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Justify your answer. Which global pricing strategy is used by Starbucks?Explain.1.
Starbucks marketing plan also involves choosing the best-fit place establish the business. Starbuck organisational culture is quite different from firms that only put emphasis on the profitability and revenue generation capabilities of the system. Starbuck corporate social responsibility practices are also concerned about the demands and satisfaction of its customers.The company has always been strived for providing customers with premium quality customer service. 1% increase in prices to raise profits by an a verage of 11%.
Price sensitive consumers comprise the market segment targeted for expansion by Starbucks to boost its competitiveness and boost profits. A more recent scheme is indirect segment discrimination for its pricing by structuring products and product pricing based on certain segment-based variables (Png & Cheng, 2001).Png, I. ; Cheng, C., 2001. Starbucks marketing plan involves analyzing 4p of marketing. The low cost of labour in coffee plantations led to the fair-trade movement. Starbucks needs to use price to operate in both market segments while retaining brand value and reasonable profit margins.Hoovers., 2009. During the current situation in Lebanon(Economic Crisis dueto currency rate rising/Lebanese Protest(google to find outmore)/Corona pandemic lockdown), what do you think are theenvironmental influences that Starbucks and other brands are beingconfronted with?© 2003-2020 Chegg Inc. All rights reserved.2. Starbuck’ corporate social responsibility practices are positively contributing to the welfare and betterment of its stakeholders, communities, and environment.
Available at: http://money.cnn.com/2009/02/13/news/companies/starbucks_instant.fortune/ [Accessed 15 May 2009]The economic components of the pricing of Starbucks include input costs and other costs transferred to the consumer. Also Starbuck corporate social responsibility practices promote recycling of waste and water in order to protect environment. To maintain competition, Starbucks started with a low cost range at few outlets and to cater the customers who couldn’t be attracted by its high prices… However, the dilemma of Starbucks is ensuring profit margin while at the same time attracting customers (Harford, 2006). He has published business content in Angling Trade Magazine and writes white papers and case studies for multiple corporate partners.Although you can find similar coffee at a lower price point, you pay extra for the brand association and the comfort in knowing exactly what you will get for that price. Let Professional Writer Help YouThe business pricing strategy for Starbucks is complex or delicate that uses a combination of pricing methods to balance its brand and profit margin with market expansion as well as balance the demand of its non-price and price discriminating market segments.