Task 4:3 Application
Starbucks is an international coffee company which is known for its superior coffee quality. However its success is not only a result of the superior quality. Starbucks have employed four key marketing strategies which are the focus of our attention. The company is known to target the high end of the market with their prices being higher than competitors but not out of reach for office workers. The company has also used the branding strategy which is one of its most effective tool as the Starbucks brand is known all over the world for its superior quality. This has been achieved by continuous research and development of new brands of coffee and use of high quality coffee beans.
The third strategy that the company has used to perfection is the targeting and positioning strategy. The company has specifically targets the working class and the high end market which is the reason why it has put little emphasis on the price and most emphasis on the quality of product, list of products and the environment in which to enjoy its coffee. Finally one of the most effective tools that the company is known for is the word by mouth marketing. The company has invested very little on common marketing approaches such as billboards but it invests a lot in its customers by recognizing their importance and welcoming their feedback which leads to satisfaction and as a result word of mouth marketing.
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