Marketing strategy (bringing StarBuck to Trinidad and Tobago) Research Paper

Marketing strategy (bringing StarBuck to Trinidad and Tobago) - Research Paper Example Starbucks has successfully created its position as the best place for socializing other than office and home. The only way to enter the new markets is to implement the same global marketing strategy that it has been following for each of its expansion plan. Hence, it should slowly enter the markets of Trinidad and Tobago so that the customers in the region accept the concept of specialty coffee shops and enjoy the amazing ambiance of the outlet. ... The primary aim of Starbucks is to establish itself as â€Å"a highly respected and recognized brand in the international market† (Starbucks, 2012). Situational Analysis of Starbucks Current Marketing strategy After careful analysis of the marketing strategies highlighted by Michael Porter, cited by Alison (2010), Starbucks is following a differentiation strategy. Initially, the main element of its business activities was to focus on particular aspects with strong emphasis on creating differentiated products within the target consumer market. However, the company soon realized that it needs to strengthen its position in the market by developing a differentiation strategy and the success of Starbucks is evident from the fact that it has developed an excellent marketing mix for its customers. In order to expand its operations in the international market, it is offering same â€Å"coffee experience† to the international customers by providing them premium quality products and aesthetically designed ambiance (Tu, Wang & Chang, 2012). It has ensured that there is uniformity in its marketing activities by using only third party mediums for promoting its product and service offerings. According to Michelli (2007), Starbucks has allocated only 4% of its total cost on the advertising budget. One of the key elements of differentiation strategy is to introduce new and innovative products in the market and Starbucks has been exceeding its customers’ expectations by offering them products that are totally different from existing ones (Parayani, 2011). The innovation element of its marketing strategy gives it a competitive edge in the specialty coffee industry. In order to ensure that it develops entirely new offerings, a huge amount of money is invested in