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Analysis of the Successful Marketing Strategy of Starbucks Based on 4P Theory
- 1 Department of Psychology, Faculty of Arts & Science, University of Toronto, Ontario, M5S 1A1, Canada
* Author to whom correspondence should be addressed.
Abstract
This study presents a comprehensive review of how Starbucks transformed from a single coffee house in Seattle in 1971 to an international coffee empire. It reviews the strategic marketing campaign, targeting upscale young adults and professionals, describes how they incorporate sustainability into the Starbucks ethos and examines how Starbucks rules the global coffee market using its 4P’s strategy (Product, Price, Place, Promotion) despite challenges arising from market saturation and changing consumer tastes. It also shows that Starbucks, as a beverage company that has taken the world by storm, has established its uniqueness in social media and pop culture. And the spirit of the company and the pursuit of coffee has gone far beyond the meaning of the coffee shop itself. The recommendations for future expansion involve infusing an art of innovation and sustainability into coffee drinking on such a grander scale that will change consumer expectations and reshape social responsibility in society. The Abstract provided a synopsis of the research background, research purpose, methodology, and exploration findings, while emphasizing Starbucks' approach to strategy, and its influence in the coffee industry and corporate social responsibility.
Keywords
Marketing Strategy, Starbucks, 4P Theory
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Cite this article
Jin,Z. (2024). Analysis of the Successful Marketing Strategy of Starbucks Based on 4P Theory. Advances in Economics, Management and Political Sciences,85,18-23.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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Volume title: Proceedings of the 2nd International Conference on Management Research and Economic Development
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