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Based on the data collected, Starbucks should provide a special fall drink with bright colors. A few reasons for this recommendation were reached upon descriptive statistics and Multivariate analysis. Structural equation modeling use methods like route analysis and confirmatory factor analysis to evaluate assumptions regarding relationships between variables (Hair et al., 2021). Contrarily, multivariate analysis, which uses methods like component analysis and discriminant analysis, is used to examine multiple variables simultaneously.
Consumers Attraction to Bright Colors
First, the data indicate that females love the bright color of their beverages while males do not. This suggests that the majority of Starbucks customers are female and that they would appreciate the bright colors. Color is one of the critical factors to consider when coming up with a brand, as it influences consumers behavior, and people are generally attracted to bright colors (Casas & Chinoperekweyi, 2019). Therefore, most Starbucks customers will resonate more with bright colors, increasing sales.
Young Customers
In addition, the data also indicates that more junior or younger people tend to love the bright color of their beverages while more senior or older people do not. This suggests that most of Starbucks customers are young and would appreciate the bright colors. An estimate showed that 70% of Starbucks customers were internet users aged between 18-24, and today the estimate has exceeded 90% (Duncza, 2021).
New Customers
Lastly, bright colors may help to attract new customers; many people may be drawn to the bright colors and decide to try the drink. This is especially true for younger people, who prefer brighter colors; therefore, providing a special fall drink with bright colors will increase sales. Overall, the data suggests that most Starbucks customers would appreciate the bright colors and that the bright colors may help attract new customers.
References
Casas, M. C., & Chinoperekweyi, J. (2019). Color psychology and its influence on consumer buying behavior: A case of apparel products. Saudi Journal of Business and Management Studies, 4(5), 441-456.
Duncza, L. (2021). Starbucks Social Media Strategy Report. DigitalCommons.
Hair, J., Ortinau, D., & Harrison, D. E. (2021). Essentials of Marketing Research (5th ed.). McGraw-Hill.
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