Starbucks targets new market, in coffee exporting Laos. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! The market is heating up due to strong economic growth, especially in the three largest cities in Vietnam. In HANOI, Vietnam, Nghiem Ngoc Thuy has been providing coffees to thirsty Vietnamese for 20 years in her colonial-style villa with peeling shutters, and she and her customers aren’t too worried that Starbucks will alter their time-tested coffee traditions. Free resources to assist you with your business studies! (2018).  Weak Starbucks may allow Trung Nguyen to regain footing.  Retrieved from https://www.vir.com.vn/weak-starbucks-may-allow-trung-nguyen-to-regain-footing-60405.html, Vietnam: Coffee Annual | USDA Foreign Agricultural Service.  (2019).  Retrieved from https://www.fas.usda.gov/data/vietnam-coffee-annual-4, Wirtz, B. W., & Daiser, P. (2018). Nowadays, things are different.  Companies build marketing strategies based on an understanding of value customers (Baidya, Maity, & Ghose, 2019).  The function of marketing is to make a profit based on satisfying the wishes and needs of the customer.  To understand and influence people's requirements, marketers need to follow a culture of market penetration, especially in an international environment.  Each key market has its cultural heritage. Due to selling low-prices coffee, low-end coffee shops usually do not have stores and excellent services. Their employees, whom they call partners, are at the heart of the Starbucks Experience. Starbucks wanted to turn all Starbucks employees into partners, give them a chance to share in the success of the company and make clear the connection between their contributions and the company’s market value (Thompson& Strickland, 2009). He had a vision to bring the Italian coffeehouse tradition back to the United States where coffeehouse is made a place for conversation and a sense of community and to be a third place between work and home. And they are honored to be acknowledged for their efforts which earned Starbucks its awards and recognition. The rest of the world has also caught on to the great flavour of the Vietnamese coffee bean and the country is now one of the top coffee exporters in the world. Vu even visualized Starbucks opening up to a hundred cafes in Vietnam in the next 10 years, but it remains questionable whether people in a country with such a low GDP per capita, and a different taste in coffee, would really accept Starbucks. Therefore, it is more likely to be profitable to serve this market phase. Starbucks' mission statement is "to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time," emphasizing direct experience in daily work, life, and entertainment (Starbucks, 2020).Â. Starbucks has acquired this market with its localization and personalization strategies. Global revenue of Starbucks 2003-2019 ... Market share … Vu further added that Starbucks no longer has the personality it had when it first started and that its regime will soon end and will soon be replaced. Gross national income per capita was $1,270 in 2011. The company also pledges to promote responsible business practices and production standards with coffee farming communities. Starbucks Coffee Company today announced plans to open its first location in Laos by the summer of 2021, reaffirming the company’s long-term commitment to continued growth across Asia. It’s understandable why the US Starbucks decided to set up its first shop in Vietnam in HCM City, a commercial hub. While it’s consumed as a morning pick-me-up in parts of the western world, it’s a social activity that takes place throughout the day here. Lee and Nguyen (2017) conducted a study to examine important product traits in purchasing decisions for American brands versus local fashion brands revealed by Vietnamese consumers.  The finding showed that consumers value subjective standards, and symbolic attributes such as the latest fashion, country of origin, and popular brands.  Even though local businesses are advantages to lower prices, American brands can better compete by actively promoting their brands, offering quality products, and having the right marketing campaign (Lee & Nguyen, 2017).  Indeed, Vietnamese buyers find that foreign brands from developed countries are more attractive, higher quality, and more reputable than local brands (Dao & Heidt, 2017).  However, western companies like Starbucks are facing copyright infringement.  Nguyen states that copyright enforcement in Vietnam has become challenging as the violation of copyright rate is high.  Shopfronts that appear to be rip-offs of famous brands like Starbucks are not challenging to find.  Fake stores like Sunbucks in Ho Chi Minh city or Wumart in Shanghai are examples of violations.  Such lack of brand awareness causes customers are more likely to systematically reprocess information and allow those kinds of unethical businesses to compete unfairly against foreign brands that have been massive investment and effort put into building their brands (Sun, Zheng, Su & Keller, 2017). This would be to cater to and target at not only the younger generation but also the older and senior generation. And they believe in the importance of caring for the planet and encouraging others to do the same. Cà phê espresso của chúng tôi, latte của bạn. Do you have a 2:1 degree or higher in business or a related subject? Their stores are a neighborhood gathering place for meeting friends and family. Business Assignment While this is reassuring to some, others remain concerned, especially those who’ve come from areas where large coffee chains have pushed smaller operations out of business. The chain’s 60 shops across the country serve Vietnamese-style individually brewed cups, along with varieties including Italian espresso and Turkish-style coffees, a mix which Vu expects to sell well in the United States as well. Coffee Concepts (Vietnam) Ltd., a Hong Kong Maxim’s Group subsidiary, will operate Starbucks Ho Chi Minh City store in Vietnam, and its first store will be in the city’s business district. Vietnam's economy is the fastest-growing in the world, with a 7.1% GDP steady growth in 2019.  As Vietnam grows and incomes rise, so the desire for a better life deepens.  Young people crave way of life and need places where they come together to talk and relax.  Vietnam is a lucrative market for coffee companies to exploit and develop their brands.  With the expansion of participation in the Vietnamese coffee market, many other competing companies, such as Coffee Bean and Tea Leaf, Coffee House, and Highland Coffee, began to realize the enormous potential of this market. Company Registration No: 4964706. They insist on Starbucks because they know they can count on its genuine service, an inviting atmosphere and a superb cup of expertly roasted and richly brewed coffee every time. They continuously try to provide customers with a high stage of value and satisfaction, not only by focusing on the scope of its products but also at the experiences that they offer. And Nestle instant coffee which is engineered to suit the Vietnamese palette is sold widely in Vietnamese supermarkets. It's easy to find a Starbucks cafe almost anywhere in the world, but in … A level of value must support the competitive advantage to the customer that is at least compatible to the competitors. Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021. The face of the country’s coffee culture is changing but back at the busy roundabout, where Cach Mang Thang Tam, Nguyen Trai, and Ly Tu Trong streets meet, one of the local coffee store, Nguyen Phi has no intention of changing his business plan. Companies that enter the high-class coffee shop market mustn't forget their target customers who are young people with a stable income and high level of education (Ta, 2020). Starbucks will seek to profit from surging consumer demand. (Talpau & Boscor, 2011), Starbucks offers an ultimate customer experience that puts customer feeling at the top of priority and promotes the value of "Starbucks Culture" that provides "third place" experience to consumers (Dollinger, 2018).  Consumers are put at the center of the company's concerns and all decisions and actions consider from the consumer's point of view and focus on the needs of customers.  The company offers a welcoming atmosphere to many young white collars, college students as "a home away from home" (Qian & Xing, 2016).  Starbucks became a fashion symbol in Vietnam in just a few years; It translates more than coffee, but brand and culture.  Many young white collars, university students like to spend time in coffee shops and are passionate about the environment that Starbucks creates where they can work, read, browse the Internet. Starbucks already operates more than 3,300 stores across 11 countries in the Asia-Pacific region, and its entry into Vietnam marks the latest round in a campaign to attract Asia’s emerging middle classes despite a stagnating U.S. economy. Study for free with our range of university lectures! Joints like Starbucks and Coffee Bean and Tea Leaf succeed at higher-priced specialty drinks, while coffee carts focus on their classic offerings at extremely low prices. There are more than 30 blends and single‐origin premium coffees and Handcrafted Beverages which include fresh‐brewed coffee, hot and iced espresso beverages, Frappuccino® coffee and non‐coffee blended beverages, smoothies and Tazo® teas. This business strategy successfully connects tea and coffee, and cultural conflicts can be transformed into creative advantages. Vu said Trung Nguyen, which exports coffee to about 60 countries, will expand to at least 200 retail outlets in two years. He said Starbucks is not worth worrying about as it doesn’t sell coffee. The company said it plans to open the shop in the… To bring people together, inspire change and make a difference in people’s lives are all part of being a good neighbor. Location is the key to success, and getting the right site usually comes with high prices. They usually enjoy tea as its purest form without adding any flavors. Inside any Chinese Starbucks store, interior design perfectly combines Chinese and Western styles. The grand opening of the HCM City store marked Vietnam as Starbucks’ 12th market in the Asia Pacific, and adding up to its chain of some 3,400 stores in the area. Their healthy foods and snack options which include a wide menu to support vegetarian and vegan lifestyles will also be available. Real Estate: According to Bloomberg, in the year of 2018, Vietnam's real estate market is increased by 17% (Lee & Chau, 2019). Tucker, C. M. (2017). Coffee culture: local experiences, global connections. But he added that he doesn’t expect to become a regular Starbucks patron because he drinks five or six cups of coffee a day, thus regular visits to Starbucks would be too expensive for him. According to the International Coffee Organization, consumption of the drink in Vietnam jumped 65 percent between 2008 and 2011. According to the World Bank website, Vietnam had reached what the World Bank calls lower middle-income status in 2009, with per-capita income having increased more than 10-fold since the ruling Communist Party started market-oriented reforms in 1986. Starbucks is grateful to their partners (employees) for making Starbucks the company that they are. (2020). Highlands Coffee stores, with overhead music and Wi-Fi Internet, are located in prime retail and landmark locations in Vietnam’s largest cities. This will become a weakness when the company expands to other countries including Vietnam. Senatore further added that Starbucks doesn’t compete directly with the local coffee shops, just the same way that McDonald’s or KFC doesn’t compete directly with the local fast-food vendors. Coffee chains in Vietnam can be divided into three categories base on the income of consumers: low-end, medium-end, and high-end coffee chains.  Vietnam is the second-highest dollar value worth of coffee export in the world, with 3.3 billion total coffee export (Workman, 2020). The juice bars will offer fruit and vegetable options which can be blended according to customer preference, or in sampled and true menu options to produce natural fruit juices that are high in dietary fiber, vitamins A, C, and E, and antioxidants. Tho whose morning routine includes a cup of drip coffee at Hanoi’s Cafe Hanh said that he like his coffee black, dark and strong and that he would go to Starbucks once in a while for the ambience, but not for the coffee as the flavor is too light. Company Registration No: 4964706. Dang Le Nguyen Vu, founder and owner of Trung Nguyen said he’s ready to compete against Starbucks with a plan he’s developed over the past three years. If you need assistance with writing your essay, our professional essay writing service is here to help! He had commented on an email to The Associated Press that Starbucks is looking forward to growing with Vietnam’s already vibrant coffee industry and making a positive impact in the communities where they operate. Meanwhile, Starbucks has capitalized on its location and brand advantage to address changes in its own market. Starbucks promoted a campaign based on the Chinese market, which offers custom beverages to fulfill Chinese taste and local approval. -Patricia Marques: CEO of Starbucks Vietnam. Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021. Financing: Total net revenues increased 5% to $22.4 billion in fiscal 2017 compared to $21.3 billion in fiscal 2016. They said they came to see if there is any difference between Starbucks Vietnam and in other nations. Lee, Y., & Chau, M. (2019). According to Anthony Emms, managing partner at Stanton Emms Strategy Consultants in Singapore, which advises international food and beverage companies on Asian markets, he commented that Vietnam’s economy has slowed recently in part because of a problematic banking sector, but Starbucks’ upmarket brand will appeal to the growing Vietnamese middle class, and that he doesn’t believe there is a massive barrier to Starbucks in Vietnam and further added that Starbucks is not really a coffee but is a food-service concept. In order to uphold a sustainable competitive advantage, Starbucks must achieve its value activities in a way difficult for competitors to replicate or imitate. (“Starbucks Coffee Company”) Starbucks is named after the first mate in Herman Melville’s Moby Dick. No plagiarism, guaranteed! Starbucks is struggling in a coffee market that worth more than $5.9 billion (USDA Foreign Agricultural Service, 2019). Coffee becomes a part of their daily life.  The market for specialty coffee in Vietnam is worth more than $5.9 billion in 2020 (USDA Foreign Agricultural Service, 2019).  That makes Vietnam become an attractive target for global cafe chains.  The domestic coffee market has fierce competition with well-known foreign coffee brands such as Starbucks, Highland Coffee, Gloria Jeans, and Coffee Bean competing against each other and with local chains, such as Phuc Long, Chot Nho Cafe, and Trung Nguyen Coffee.  The five largest coffee chains represent 15.3% of the market share, of which Highlands Coffee takes 7.2%, while Starbucks holds about 3%.  Foreign brands have been struggling to reach this potentially profitable market as local Vietnamese chains offer low prices, adapt more quickly with new trends, and have more significant quantities of stores and perform better than their foreign chains. Besides, providing excellent service quality and top quality products, high-end customers appreciate fast service for their busy schedule and quite environment where they can discuss business. Has potential to consider co-branding with other food and drink manufacturers and also brand franchising to manufacturers of other goods and services. Laos marks Starbucks 17th market in the region, where it continues to accelerate locally-relevant retail innovation in more than 10,000 stores within the region. (“Starbucks Coffee Company”) Starbucks purchases and roasts high-quality whole bean coffees. He said that the company is also considering an initial public offering and the timing has yet to be decided. Starbucks had to compete with many types of coffee in Vietnam, but Patricia Marques said each coffee had its own style. Over the past few years, the fresh fruit smoothie industry has bloomed into a billion dollar industry. And the music you hear in store is chosen for its artistry and appeal. Vu said he intends to build a “coffee empire” and a global brand within the next 10 years, rivaling Starbucks. Today, with more than 17,400 stores in 60 countries, Starbucks is the premier roaster and retailer of specialty coffee in the world. Retrieved from http://repository.vnu.edu.vn/handle/VNU_123/67911, Qian, Y & Xing, T. (2016) Starbucks VS Chinese Tea—Starbucks Brand Management Strategy Analysis in China.  Retrieved from http://dx.doi.org/10.3968/8197, Rajasekaran, R. (2015). Compared with other Asian markets which Starbucks has recently entered, the Seattle-based company faces a unique scenario in Vietnam, where French-inspired coffee culture rules supreme, two homegrown chains have established presences and family-run sidewalk cafes are as many as noodle shops. They also have an ongoing relationship with Vietnamese coffee growers. Brand Portfolio Starbucks Coffee, Seattle’s Best Coffee, Tazo Tea, Evolution Fresh, La Boulange and Torrefazione Italia Coffee. The statistic shows the leading coffee shop brands in Vietnam in 2020, ranked by the number of stores. Furthermore, other international food chains have opened stores in Vietnam in recent years, including the Australian coffee chain Gloria Jean’s Coffees International, the California-based Coffee Bean & Tea Leaf, and the American fast-food chains KFC and Burger King. The first Starbucks store is opened in District 1, Ho Chi Minh city in January 2013 and after 5 years, Starbucks Vietnam has more than 30 stores in 4 cities Ho Chi Minh City, Ha Noi, Hai Phong and Da Nang. He further added that Starbucks is famous and Vietnamese people want to be seen at popular places, which is very typical for Vietnamese. As quoted by Thuy, her family-run cafe in Hanoi offers prices that are affordable for average Vietnamese. The factors affect consumer purchasing behavior of Vietnamese branded coffee products in Hanoi city. They’re a neighborhood gathering place which has become a part of their daily routine. *You can also browse our support articles here >. (“Starbucks Coffee Company”) Starbucks mission is to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time. Competition from local retailers: Competition is considered intense with many well-known coffee domestic brands like Highland coffee that owns 240 stores.Â. (“Starbucks Coffee Company”) In 1983, Howard travelled to Italy and became fascinated by Italian coffee bars and the romance of the coffee experience. Free resources to assist you with your university studies! A cup of traditional cà phê sữa đá is made with robusta beans, which have a sharper, bitter flavor than more mild arabica beans. Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021. In late 2011, the coffee giant also brought out Evolution Fresh, a juice company. Do you have a 2:1 degree or higher? Starbucks will have to compete with Trung Nguyen Coffee and Highlands Coffee, a homegrown brand as well as other coffee chains that have opened stores in Vietnam in recent years and who have more experience catering to the Vietnamese love of strong coffee, including the Australian coffee chain Gloria Jean’s Coffees International, the California-based Coffee Bean & Tea Leaf, and Nestle instant coffee which is engineered to suit the Vietnamese palette is sold widely in Vietnamese supermarkets. Vietnam becomes a promising destination attracting more and more high-end coffee chain to join the opportunities, including foreign coffee chains like Starbucks, Highland coffee. Starbucks has conducted several types of research on Chinese consumer's preferences and Eastern and Western aromatic mixtures, creatively combining a variety of beverages to delight local consumers. Despite this being a more risky investment than those to which Starbucks shareholders are familiar with, the dollar market shares of the company are steadily rising, showing wide support for this move. Other Consumer Products Coffee and Tea include Whole bean and ground coffee (Starbucks and Seattle’s Best Coffee brands), Starbucks VIA® Ready Brew, Starbucks® K‐Cup® portion packs, Tazo® tea filterbags and tea latte concentrates. FILE – This Oct. 27, 2020, file photo shows a sign at a Starbucks Coffee store in south Seattle. (“Starbucks opens first store in coffee-loving Vietnam”) (“Starbucks has seen mixed reactions in AsiaLIFE HCMC”) John Culver, president for China and Asia Pacific said that Starbucks plans on showing up in a way that doesn’t currently exist in the market in terms of the premium products and the experience they offer. He’ll keep doing what he does best and his customers will keep coming as well. Thicker smoothies can be supplemented with protein ingredients such as juiced wheat grass and nut butter, to help provide customers with a more nutritionally balanced meal. Another problem the company has to deal with is that the main market of Starbucks is the U. S. A with over 2/3 of its stores located there. One local coffee store owner, Nguyen Phi whose shop is located in the chaotic traffic in the roundabout just west of the New World Hotel and of Phi’s newest neighbour and competitor, Starbucks commented that they don’t operate on the same battlefield and belong to two different businesses. Đăng ký Starbucks Rewards™ ngay hôm nay. The company values its workforce and treats its employers as partners. Market Entry in India: The Curious Case of Starbucks. Despite recording double-digit growth last year, American coffee chain Starbucks remained in third place in revenues behind two local competitors. (NaturalNews) Starbucks, the coffee shop that is renowned for its seemingly limitless coffee varieties, is opening a new chain of juice bars in response to the growing health trend towards unprocessed and whole foods. It has a global recognition and good reputation for fine products and services. Retrieved from http://www.fastcompany.com/887990/starbucks-thirdplace-and-creating-ultimate-customer-experience. According to research, although many people queued up in southern Ho Chi Minh City for the opening, but the US giant’s coffee may not be to everybody’s taste. Architect Tran Cao Tho,a 32-year-old architect and his friends sipped their coffees from low, wooden stools on the sidewalk as motorbikes whizzed by and street singers dropped in. Another threat is Trung Nguyen’s plan to enter the U.S. market which follows the company’s rise to become the biggest roaster and packaged-coffee retailer in a country with a brewing tradition dating from 19th century plantations by French colonists. John Culver, president of the company’s China and Asia Pacific region, said in a telephone interview that Starbucks will grow aggressively in Vietnam and there will be hundreds of stores for Starbucks though he didn’t give a time frame for the expansion. Starbucks’ stability and expansion in Vietnam will be determined by external sources which include potential entrants which may also want to venture into the Vietnamese market, also by internal and external threats which include pre-existing local brands and industrial rivalries and by threats of substitutes whereby another type of beverage or service may replace Starbucks coffee and beverages. 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