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The Most Influential Women To Watch In 2022

Published by The Enterprise World, 2022-12-27 10:49:44

Description: Featuring for The Enterprise World’s this issue of The Most Influential Women to Watch in 2022 are the stories of such successful businesses that have made it through every odd storm and made it to the top.

Keywords: The Enterprise World , Business ,Articles ,Blogs , Magazine

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Starbucks Corporation, based in Seattle, Washington, is an American global coffeehouse and roastery business. As of early 2020, the firm has over 30,000 outlets in 70 countries across the world. This blog is a comprehensive examination of Starbucks’ marketing techniques, including their target market, social media strategy, marketing mix, digital marketing presence, campaigns, and marketing activities throughout the ongoing pandemic. About Starbucks In the 1980s, all-out espresso offerings in the United States were on the decline. Strength espresso, on the other hand, grew in popularity and accounted for 10% of the market in 1989, compared to only 3% in 1983. By 1986, the group had six locations in Seattle and had only recently begun selling coffee. By 1989, Starbucks had 46 locations across the Northwest and Midwest, and each year it brewed more than 2,000,000 pounds (907,185 kg) of coffee. Starbucks had 140 locations with $73.5 million in revenue at the time of its first public offering (IPO) on the stock exchange in June 1992, up from $1.3 million in 1987. At this stage, the organization’s fair market value was judged to be $271 million. The sale of a 12% stake in the company earned roughly $25 million for the company, resulting in a two-fold increase in the number of outlets over the next two years. Starbucks’ offer cost had risen by 70% to more than double times the income per component of the previous year by September 1992. In July 2013, over 10% of in-store purchases were made via the Starbucks app on customers’ phones. Starbucks is ranked 132nd on the Fortune 500 list of the largest companies in the United States by revenue as of 2018. Starbucks said in July 2019 that their “monetary second-quarter total compensation of $1.37 billion, or $1.12 per share, up from $852.5 million, or 61 cents for each offer, a year earlier.” In the middle of 2019, the organization’s fair assessed worth of $110.2 billion increased by 41%. In the third quarter, earnings per share were 78 pennies, significantly more than the forecasted 72 cents. Starbucks, as the world’s largest coffeehouse chain, is often regarded as the face of America’s second wave of coffee culture. Starbucks coffee houses serve: Ÿ Hot and cold drinks Ÿ Evolution Fresh juices Ÿ Whole-bean coffee Ÿ Caffe lattes Ÿ Microground instant coffee known as VIA Ÿ Frappuccino beverages Ÿ Espresso www.theenterpriseworld.com | 51

Ÿ Full- and loose-leaf teas including Teavana tea products other high-end clientele between the ages of 22 and 50. People who live fast-paced lives desire delicious coffee and Ÿ Snacks including items such as chips and crackers a quiet place to unwind after a long day. Starbucks provides all of these benefits in one convenient location. Starbucks’ Ÿ La Boulange pastries target demographic comprises both male and female consumers, with the majority of these customers falling And also, some offerings that are seasonal or specific to the within the 25-45 age bracket. Those who are mostly urban, locality of the store. health-conscious, and class-conscious consumers. Starbucks in India The target audience that Starbucks usually looks for are: Starbucks was interested in entering the Indian market in Ÿ Urban-ish, on the go the 2010s. By focusing on the specific upper-class demographic in India, the firm hoped to profit from the Ÿ High-income spenders development of coffee culture. Ÿ Reaching Beyond the storefront Starbucks Corporation and Tata Coffee announced plans to launch Starbucks stores in India in January 2011. Despite a Ÿ Health-conscious professionals phony start in 2007, Starbucks said in January 2012 that it will form a 50:50 joint venture with Tata Global Beverages Ÿ Technology early adopters named Tata Starbucks Ltd., which would own and operate shops labelled “Starbucks, A Tata Alliance”. In 2007, Ÿ Flexible to change Starbucks attempted to enter the Indian market. It did not, however, offer a rationale for the cancellation. Starbucks The Marketing Strategies of Starbucks launched its first store in a long time on October 19, 2012, a 4,500-square-foot location at Horniman Circle, Mumbai. In Starbucks’ first marketing strategy in India was to segregate 2013, Starbucks launched its first cooking and wrapping customer segments based on socioeconomic status. factory in Coorg, Karnataka, in order to service the Working professionals and their demand for a relaxing company’s customers. environment are the focus of this project. Starbucks additionally separates its market based on geography and Tata in 2017-18, Starbucks added 25 locations, and in 2018- demographics by establishing locations that cater to the 19, it plans to open 30. From June 2020, according to CEO aforementioned target clientele. Most businesses start out in Navin Gurnaney, Tata Starbucks will utilize solely a new market by focusing on a particular section and then biodegradable and recyclable wrapping materials across its expand into other categories if they succeed. Starbucks entire shop network. On August 7, 2019, Starbucks followed suit, expanding its product line and social media announced its arrival in Gujarat. The next day, the group marketing presence to target teens and young adults as well. launched five outlets in Surat and Ahmedabad. The state's largest Starbucks location is in Prahlad Nagar, Ahmedabad, and it provides more vegan options than other Indian locations. In the 2019-20 fiscal year, Navin stated that the company will open more than 30 outlets, 11 of which have been opened. Following the successful launch of their brand, the next critical stage in guaranteeing their long-term viability was to pinpoint their target demographic. The Target Market of Starbucks Starbucks is a high-end coffee company with a clientele that is predominantly from the upper-middle and upper classes. The brand is aimed at customers who desire a relaxing environment to consume coffee and unwind. These are primarily higher-wage professionals, company owners, or 52 | October 2022

Ÿ This marketing mix has helped Starbucks to develop a Pumpkin Spiced Latte and Frappuccino, where they share unique market position for its products which has pertinent and relatable memes with their devoted fans. thereby differentiated the brand’s overall experience and User-generated content (UGC) plays a role here as well. has positioned itself as a highly reputed brand. This Consumer photographs of more Instagrammable items, like marketing mix strategy to target the modern and tech- the Unicorn Frappuccino, are frequently chosen to be re- savvy generation has thus helped in the growth of the shared via official channels and utilized in influencer use of digital technology as well as social media for marketing. promotions and customer engagement. Starbucks Corporate Social Responsibility-Based Campaign The Rapid Digital Expansion Starbucks positions itself as open-minded and inclusive by Amongst the several key priorities of Starbucks, expanding using social change as a marketing strategy. The the brand’s digital reach to interact with its customers is of #ExtraShotOfPride campaign, which promotes the LGBT+ utmost importance. In order to keep up with the customers, community, is one example. it is implementing new ways to attract digitally registered customers beyond Starbucks’ rewards program. For Community-Based Campaigns: Starbucks’ digital approach instance, the coffee chain is offering mobile order services also places a premium on spotlighting individuals and and leveraging Wi-Fi sign-ins at its brick-and-mortar stores. communities. Consider the #RedCupArt campaign, which not only boosts interaction but also creates a library of user- Starbucks Social Media Strategy: Several people are aware generated material. They localize the information by using and familiar with the social media pages of Starbucks. The narrative to demonstrate examples of bravery and charity in company’s social media pages stand out amongst the rest American neighborhoods. Starbucks makes a conscious because of their distinctive branding, interactive posts, and attempt to humanize the firm by publishing tales on their visually pleasing content. It also has a diverse range of Instagram account that emphasize the employees that play content includes recipes, photography, articles, and an important role, particularly when it comes to customer features; however, this stream can be broken down into a service. This sense of belonging also makes online coffee sequence of campaigns pitched at creating a better sense of content sociable, just like they did when they effectively brand awareness and community. founded contemporary coffeehouse culture. Starbucks Product-based Marketing Campaigns: Starbucks Festive Marketing: Starbucks has also launched a new promotes one-of-a-kind and fan-favorite drinks. The brand seasonal whole-bean coffee, the #StarbucksDiwaliBlend, is well aware of how popular their flagship goods are, but for customers in the United States and certain international more significantly, they are also aware that their target markets. Hand-picked and obtained from Tata Estates in audience is hungry for this type of material. They've also Karnataka and Tamil Nadu, the current exquisite mix is a built social pages for their most popular drinks, like must-try. Starbucks Diwali Blend pays homage to the region’s rich coffee legacy and skill. It created the #SketchTheBlend promotion, in which consumers could win 5 free drinks by sharing their creativity on the Diwali Blend cup and sleeve. Let’s dive deeper and analyze their overall digital presence. Digital Marketing Presence of Starbucks Starbucks recognizes that its customers are digitally savvy, making a solid digital marketing plan essential. Starbucks clearly favors marketing on platforms that allow for two- way contact over channels that only allow for one-way communication, such as print and television. Instagram – 248K+ followers Facebook – 1.1M+ likes www.theenterpriseworld.com | 53

Twitter – 161K+ followers Rs.550 per bottle. Starbucks announced the #StarbucksDance challenge to advertise the drink, asking Starbucks updates its social media accounts on a regular consumers to film a dance video with the drink and post it basis and creates challenges and games to engage customers to their personal accounts. They guaranteed the winner a and grow its fan base. year of free Starbucks. The content and engagement are consistent across all Strategic Alliances to Enhance the Experience and Reach platforms, and the company believes in providing an experience rather than merely a route for marketing. Signature Merchandise Launch with Flipkart: The Marketing Strategy During Covid-19 The epidemic changed people’s shopping habits and pushed them to buy locally produced goods rather than We’ve all seen how quickly the Covid-19 outbreak spread imported or foreign-made goods. Starbucks took advantage over the world. Overnight, every business in the world was of this transition by teaming up with Flipkart to sell impacted. And they had to figure out how to stay afloat in Starbucks Signature Merchandise on the online these uncharted waters. The epidemic had a significant marketplace. Custom mugs, tumblers, cold cups, and other influence on the Indian market, but Starbucks was items were available. Customers will be able to order continually improving to lessen the economic impact. These coffee-making equipment from the convenience of their were the actions performed by the coffee behemoth during own homes in the near future. Starbucks only had a the epidemic, demonstrating why it is the most valuable: presence in 12 cities; thus, this was a calculated effort to reach out to customers in their homes across India during The Expansion of Starbucks the epidemic, taking advantage of the country’s growing reliance on E-Commerce. CEO Navin Gurnaney indicated that they will open drive- thrus to encourage people to interact with them, as well as Stand-up Comedy Festival: home deliveries to keep in touch with clients during the epidemic. The first drive-thru was at Ambala Chandigarh Starbucks has launched the #StarbucksComedyFestival, Expressway in Zirakpur. The company has launched its app which will give select fortunate customers a free ticket to as well—Starbucks India App so that customers can easily the comic festival. On the customer’s invoice, the fortunate navigate and purchase their offerings. codes would be present. Customers would be excited to shop m now that they have a prominent line-up of Starbucks Social Media Campaigns presenters including Sapan Verma, Azeem Banatwalla, and Rahul Subramanian. #ReconnectWithStarbucks campaign: Conclusion Starbucks’ social media campaign was launched in two stages. Customers were urged to submit their means of In summary, Starbucks is the market leader because of its reconnecting despite the epidemic and their favorite dominant worldwide presence and leadership. Because of Starbucks memory on their personal Instagram accounts its intimate ambiance, inviting environment, and unrivaled with the hashtag #ReconnectWithStarbucks in the first service, a customer's experience at a Starbucks store is phase. They encouraged their consumers to remark on their undoubtedly unlike any other coffee shop. Their favorite beverage on the post in the second phase, “Half welcoming “perfect coffee shop atmosphere” should be a Cup Full.” They then sent these consumers audio memos long-term competitive advantage. Starbucks’ retail outlets with their favorite beverage and baristas yelling their names and on-site collaborations have earned higher response to remind them of the famed in-store experience. This was rates, putting them in front of the pack in the mature an excellent advertisement since it not only reminded business. As a result of its all-encompassing marketing consumers of their fond recollections of Starbucks, but it approach, Starbucks enjoys a strong market position. also made them feel good about themselves. #StarbucksAtHome and #StarbucksDance: Starbucks has launched a 1 liter of freshly brewed drinks that can be ordered through Swiggy and Zomato for takeout or delivery. Seven flavors were introduced, each costing 54 | October 2022

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