Through the course of the marketing plan assignments, my team and I have gained invaluable knowledge in Starbucks’ marketing operations. Furthermore, these marketing tools are not only applicable in the context of Starbucks, they can also be applied in many organisations.

The first important insight that I have gained is the ability to identify Starbucks’ segmentation, targeting and positioning. In the past, I always believed that the products that Starbucks offer are for the general group of consumers. However, by analyzing its STP, Starbucks is seen to customize different products towards a specific group of customers. For example, they offer healthier products such as coffee with low fat milk, frappachino without whipped cream to consumers who are more health conscious. This new range of healthier products have become increasingly important to Starbucks’ operations, as the society is seen to be shifting away from an unhealthy diet. Thus, Starbucks can be seen to segment this group of consumers and position itself with a healthier image.

The second insight that was really useful was the ability to identify and apply Starbucks’ marketing mix. We realize how Starbucks can price its products at a much higher cost as compared to its competitors and yet still manage to retain its consumer loyalty. Also, we learn how Starbucks utilizes strategic locations to make its stores more visible. In addition, Starbucks promotional efforts are seen to be very effective in attracting customers from all walks of life. Last but not least, we learn that products of superior quality must be offered by Starbucks.

Our group have gone one step further by identifying a target group of consumers that Starbucks should focus on. We have identified that Starbucks should concentrate their efforts on the younger group of consumers. Although this might seem unorthodox and difficult (young consumers only make up 2% of Starbucks’ revenue), we believe that this investment would reap huge returns in the long run.

In conclusion, the marketing plan assignments provided a unique and valuable learning experience for everyone to apply their marketing knowledge. By fusing the practical applications with our theoretical knowledge, our marketing skills will improve for the better.