Analysis of Luckin Coffee Marketing Strategy Based on the 4P Theory

Abstract

The competition between large brands has been fiercer as a result of China's accelerating economic growth and rising consumer standards. In barely 20 months since its launch in 2017, Luckin Coffee has successfully dominated the Chinese coffee market. Despite being forced to delist owing to financial fraud committed during its development, Luckin Coffee returned to the market with an effective marketing plan and produced excellent sales volume. In this essay, the 4p theory is used to examine how Luckin Coffee's effective marketing approach helped it establish itself as a well-known brand in China quickly. According to the study, Luckin Coffee's success is due to a variety of factors. Luckin has professional product, price, place and promotion strategy. Among them, the marketing methods of coupon promotion and co-branded promotion help Luckin gain a large number of customers. Meanwhile, this study puts forward relevant suggestions for Luckin in terms of products and place. This can point out the marketing ideas for Luckin Coffee, and provide a certain reference for other enterprises.