Starbucks Assignment Example | Topics and Well Written Essays - 1000 words - 1

Starbucks - Assignment Example The economic forces determine how the entire economy affects the business strategy in terms of market rates, globalization, interest rates, taxation, inflation rate, and the economic growth. In the case of changes in the Starbuck’s marketing strategy The technological forces determine how technology advancements that may include automation and technological advancements affect the business, production, and decision-making. In the case of changes in the Starbuck’s marketing strategy The elements of marketing mix include price, product, promotion, and place. Price relates to the idea that the product sells at a price, which is competitive and profitable. In the Starbuck’s marketing mix includes a pricing strategy that relates price with location. Actually, USA and UK absorb the highest prices for Starbucks products and other location buy coffee at convenient prices. For example, the breakfast sandwich costs between $3.99 and $5.99 depending on location. This enables the company to make profits as well as remain competitive in the market. Furthermore, product defines the suitability of the physical attributes of the product, their uniqueness, their benefits, and functioning. Starbuck’s has a reputation of producing fine products and offering satisfying customer service in all its outlets like the made-to-order gourmet sandwiches. Indeed, Starbucks’ breakfast sandwiches are of much higher quality than those of its competitors. On the other han d, place defines the availability of the product to the customers at the right place and at the right time. Ideally, there are about 9,000 cafes in almost 40 countries in the world, which avails Starbucks’s products to its customers at the right place and at the right time. Additionally, Starbucks’ tests its products in multiple locations before distributing them. Finally, promotion refers the mode of communicating the features and benefits of a product to