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Analyzing on Luckin Coffee's Success in 2023 Based on the Marketing Mix Theory of 4Vs
- 1 School of Foreign Languages, Beijing University of Aeronautics and Astronautics, 37 Xueyuan Road, Beijing, 100191, China
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Abstract
The coffee market in China has experienced notable changes due to rapid technological progress and changing consumer preferences. Luckin Coffee has emerged as a leader in this industry. This study aims to evaluate Luckin Coffee's achievements in 2023 using the Marketing Mix Theory of 4Vs as an analytical framework. It will investigate the operational tactics and marketing initiatives that have contributed to the brand's success in China's competitive coffee industry. This paper examines Luckin Coffee's business strategy, product innovation, co-branding initiatives, and dedication to sustainability to reveal how the company has successfully managed rapid expansion while improving the customer experience and operational efficiency. This article demonstrates that Luckin Coffee's strategy emphasis on market distinctiveness, adding value, and establishing brand resonance with consumers has not only led to its impressive expansion but has also established novel benchmarks for retail innovation in the coffee sector. This paper provides a concise overview of the decisions and actions taken by Luckin Coffee in 2023 regarding their variation strategy, value strategy, and vibration strategy. It also offers pertinent recommendations to Luckin Coffee in these three areas, providing valuable insights for both scholars and professionals on how to effectively utilize technology and strategic marketing to attain sustainable growth and establish dominance in the market.
Keywords
Luckin Coffee, The Marketing Mix Theory of 4Vs, Chain Coffee Brands
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Cite this article
Zheng,D. (2024). Analyzing on Luckin Coffee's Success in 2023 Based on the Marketing Mix Theory of 4Vs. Advances in Economics, Management and Political Sciences,102,137-144.
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Volume title: Proceedings of ICEMGD 2024 Workshop: Decoupling Corporate Finance Implications of Firm Climate Action
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