Marketing Companies Must Identify, Anticipate, and Satisfy Consumers with Product, Placement, Promotion, and Price

854 Words4 Pages
In the marketing world, before releasing a product onto the market a company would carry out research in all spectrums to investigate the targeted audience. Once market research is completed, marketing or advertising is carried out so that the targeted consumers can purchase and the company receives an earned profit from sales. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing, 2009). Marketing strategies need to tick off consumer needs and demand. Companies follow a set of marketing strategies to be able to achieve their set mission goals. Strategies like segmentation, targeting and positioning of the market is used to analyse the…show more content…
Starbucks provide a large in store seating with free wi fi and a take-out service which only a few retail shops offer. The main target customers for Starbucks are office workers, with enough income, whom are able to afford the high prices of their products (Gaudio, 2003). The company has worked hard to establish itself as the brand leader with its branding as the most frequently drank coffee and noticeable brand logo. Introduction of promotions like the Starbucks Card, allows a more convenient way for a person to
pay for
your
drinks
and
earn
rewards
for
your purchase (Starbucks Coffee Company, 2011).
Furthermore, in‐store
promotions
accompanied
by
new
products and
amenities like free internet use are all strategies that Starbucks use to maintain their position in the market (Vasudha, 2011).
A target market, according to Kotler and Armstrong (2004), consists of a set of buyers who share common needs or characteristics that the company decides to serve. The decision for Starbucks to decide what their target is, depends on the market forces, competitive, political, environmental and social factors (Jobber and Ellis-Chadwick, 1995). Starbucks is very careful of every step they make in their coffee production by analysing influences that could affect the process; for example the price of coffee beans (bargaining power) and barriers to entry in to the market. So far these processes haven’t affected Starbucks entirely because there are not any real

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