Dunkin’ is a multinational company that sells coffee and donuts. Originated in the USA, this company now is operating over 46 countries with 12,400 shops. It’s a famous brand for all the coffee and donut lovers around the world. It has a broad range of product offering for its customers and nearly sells 2 billion cups of coffee and 70 million baked good every year worldwide. And behind every popularity and success of a brand, marketing plays a significant role. Dunkin’ is not different from that. Let’s figure out the 4Ps of marketing that made the foundation and influence of Dunkin’.
4Ps or the Marketing Mix of Dunkin
Product Strategy of Dunkin’
Products of Dunkin’ indicates what does it offers to its customers. Products create the identity of a business. It’s something that creates the demand for a business.
Dunkin’ has an extended range of coffee and baked goods for its customers. Their menu is enriched with almost 1000 food items. And those items include nearly every kind of drinks such as coffee, tea, juice, hot chocolates, smoothies, signature drinks etc. as well as croissants, bagels, donuts, cookies, muffins, sandwiches and whatnots. From breakfast to midnight snacks, people can find their desired food here. They even have a section of beverages as well. They’re always bringing new and innovative items to the market. It’s most famous innovative foods are, Munchkins, Coolatta, Frozen Coffee and Donut fries. They also prioritized different food habits of different countries and designed their menus according to local taste. For example, it has burgers in its menu only India, served Turkish coffee in Republic of Georgia etc. due to the different food habit. They also have their own ice-cream business called Baskin-Robbins, which is famous as well. This brand even changed its name from Dunkin’ Donuts to Dunkin’ because of the food variety they are planning to offer.
Price Strategy of Dunkin’
Pricing indicates the monetary value of a product which a company sell and customer buy agreeably. Price also establishes a comparison among competitors.
Dunkin always tries to keep a moderate price for their products to deal with the competition as well as generate the appeal among the customers. Though their product may feel a little bit costly than the local market, but the quality and taste it ensures make people to have a worth it feeling. The price usually ranges from $0.99 to $6.73. It also fluctuates its price depending on the different markets worldwide. This company also provides discounts and coupons to its customer to maintain the frequency. Also, the growth of sells makes it so buy material in a bulk amount, which also plays a significant role in serving its food items at a reasonable price. This brand recently has taken a “me-too but cheaper” by providing cheaper espresso than Starbucks, although researchers doubt its success. Because Starbucks and Dunkin’ have different brand image among people, both of them targets differently. That’s why the new pricing strategy may not result in good for Dunkin’.
Place Strategy of Dunkin’
Place indicates where the brand will connect with its target market by ensuring maximum availability of their offerings. It ensures that the customer can satisfy their need by taking just a few steps around.
Dunkin’ has a strong presence globally. Recently it has entered into the markets of India and China. Dunkin’ shops are situated in a way that people can meet their craving from their home or office. Their service is based on “easy to drink coffee” motto. Want a quick breakfast? Then go to Dunkin’ because you can always find it nearby. It has developed its ice-cream product line under the name of Baskin-Robbins to reach more people. Also, the franchising has made the distribution channel more effective. With the new appearance of Dunkin’s, it’s now more concentrated to become more available to its customers. It’s now focusing on making its delivery system quicker by using the motto “on-the-go”. And to take this initiative to the next level, this brand has started “Coffee at home” service by which it’s trying to place itself on people’s home so that the customers can have Dunkin’ experience just by sitting at their home.
Promotion Strategy of Dunkin’
Promotional strategy tells how to target the market, which medium should the brand use? Promotions play a significant part in the success or failure of a business.
Dunkin’ always finds new ways to promote itself. From its logo to packaging to slogan, everything has a unique spot in people’s mind. The recent event of name changing has created another scope for this business to rebrand among the people. Dunkin’ knows how much everything is now based on the digital platform. And, it is remodeling its marketing plans based on that. A while ago, it started a marketing campaign on Instagram through Nano-Influencer, basically the younger generation. This campaign was mainly focused on branding its handcrafted espresso to increase the hype for beverages. And the promotion resulted in substantial social media engagement. Dunkin’ also did sports sponsorships for teams like Liverpool. Its celebration of 66 years on International Coffee also gathered a lot of attention. Also, from offering complimentary teas on different occasions to arranging competitions with $20 million worth prizes, this brand never seats idly when it comes to marketing. Its presence on social media websites with new activities every now and then also keeps making it the talk of the town among its fans.
Strategic Recommendations for Dunkin’
Dunkin’ has already proved its worth and professionalism when it comes to marketing strategy. The price and placement strategy seem to be on the right track. But recently the rebranding strategy has brought this company in a clumsy situation. It should choose its products strategy while rebranding or else it may lose the long built identity among its customers. Also, the promotional strategy should be chosen wisely. Dunkin’ should focus more on building a new identity based on its new name instead of competition with its rival. Because while rebranding, securing the old position is more important, unique for global brands like Dunkin’.
Related: Marketing Mix of Apple Inc
References
- https://www.marketingdive.com/news/dunkin-names-new-vp-of-marketing-strategy-amid-pivot-to-integrated-approac/571665/
- https://www.forbes.com/sites/larrylight/2019/07/01/dunkins-new-strategy-destined-for-failure/#881e11e7bf80
- https://mediakix.com/blog/dunkin-donuts-nano-influencer-marketing-case-study-instagram/
- https://news.dunkindonuts.com/news/releases-20180925
- https://www.daytranslations.com/blog/dunkin-donuts-global-marketing/
- https://news.dunkindonuts.com/news?t=promotion
- https://news.dunkindonuts.com/blog/a-look-back-at-dunkins-most-innovative-products
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