Components of Marketing Plan for Starbucks

Company Analysis - Starbucks Corporation

The company analysis focuses on three topical factors or issues. These factors and issues are as follows: (a) current target markets, (b) current marketing mix strategies, and (c) the strengths and weaknesses of the Company.

For most Starbucks most consumers, coffee is not just coffee. Rather, it is a ritualistic experience or a deserved (self-perceived) reward. This target market is defined (for the most part) as young (25-to-45 years old) professional men and women, in higher income brackets with stressful lives (at work, home, or both). Most members of this target market live in the suburbs and commute to work in urban areas (Holmes, Bennett, Carlisle, & Dawson, 2002).

The Company's marketing mix strategies are discussed in relation to the Five P's of Marketing. The elements of Five P's of Marketing include product, position, price, place, and promotion (Kotler, 2002).

Starbucks is the leading retailer, roaster, and brand of specialty coffee in North America. The company has more than 9,000 retai

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t competes against all other competitors more or less equally. Peet's Coffee & Tea, Inc. In 1997, Peet's Coffee & Tea accepted the fact that Starbucks had won the coffee war. The company then developed a strategy designed to allow the company to thrive without going head-to-head against Starbucks. Peet's stated that the company was going to follow in Starbuck's wake to take advantage of the momentum in the coffee market created by Starbucks. In reality, of course, Peet's set out to create a niche for itself in a coffee market dominated by Starbucks. The Italian-style coffee products marketed by Starbucks were converting increasing numbers of American consumers into aficionados of high-quality coffee regardless of setting - coffee shop, restaurant, office, or home (Rosenbloom, 2002). Peet's sought as market niche in the evolving environment. Peet's strategy has successfully created a national brand awareness for the company's coffees. The national brand awareness applies to coffee shops (not nearly the number of coffee shops that Starbucks has), as well as to the company's coffee products sold in super markets. Peet's sells its gourmet coffees through approximately 200 gourmet food shops and premium grocery stores. Peet'
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Approximate Word count = 6304
Approximate Pages = 25 (250 words per page)

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