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Market research is a mandatory process for large international companies like Starbucks. The design of market research must be properly designed, as it is essential for further development and success (Bhat, n. d.). Many factors need to be taken into account in order to draw up a profile suitable market research plan. Creating a questionnaire would be an appropriate way to assess the market situation and find out the best way to adapt to changing customer behavior. This will provide an awareness of customer preferences and what future trends they expect to see. Starbucks can evaluate in this study how coffee shops’ layout and appearance affect customers’ flow.
The primary goal of a marketing plan is to figure out how Starbucks can stay competitive while adapting to changing consumer behaviors. In the event that the results of the questionnaire show that, for example, the trending preferences of customers have changed to a different type of coffee, and then the company will have to respond. In such a situation, it will be possible to change the direction and introduce special offers for the current type of coffee. One such solution could be implementing a personalized experience strategy within the company (Widardi et al., 2020). This implies that Starbucks will have to make its products unique to each individual.
To enable a company to respond to a change in customer behavior and predict the outcome of such events, the Fogg Behavior Model can be applied. It ensures timely response to such events by tracking change triggers (Fogg, 2019). Starbucks for this must focus on customer motivation and the ability to change. At the moment, Starbucks maintains its competitive position compared to Dunkin’ Donuts. This can be seen from the company’s revenue of $23.5 billion in 2020, while Dunkin’ Donuts had $1.3 billion (Delventhal, 2022). The positioning of Dunkin’ Donuts is different as it focuses on more affordable food available to everyone, while Starbucks is positioned as a more upscale establishment.
In conclusion, it is important that market research must build on the key steps in, the beginning, to progress successfully. This, in turn, is necessary in order to constitute a competitive advantage and obtain positive financial performance. Through a survey, Starbucks can collect reliable data about its key audiences and their preferences in building interior design. Thus, by analyzing the data obtained, it will be possible to achieve positive business development dynamics.
References
Bhat, A. (n. d.). Qualitative research methods: Types & examples. Question Pro. Web.
Delventhal, S. (2022). Starbucks vs. Dunkin’:What’s the difference? Investopedia. Web.
Fogg, B. J. (2019). Fogg behavior model. Web.
Widardi, J., Syah, T. Y. R., Indradewa, R., & Pusaka, S. (2020). Marketing Mix Strategy Implementation for Business Plan at LH Hotel. Journal of Multidisciplinary Academic, 3(5), 166-170. Web.
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