Starbucks Is The World 's Leading Retailer Of Specialty Essay

Starbucks Is The World 's Leading Retailer Of Specialty Essay

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Starbucks is the world’s leading retailer of specialty coffee beverages and accompanying confectionery items. Starbucks was established in 1971 in Seattle by Jerry Baldwin, Zev Siegal and Gordon Bowker. Currently, Starbucks has over 21,000 stores and operates in more than 63 countries. The company’s mission is to provide an opportunity for people to enjoy a good cup of copy and engage in a good conversation. The following situational analysis provides a detailed look at the current business situation of Starbucks Corporation by providing an in-depth qualitative analysis of the company’s current product, market, opportunities, and challenges.
Current products
Starbucks offers specialty and high quality coffee at premium market prices. Starbucks’ menu prices are highest compared to other coffee shops and the most expensive drink can fetch as high as $ 80. However, Starbuck’s product prices are influenced by various factors including the company’s strategy and how it sources raw materials. Starbuck’s retail strategy is to offer their customers quality coffee and relaxed atmosphere to socialize. Starbucks has invested a lot in its retail stores and locations which are mostly urban and luxurious. Starbucks also offer coffee farmers high prices for their coffee and support responsible farming practices.
The product portfolio can be divided into four key categories: beverages, packaged and single-serve coffee, confectionery and coffee making equipment. Beverages include non-coffee blended drinks like Tazo tea, Viviano Smoothies and Ethos water. Starbucks coffee products come in different forms that include; fresh brewed coffee, hot and iced espresso beverages. Starbucks coffee comes in the form of dark roast, blonde roast, medium roast ...


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...o 50 % of total sales. This group of customers has professional careers, relatively high income and prefers the urban lifestyle. Starbucks offers specialty products and spaces where this group of customers can socialize, eat out and hang out with their families. Adult customers mostly prefer coffee and other caffeine beverages while the younger customers prefer non-caffeine beverages and confectioneries. The young adults, which is made up of customers aged 18 and 24 years, accounts for 40 % of the company’s total sales. Starbucks offers spaces where the young adults can hang out, meet people, socialize and do assignments. Starbucks retail stores have Wi-Fi access and good music to attract and retain the young adults. These groups of customers are also attracted by the customer service and highly knowledgeable employees who educate customers about Starbucks’ products.

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