Note for this assignment you must provide specific information for the demographic, economic, and cultural and social environments. For example, for the economic environment, what part(s) of the economy (GNP, inflation, interest rates, unemployment, etc.) affect Starbucks and why.
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Use these headings:
Opportunities
Bullet point the Opportunities, then write several paragraphs with facts that support your bullet
points.
Threats
Bullet point the Threats, then write several paragraphs with facts that support your bullet points
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SAMPLE SOLUTION
Introduction
Starbucks corporation is an American company that was formed in the year 1971 in Seattle. The company is a premier roaster, a retailer, and a marketer specializing in coffee with its operations across the | PLACE YOUR ORDER NOW AT writtask.com | that the company has about 182,000 employees operating in more than 19,767 branches, and its operations are licensed in more than 62 | | PLACE YOUR ORDER NOW AT writtask.com | product mix comprises handcrafted and roasted quality premium tea, coffee, and various fresh beverages and food | PLACE YOUR ORDER NOW AT writtask.com | of the major economic slowdowns in the year 2009 due to the economic crisis that changed consumer taste, the industry revenue reduced by 6.6 percent; this forced the company to adjust and include other products in its line of | PLACE YOUR ORDER NOW AT writtask.com | company sells various tea and coffee products licensed under their trademarks throughout their channels, including their licensed groceries, stores, and national food services accounts.
Strengths
- Location
Starbucks was founded in the popular city of Seattle in 1971 by three | PLACE YOUR ORDER NOW AT writtask.com | had 4 locations and had 31,256 stores in the entire world (Bondarenko, 2019). the company has its stores located in the most strategic and prime location globally, making it a strategic destination for most | PLACE YOUR ORDER NOW AT writtask.com | access due to its strategic location increases its preferences as a destination for coffee, beverages, and snacks, thus increasing its sales and revenue. The stores are strategically located in areas that are target premium that has high visibility and traffic that close to a variety of settings such as the sub-urban and downtown retail centers, university campuses, office buildings, or in a selected rural setting off-the highway settings | PLACE YOUR ORDER NOW AT writtask.com | offered the company a competitive advantage that enables it to penetrate the prime market and tap into customer spending or buying | PLACE YOUR ORDER NOW AT writtask.com | stores have a cool factor, and they are visually appealing since the design reflects the unique character of the people they serve in an environmentally friendly manner. Starbucks aims to give its customer an experience that makes them consider their stores the third place from work and home.
- Branding & Logo
The Starbucks logo and brand are the most recognized business logo design that all coffee enthusiasts | PLACE YOUR ORDER NOW AT writtask.com | unique logo has most definitely helped Starbucks gain attention and success over the years. The logo is so popular and drives value-driven | PLACE YOUR ORDER NOW AT writtask.com | releases limited-time cups and tumblers they sold out within that | PLACE YOUR ORDER NOW AT writtask.com | and log are unique that make its outlets easy to identify among its | PLACE YOUR ORDER NOW AT writtask.com | confusion and increases sales. The branding and logo are also used as a marketing tool since once they appear in the adverts, customers can identify the company and the products. Therefore, branding and logo are essential advertising tools for creating awareness of the new products and reminding customers of the existing | PLACE YOUR ORDER NOW AT writtask.com | and well-established brand like that of Starbucks helps the company realize a value-added advantage since the customers associate the brands with value-added advantages that specifics and competitors do not have. Therefore, the customers are willing to buy the brand and pay the set price.
- Financial Strength
Starbuck’s net income reached 4.2 billion | PLACE YOUR ORDER NOW AT writtask.com | of financial freedom in a business, especially in this economy, is incredible. Similarly, in the year 2019, the company had annual revenue of $26.5 billion and a profit of $3.6 billion; the company has a strong financial position in the | PLACE YOUR ORDER NOW AT writtask.com | Starbucks to financially the most influential adverts that increase in brand d popularity and sales. Secondly, the company can pay its employees | PLACE YOUR ORDER NOW AT writtask.com | and promotions, the company is ranked among the top 100 best places to work in Forbes (Business Strategy Hub, 2020). This ensures the company has a constant supply of qualified employees who give their best in the workplace in terms of performance and the best customer experience, thus creating | PLACE YOUR ORDER NOW AT writtask.com | loyalty, the company has become a cult following status by implementing loyalty-based programs, Starbucks reward programs, and Starbucks cards. This value card program helps the company offer convenience and support the | PLACE YOUR ORDER NOW AT writtask.com | strength allowed it to apply an effective marketing strategy using social media platforms such as Facebook, Twitter, Instagram, and YouTube, thus a wider | PLACE YOUR ORDER NOW AT writtask.com | the company increase its customer base against that of the competitors, translating to increased revenue in | PLACE YOUR ORDER NOW AT writtask.com | Starbucks the most valuable brand globally, with a $10.5B value (Business Strategy Hub, 2020).
Weaknesses
- Cost
Starbucks is successful, that is a fact, but would they be even more successful if they made their products more affordable for everyone? Starbucks targeted customer is on the go, white-collar, average age of 42 with an income of around $90,000. I suppose they are not targeting people on welfare for a reason, making their coffee more of a luxury than a necessity (Bean-Mellinger, 2019). Since Starbucks has targeted this high class of people, they can raise their prices and make a bigger profit, making more money off fewer people (Bean-Mellinger, 2019).
- Operating under the general standards across the world
Starbucks operates under the general standards that do not fit the geographical area of operations or where its stores are located. The products offered are not on par with the cultural standards of the market. Therefore, as the product spread across the globe, it does not fit the people’s geographical area or cultural preference. For example, it has been established that company-crafted beverages are not done according to customer preferences (Management Glossary, 2021). This is a weakness since most customers will not prefer a standardized product and will opt for common beverages in that geographical area (Management Glossary, 2021).
Starbucks Opportunities
Business Expansion Starbucks has an opportunity for business expansion. The company can leverage its potential to expand to other countries across the world. Currently, the company has its operations licensed in over 62 countries around the
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