They will achieve their goal by coordinated marketing and inter functional activities (Lamb, Hair & McDaniel...
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