Coffee is grown all around the world and many countries rely on the beloved bean as their main source of income. Following crude oil, coffee is the most desired product in the world (businessinsider). Lower class countries are typically the growers of the coffee bean, and the industrialized nations are the main consumers. Coffee shops are the fastest growing niche in the restaurant business (businessinsider). This is no surprise considering a Starbucks Coffee or Pete’s Coffee is on every corner.
Starbucks was first opened in Seattle in the year of 1971. It grew very intensely and now it owns 16,635 stores all over the world, included 115 stores in Malaysia. Starbucks got in to the Malaysia market through the mode of licensing. Berjaya Corporation Berhad obtained the license to operate Starbucks Coffee. Just like another coffee shops, Starbucks Coffee sells coffee-based drinks, non-caffeine beverages, tea-based drinks, coffee-related souvenirs, equipments, and coffee beans.
They had found their niche. Following this, Starbucks grew quickly and began opening several stores all over the country, and shortly thereafter the world. Since the beginning of Starbucks in Seattle, the company has expanded exponentially. Starbucks is today the leading roaster and retailer of specialty coffee in the world, with more than 18,000 stores in 62 countries (Starbucks, 2014). This essay aims to discuss the company that is Starbucks, with a focus on their financial business functions.
Although there are several specialized coffee players in the market today, one cannot overlook the magnitude of success and grandeur that Starbucks has achieved over the past many years. Its fast-growing coffee house along with tea and sandwich restaurant chain now makes it a dazzling investment idea. More than just coffee The company’s founder and CEO, Howard Schultz, has been successful in creating Starbucks into something that we didn’t really know we needed until we had it. He has meticulously crafted a brand for the company that adds a psychological value to its offerings. Thereby, when you buy a cup of coffee at Starbucks, you buy an experience.
Starbucks in today’s date is the world’s largest coffee chain. The brand which was founded in 1971 has established itself as the world’s leading specialty coffee brand with its more than 13000 outlets in 39 countries. The company has had an impressive record of sales and growth also. Something that differentiates Starbucks from others is its coffee as well as the special Starbucks experience. Starbucks serves more than just coffee.
These changes would be successful because it would improve customer experience and define communication. In addition, whether Starbucks changes their organizations or structures, this company will continue to be a popular coffee place. Truly, I hope they learn to lower prices but I do love that they listen to their customers and employees. In addition, whether they expand their menu in which I hope they do so I can enjoy the best of both worlds. Starbuck as will be around for a long time as long as their caffeine addictive coffee goers like myself.
Starbucks currently employs 191,000 employees world-wide. According to Starbucks International states website (2015), “with more than 21,000 stores in over 65 countries, it’s clear that our passion for great coffee, genuine service and community connection transcends language and culture” (para. 1). The Starbucks employees have accessibility to further their education and gain a higher career status if they desire. Financial Data Sheet Starbucks has set a goal to become the leading company for coffee and tea.
Starbucks is the number one recognized coffee outlets throughout the world. Through a series of quality control system and quality in customer service; Starbucks management proved that by committing to continuous improvement, they can remain successful even during unfavorable economic times. However, what exactly did Starbucks do to go from a small coffee bean roster company to the largest coffee-house company in the world with a market cap of 85 billion dollars. ii.
More than 40 million customers visit the Starbucks retail stores every week. They have an array of products. Some products locations sell are hot and cold drinks, whole-been coffee, instant coffee, espresso, different types of teas, mugs, and many other
Therefore, to create a successful global strategy, managers first must understand the nature of global industries and the dynamics of global competition. I would like to proceed with my analyses of the global market place, with examination the young but already well recognized brand world wide ? Starbucks. In my research I will explore on changes in the product, operations, and strategies at Starbucks influenced by the changes in the global marketplace. Due to word limitation on the essay, please refer to Appendixes for more detailed information.