Marketing Plan: Starbucks

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Marketing Plan: Starbucks Revitalizing Teas

Abstract

A marketing plan for Starbucks Coffee Company for the introduction of a new line of tea to the beverage menu includes a multi faceted approach. Beginning with an organizational overview, and following with the new product description, SWOTT analysis, marketing research, segmentation, differentiation and positioning, product life cycle, the marketing mix, budget, and finally, control mechanisms, the marketing plan comes to life.

Organizational Overview

Founded in 1971, Starbucks Coffee Company’s first location was in Seattle’s Pike Place Market and after 35 years, Starbucks has grown to over 11,500 outlets worldwide serving approximately 40 million customers every week (Starbucks.com). Starbuck’s mission statement is “to establish Starbucks as the Premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow.” (Starbucks, 2005) Currently, the marketing strategy involves positioning a local Starbucks outlet as a "third place" (besides home and work) to spend time in, and the stores are designed to make this easy and comfortable (Wikipedia, 2006). It is not uncommon to see customers in stores for hours at a time. This strategy has proven very successful, but to stay ahead of the competition the Company plans to selectively pursue other opportunities to leverage the Starbucks brand through the introduction of new products.

What is Starbucks? This may seem like a funny question, but the truth is, Starbuck’s is a well-known name. Major cities across the North America have at least one Starbuck’s location. This organization understands the importance of marketing. Starbucks created a product that has in turn delivered more and caused more products and services to be created. The rapid growth and expansion of the company can be heavily attributed to organization’s use of the marketing mix.

Kotler and Keller in Marketing Management’s twelfth edition



References: Armstrong, Gary and Kotler, Phillip, 2005. Marketing: An Introduction, 7th Edition, Prentice-Hall, 2005 retrieved on September 12, 2006 from University of Phoenix website https://ecampus.phoenix.edu/secure/resource/resource.asp Bizjournals.com, (2003) Decision Analysis, Inc., (2006). Retrieved on September 1, 2006, from: http://www.decisionanalyst.com/services/MarketSegmentation.asp Encarta (2006) Kim, Nancy J. (1998, April 3). Starbucks rolls into Western supermarkets. Puget Sound Business Journal (Seattle) The Manager.org, (2006). Retrieved on September 1, 2006 from: http://www.themanager.org/Marketing/Segmentation.htm Marketing Teacher, Inc Starbucks, (2005). Continuing Your Learning Journey: Barista 201, Starbucks Coffee Company, 2005 Starbucks, (2006) Retrieved on September 1, 2006 from: http://www.starbucks.com/aboutus/Annual_Report_2005_part2.pdf#search= 'starbucks%20annual%20statement. Starbucks. Retrieved September 7, 2006 from Starbucks Website: www.starbucks.com (Wikipedia, 2006.) Retrieved on August 22, 2006 from: http://en.wikipedia.org/wiki/Starbucks Williams, F. (2005). Pricing Strategy – Is there a magic formula that works? Retrieved September 6, 2006 from Global Marketing, Inc

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