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STARBUCKS PDF Annual Marketing Report 2022 Date 7 April 2022 Prepared by Gourmet Group Annual Marketing Report 2022 research the Vietnam starbucks market, values, mission, vision, analysis the swot which lead to the campaige boost the starbucks sale in VN market.
Annual Marketing Report 2022 Date: April 2022 Prepared by: Gourmet Group Annual Marketing Report 2022 Date: April 2022 Prepared by: Gourmet Group Table of content I Summary excutive II Market overview III Market segmention & targeting IV Positioning & Differentiation V Marketing Mix (4PS) VI Customer Relationship Management VII Recommendation & Conclusion Appendix Reference Total words: I Executive Summary Starbucks was launched on 30 March 1971 by Jerry Baldwin, Zev Siegl, and Gordon Bowker The brand name was derived from " Starbucks " characters, inspired by Moby-Dick's novel The most special characteristic of Starbucks is the luxury experience that they offer Therefore, Starbucks has achieved success and expanded its store in many countries such as China, Japan, Latin America, Russia, and many others After researching and analyzing the Vietnam market, Starbucks sees Vietnam as a potential market, just like Indonesia Market, especially in central regions such as Ho Chi Minh City, Ha Noi, Da Nang, which is suitable for their company's target and strategy Mission Starbucks has stated, "to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time." In addition, customer satisfaction is the Starbucks's essential priority by creating a better service sector while giving their life the best treat The determination efforts of Starbucks in satisfying this component are shown its numerous ways, with the "green cup responsibility" being one of the many To emphasize its mission statement further, Starbucks raises the cultures, where employees and customers can experience warmth and bonds Starbucks wants to offer its customers its best coffee and maintain an optimistic and solid impact on the community through nurturing a green supply chain, providing opportunities for people in various social and ethnic groups Vision "To establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow." is Starbucks' famous vision statement Its ongoing expansion and one of the largest coffee houses and coffee chains globally help accomplish this vision statement The company's achievement of opening over 30,000 international stores and uncompromising principles, which is about remaining true to its culture toward its customer, support its vision statement Value With our partners, our coffee and our customers at our core, we live these values: Creating a culture of warmth and belonging, where everyone is welcome Acting with courage, challenging the status quo and finding new ways to grow our company and each other Being present, connecting with transparency, dignity and respect Delivering our very best in all we do, holding ourselves accountable for results We are performance-driven, through the lens of humanity S S UCK Product Portfolio RB TA Starbucks offers a diverse variety of goods, including beverages, food, merchandise to the coffee bean The product and category offerings are listed in the table below Cold Brew Expresso and Coffee BERVERAGE Frappuccino Blended Beverage Teavana teas Other beverage FOOD Sandwiches Bakery Hot food Packaged Food Dessert Savories Fruits/yogurts MERCHANDISE Mugs Water bottle Container Blonde roast COFFEE BEAN Medium roast Dark roast STARS Merchandise Beverages DOGS CASH COWS Coffee beans Food items LOW HIGH HIGH QUESTION MARKS LOW Relative growth rate The BCG Growth-Share Matrix Relative market share S T A R B U C K S M A R K E T I N G R E P O R T II.MARKET OVERVIEW 1.COMPETITIVE ENVIRONMENT There are many opponents of Starbucks in Vietnam, however, the worthy competitors of Starbucks only include Highland Coffee and Phuc Long when these brands provide clients with sustainable products at reasonable prices HIGHLANDS COFFEE A potential competitor, one of the most well-known coffee shops has the highest market share in the Vietnam Market COMPANY ANALYSIS In terms of positioning, Starbucks portrays itself as a well-known brand that provides high-quality premium PHUC LONG New competitor persuaded many but successfully customers, mainly young generations, to use its products by offering modern furnishings and products with worldwide flavors, helping to set it apart from other Vietnamese competitors such as Highlands Coffee and Phuc Long affordable prices S T A R B U C K S standard M A R K E T I N G R E P O R T SWOT BRAND : STARBUCKS ANALYSIS STRENGTHS WEAKNESSES S W Surrounding are easily Strong brand image Employee treatment Strong loyalty program replicable Strict control over its labour standards Starbucks stores are too few OPPORTUNITIES TREATS Traditional coffee shops are The Vietnam coffee culture O expands every day On March 15, 2022, Vietnam reopens to tourism and is expected to welcome T still the optimal choice with a large number of coffee consumers in Vietnam compared to Starbucks It's feasible that Vietnamese million international visitors coffee brands (Highland) will in 2022 plan to target the high-end market segment that Starbucks is targeting 3.COMPANY OBJECTIVES a) Communicate objective A major goal that we concentrate on is expanding the perspective of Arabica coffee to Vietnamese people thereby convincing Vietnamese customers to gradually accept the coffee that Starbucks wants to bring - delicate scent, mild bitterness, pure gentle aroma b) Business objective Business objectives of Starbucks are to erase all losses in 2021 and to reach profit of approximate 31.2 billion VND, equalling 80% profit in 2019 Targeting domestic customers, instead of being overdependent on international customers by bringing Starbucks products to the Vietnamese market Besides strategies focused on existing stores in central big cities, Starbucks will open more stores around Ho Chi Minh city to help its customers easily approach it 80% Equalling profit in 2019 c) Marketing objective Marketing plays a crucial role in any business, including Starbucks Starbucks' main goal is to gain 1.6% market share (reach 7.16% in total) and maintain a monthly customer service rating of at least 90% excellent For this year's target, Starbucks will increase retention rates of consumers' return rates (about 5% of customers return within days, 4% of customers return within days, 2.5% of customers return within a day) 7% 90% Gain in market share Maintain customer service rating PROBLEM & SOLUTION PROBLEM The problem that Starbucks Vietnam is currently facing the risk of reducing the scale of operation if it cannot attain profit in 2022 Starbucks still has difficulties convincing Vietnamese people about Arabica coffee - the main coffee bean that Starbucks uses Although Starbucks has been in Vietnam for nine years, the number of Vietnamese customers drinking is still limited SOLUTION Open campaigns discover gradually more for about accept the Vietnamese the taste coffee people of that to Arabica, Starbucks offers, assisting Starbucks to earn more profit so that it will avoid the risk mentioned above Open new stores in Lakeview City (1 store), RMIT campus in District (1 store), and Aqua City in Dong Nai (1 customers/month/store) store) (Attract 1000 4.MARKET SEGMENTATION Segments Young adults Young and mature adults Middle-aged adults Age: 19-25 years old Gender: Male & Female Income: High and stable income (above 10 million VND per month) Level of education: Undergraduate, graduated Profession: Student, office staff, freelancer, KOL Age: 25-35 years old Gender: Male & Female Income: High and stable income Level of education: Undergraduate, graduated Profession: Office staff, manager, supervisor, freelancer, businessman Age: 35-40 years old Gender: Male & Female Income: High and stable income Level of education: Undergraduate, graduated Profession: Manager, businessman, supervisor Hobbies: Hang out with friends, use coffee to stay focused on job or study Life goals: Earning money Lifestyles: Active, energetic Interest: enjoy drinks (especially coffee), taking pictures, being served Hobbies: hang out with friends and colleagues or usually have meetings at coffee shops, use coffee every morning from home to work, use coffee to reduce stress, relax during break time Life goals: Achieve success Lifestyles: Active, energetic, balance, minimalism Interest: enjoy drinks (especially coffee) Hobbies: Hang out with friends, use coffee every morning from home to work, uses coffee to reduce stress, relax during break time Spending habits: Willing to spend money on high quality drinks Purchasing habits: Willing to pay for products commensurate with the quality Interactions with the brand: Highly adaptive, open, welcoming, avid feelings Spending habits: Willing to spend money on high quality drinks Purchasing habits: Willing to pay for products commensurate with the quality Interactions with the brand: Highly adaptive, open, welcoming Spending habits: Willing to spend money on high quality drinks Purchasing habits: Willing to pay for products commensurate with the quality Interactions with the brand: Highly adaptive, open, welcoming Geographic HCMC and Ha Noi HCMC and Ha Noi HCMC and Ha Noi Segment size Medium (approximately 40% of Starbucks Vietnam revenue) Large (approximately 50% of Starbucks Vietnam revenue) Small (approximately 10% of Starbucks Vietnam revenue) Demogrphic Psychological Behavioural Life goals: Achieve success Lifestyles: Healthy, balance, minimalism Interest: enjoy drinks (especially coffee) S T A R B U C K S M A R K E T I N G R E P O R T IV BRAND POSITIONING AND DIFFERENTIATION Customer persona Nguyen Ngoc Minh Anh Identifiers She is a flexible and patience person She is interested in adventuring She is also humble and caring Goals Be kind daily Travel around the world with her family Enjoy the youthful and energetic lifestyle Age: 25 Interests Job: Officer Location: Ho Chi Minh City, Vietnam PERSONALITY Introvert Thinking Sensing Juding Extrovert Feeling Dancing Hang out and chat face-to-face with friends Travelling Favorite brands Intuition Perceiving S T A R B U C K S M A R K E T I N G R E P O R T Positioning map In terms of positioning, Starbucks portrays itself as a well-known brand that provides high-quality premium products with worldwide standard flavors, helping to set it apart from other Vietnamese competitors such as Highlands Coffee and Phuc Long HIGH PRICE GLOBAL STANDARD TASTE VIETNAMESE TASTE LOW PRICE Differentiation and Positioning Strategy: Starbucks' positioning is its premium coffee, it has pledged to create a unique form of enriched premium coffee experience They've carved out a significant market of coffee aficionados Regarding the 100 percent coffee beans of Starbucks are Arabica which makes Starbucks out-perform their product quality compared to the Robusta coffee of Highland, one of the biggest competitors against Starbucks in Vietnam Furthermore, customer service is one of the things that distinguishes them from Highland coffee Because Starbucks is extremely focused on the customer experience, they create a friendly environment for customers, such as quick service, customized cups with names, and collecting suggestions and feedback from customers Starbucks states that its premium coffee experience sets them apart from its competitors, which includes high-quality coffee and employee-customer interactions, the environment and ambiance provided, and competition from a variety of conveniences 10 V MARKETING MIX (4Ps) 1.Product Strategy Augmented Product Uniquely designed space, personalize drink AUGMENTED PRODUCT Starbucks rewards program Comfortable space (Third place), strategic location, wifi ACTUAL PRODUCT access Actual Product PROCCESS Premium coffee, beverages, food, products the Starbucks printed with other logo (localize merchandise) Fresh coffee bean Core Customer Value Professional and luxury service 11 Price Strategy The beverages in Starbucks are commensurate with their quality - a rigorous processing procedure with the help of a team of well-trained employees, together with carefully picked high-quality coffee beans By providing high-quality products, Starbucks offers high prices for its products at an average of 70,000 VND, and the minimum price is 35,000 VND, for which espresso does not require much special However, to survive and compete with so many other coffee shops and chains, Starbucks launches combo products that save money and ancillary services such as economical breakfast These combos are aimed at customer groups who care a lot about price, attracting them by interspersing with wholegrain coffee products premium and using price comparison to sell premium products Place Strategy Customers can easily buy Starbucks products through chain coffee shops in strategic locations in Hanoi and Ho Chi Minh cities, where their customers can easily find and recognize the iconic Starbucks brand Starbucks initially offered its products at Starbucks Coffee cafes As the Internet expands, Starbucks is now available on delivery apps such as Grab and Shopee Food Customers can now use the Starbucks App to order at any time and from any location where Starbucks is located nearby They also connect to hotels, airports, and coffee shops for office workers, allowing Starbucks to quickly and easily grow its market and optimize sales revenues 12 Promotion plan (IMC) Market The target audience of Starbucks is middle to upper-class men and women who are willing to afford higher-priced cups of coffee on a regular or daily basis MISSION Starbucks must fulfill two main objectives: educating customers about the flavor and benefits of Arabica and encouraging them to drink it daily, offering the best quality coffee for customers MESSAGE Slogan: The taste of Starbucks Key message: Starbucks offers high-quality coffee cups to suit the taste of coffee aficionados Using Arabica beans as the main ingredient of coffee products, Starbucks makes a coffee with a light flavor, iridescent color, and health benefits 13 MEDIA Word of Mouth: Employees will announce to each customer getting into Starbucks and Poster about this campaign will be displayed in every store Starbucks in Vietnam Advertising: Use interactive media, especially social networks to advertise products and sales promotion events by creating TVC, Posts, Pictures on social media or Starbucks.com Sales promotion: Starbucks launches many discounts, vouchers as well as rewards for their loyal customers who use member cards in Starbucks during this campaign MONEY The overall marketing expenditure is estimated to be around 3.1 billion VND Other Expense 13% Advertising Fee 2% Rewards 20% Campaign Fee 65% 14 MEASUREMENT Starbucks measures its success after this campaign based on coffee revenue in KPI And total sales from the beverage, food, and merchandise will assess the success of the product in the long term Besides, brand recognition and return frequency of customers are also perfect assessments to evaluate the success of this campaign VI CUSTOMER RELATIONSHIP MANAGEMENT Starbucks has designed a loyalty program called Starbucks Reward with two tiers: green level upon registering and gold level when collecting 100 stars in 12 consecutive months from Starbucks members the registration Card to The earn date program stars for of allows every time customers fully pay by using their registered Starbucks Card When customers enter green level, they will receive a "Buy one get one" offer on tall or above-sized beverages upon earning first five stars and one complimentary slice of cake in customers’ birthday month Gold-leveled customers will especially have perquisites such as “Buy one get one" Reward as reaching the Gold level for the first time, one Free Drink Reward to redeem for a free 15 tall beverage with every exclusive offers and promotions 25 Stars collected and APPENDIX NOTE FOR MONEY Huong Campaign: 30% Sample: 10% Coupon: 15% Gift: 5% includes: cardholder, tote bag, water cup canvas bag, notebook with pen, and shipping fee KOL: 6% Giang oi or Dinology and Schannel Place: 11% Crescent Mall (District 7), Gemcenter (District 1), THẢO ĐIỀN VILLAGE (District 2), Ba Na Hill ( Da Nang), Pullman (Ha Noi), Nha Trang in-store Desert: 3% Baked Cheesecake, Chocolate Marquise Staff: 5% managers, 20 staffs TVC poster: 2% Other expense: 13% Target: Attract 550 customers/ workshop in HCMC, 400 people in Hanoi, 200 people per workshop in Dan Nang and Nha Trang S T A R B U C K S M A R K E T I N G R E P O R T REFERENCES ACKNOWLEDGEMENT Special thanks to: Dr Ngo Viet Liem Ms Nguyen Thu Huong Gourmet marketing team Ly Viet San Chiem Ha Chau Anh Ho Nguyen Khanh An Vo Thai Duy Hoang Tuan Khanh It's been a fantastic semester ... size Medium (approximately 40% of Starbucks Vietnam revenue) Large (approximately 50% of Starbucks Vietnam revenue) Small (approximately 10% of Starbucks Vietnam revenue) Demogrphic Psychological... problem that Starbucks Vietnam is currently facing the risk of reducing the scale of operation if it cannot attain profit in 2022 Starbucks still has difficulties convincing Vietnamese people... people about Arabica coffee - the main coffee bean that Starbucks uses Although Starbucks has been in Vietnam for nine years, the number of Vietnamese customers drinking is still limited SOLUTION