Name of Company:
• The name of my company is Starbucks.
• Starbucks Coffee Company was founded in 1971. Starbucks Corporation was formed in 1985.
• Its first location was in Seattle’s Pike Place Market. Today there are more than 19,000 retail stores in over 60 countries.
• Starbucks Coffee Company was founded by Jerry Baldwin, Zev Siegl and Gordon Bowker.
• The purpose of Starbucks is to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time. (Starbucks, 2014). Starbucks Company has a great balance between productivity and social integrity.
• In addition to quality coffee, Starbucks features a variety of hand-crafted beverages, teas, waters, pastries, sandwiches and salads. Starbuck also has espresso machines and coffee brewers in their retail stores. Starbucks also provides customer with novelty items.
• Many of the locations are located in the cities to target the educated, career oriented consumers. Starbucks’ target primary market is men and women aged 25 to 40 which make up 49%, then young adults age 18 to 24 are 40% and kids and teens, age 13 to 17 are 2% of the market.
Why would your target market want to buy your product:
• Adults buy our product because of the design, advertising and décor of the business and the premium products. Young adults in college like to study, hang out, and meet people. Kids and teens like to indulge in the sugary, whipped cream coffee drinks.
What benefit will they derive from buying your product:
• The benefit that the target market will derive from buying our product is the quality of our products that they can receive at home, in stores and on the go. They will be receiving the highest quality of whole bean coffee imported form Africa, the best handcrafted beverages and fresh foods, excellent entertainment and coffee products that they can use at home.
Environmental Analysis of Starbucks
1) Competitive Forces:
Starbucks’ close competitors include other specialty coffee shops, doughnuts shops and restaurants. Starbucks’ two competitors, Dunkin Donuts and Krispy Kreme have used aggressive price cutting for their drinks. Unlike its two competitors, Starbucks portrays its coffee as a luxury, and its prices accordingly. The treat of new competitors continues to force Starbucks to establish strategies and implement new products. Starbucks continues to be focused on expanding its services, improving efficiency of the operations an increasing the customer cycle while providing exceptional services and quality products. Starbucks is set aside from competitors because they fulfill the target market needs better than their competitors.
2) Economic Forces:
Starbuck stores are no different from any other store in that the business success is geared to being able to provide total customer satisfaction. One way that Starbucks satisfies its customers is to offer a changing selection of products as they become available since customers...