Strategical management for a company is the most figurative fact to be maintained properly. For the internal and external business management, strategizing the market place and managing the business helps in the development of the company. In this report the researcher has discussed all the directive approaches of strategical management of a company having in reference with Starbucks Corporation, one of the most sophisticated coffee company which trades over the world. It seems that there are numerous competitors in the market of Starbucks. But by propagating a prominent market strategy, the company seems to be maintaining a monopolistic market place. In this report, the researcher is going to focus on all the aspects of the development of the company and the strategical evaluation that actually helps the company to achieve this success.
Strategic management is one of the most influential ideas which hooks up with the different actions and events of an organisation and leads the firm to attain ultimate success or failure. This iterative process comprises of three main propagandas for the futuristic development of a company: strategical preplanning, deployment and implementation, monitoring and evaluation (Gilbert, 2008). All these factors can be shrouded under the process of analysis, decision making and actions. In this report, the researcher is going tom discuss all the provident aspects of strategic management being referred to one of the international coffee house chain in the international level, Starbucks Corporation. Strategical approach of the company for the development of the market place and how the company keeps does a different identity from all other companies and rivalries are going to be highlighted in the course of the study as well.
2.0 Overview of the company:
Starbucks Corporation being founded in 1971 in Seattle, America spanned its business in more than 64 countries over the globe. Away from America’s 13,000 stores, the company operates more than 10,000 stores in combinatorial process in different countries of Europe, Asia and other continent (Pennacchiotti and Popescu, 2011). Among the products that Starbucks Corporation seems to market, the most famous appetizers are hot and cold bean coffee, beverage, snacks, pastries and so forth. It is to be mentioned here that most of the products and dishes that is being served by Starbucks Corporation are seasonal and local. The company seems to offer different Chinese and Japanese foods and dishes while trading in these countries but all of these dishes are not available in America or European stores (Kobayashi, 2009).
Figure 1: Trademark of Starbucks Corporation
(Source: Starbucks Coffee Company, 2014)
In 2013, from the source of the company it is disclosed that the net revenue generation in that year was $14.89 billion (MacDonald, 2013). A report has indicated that during 2009-2011, with the global slowdown, the company had also received a great setback. But after a while, with the growing demand of the coffee and other snacks products, the company has stimulated its business. Simon (2014) has reported that the company to cope up with the development of the digital world, the company has introduced the Starbucks application to be used in any mobile platform which actually let the customers to spot the nearby store and to make order. The report has also stated that being digitalized, Starbucks Corporation has received more than 12% growth in their annual revenue generation. Besides, the company to expand its market, now a day, is being using different social media sites for promoting their products and attracting more people to their outlets. In Twitter, Starbucks Corporation let the customers collect and purchase the gift card for friend and relatives. Srdjevic et al. (2013) has reported that till the end of 2013, more than 30,000 people have been seemed to be using this process which actually let the organisation to pocket nearly $200,000.
Figure 2: Revenue growth of Starbucks Corporation (in $)
(Source: Srdjevic et al. 2013)
Starbucks Corporation does have to operate their business in a moderate trading situation over the world. As the threat of competitor is always teething, adaptation of different market centric strategies has let the company retain its sonority of business in the market place. In the countries abroad, Starbucks Corporation seems to have collaborated with different subsidiaries aiming at the capitulation of the market. The rapid growth of the company, as Lings and Greenley (2009) has stated that no any rivals of the market place, such as McDonald’s, KFC and others, could have matched with the gradual increase of the company. The stock market shares also seem to be increasing leaps and bound of the company. After declaring 50% declinement in the year of 2008, a research conducted by Gallaugher and Ransbotham (2010) critically evaluates that the company had gone through a complete organisational reformation; the result of which the stock of the company which fell $9.44 in 2008, has raised by $5.27 in 2009. The aggressive marketing of the company and superficious strategies to gobble the market place, as the report narrated, has let Starbucks Corporation to be successful in the market place, being shared with the rivals.
3.0 External Market Analysis for Starbucks Corporation:
To manage the external market place, the companies are needed to adapt different strategies. With time, there are radical changes seems to be noticed in the market place. To cope up with this distinct nature of the market, however, the companies seem to feel necessities of changing in their statistics (Argenti, 2013). More to be added, as Starbucks Corporation is trading over the world, needless to say, there are different difficult situations that the company have to handle. PESTLE analysis is called to be the most profound approach in this context that let the companies to assess the sonority of the problems eminently.
3.1 PESTLE Analysis of Starbucks Corporation:
PESTEL analysis seems to cover different issues like political, economical, social, technical, legal and environmental. Indeed, all these issues are the external factors which manipulate the business of a company; and if not properly treated it may cast a vicious impression on the business growth. Same is true for Starbucks Corporation as well.
Figure 3: PESTLE Issues
(Source: Gamble et al. 2013)
With America, in several countries over the world, a high taxation has been imposed upon the farmers which, nonetheless, have let agricultural products to shot its price. Starbucks Corporation, having no way out seems to be bound to purchase coffee beans and other agricultural products in a high price. Generally, Starbucks Corporation imports coffee beans from Tanzania. To boost to the local agriculture, the government of Tanzania has lowered the tax for the farmers but raised the export duty (Simon, 2009).
Besides, with the time, international stability is going disrupted which actually spoils the market of Starbucks Corporation. In 2007, as to quote a report, with the economic downtown, Starbucks Corporation had received the biggest threat in the business (Chan, 2010). International trade regulations often seem to create abandonment for the organisation in expanding its business. More worry has been added by the International Coffee Agreement which seems to have limited and set a quota in trading coffee. With the trade issues, not only the farmers are found to become the severely victimized but the companies like Starbucks Corporation as well.
Another political bug that Starbucks Corporation has to face within USA is the vicinity of the regulatory pressure which let the company to suffer a drastic situation. This regulatory strategy, Bouazzaoui et al. (2010) has confirmed as the political enigma in order to let other similar companies scopes for making the market.
The inflation rate in America and in other countries in the present time is on a radical hike which let the price of the raw materials increased. If a country where Starbucks Corporation operates its business, with the inflation increases the import- export tariff, the company has to engross a huge economical lose. With inflation, a change in the buying power of the customers is noticed. People generally seem to avoid the luxury shops or restaurant which, in other sense, spoils the business of the organisations like Starbucks Corporation (Ceo, 2008). In all the countries where Starbucks Corporation seems to operate their business, a glide is recorded. The buying power of the people, with immense inflation, as the economics verdict, is coming to saturation point.
The countries from where Starbucks Corporation seems to import the raw materials, the tariff being raised, the company has to suffer an immense economical crunch.
Figure 4: Different sources of revenue generation for Starbucks
(Source: Khanh, 2012)
The exchange rate in the international dealing is also getting severely affected. In the subject countries, Starbucks Corporation seems to face a teething competition which often let the company to make the business cut loose (Khanh, 2012). For the competition, additionally, the price rate is also needed to be slashed which is considered to be the biggest lose for the company.
There are several social issues related to Starbucks Corporation. The organisation is needed to assess the fact that what kind of people are they really targeting and what the basic necessities of these people are. In accordance to the demand, different demographics are needed to be developed. Importance is needed to be given on the demand of people.
On the other hand, for the distinguished income scenario, products are needed to be designed. Rather the outlets of Starbucks Corporation are needed to be situated in the populated area so that most of the people get attracted and get enchanted by the products. As coffee, in most of the countries of Asia and Latin America, is considered being luxurious liquor, therefore, proper distinction is necessary (Interscience.wiley.com, 2014). On the other hand, intense consumption of coffee as known to be hazardous for health, a lot of people keeps them away from this which again can be considered as a factor of relinquish for the business of Starbucks Corporation.
With time Starbucks Corporation is being seen to be getting more inter savvy. Being felt, the digital marketing attracts more people than that of the common process of marketing, Starbucks authority seems to be getting more leaned towards the use of the profound internet system. The company has also taken refuge to the social media for advertisement purpose.
Installation of technologies in the production of coffee and other snacks, the company seems to be making a huge success (Yahoo! Finance, 2014). By the implementation of the technology, with the conventional products and dishes, the organisation seems to be introducing new products as well. With new technologies, consummation of time is curtailed out and more customer friendly atmosphere is provided. With the newly invigorated products of coffee and snacks, the company aims that they will again regenerate their market place.
As Starbucks Corporation operates their business in different countries of the world, the legal aspects also seem to vary. The labour laws of different countries are framed in different way. Therefore, expertise management of the legal structure is highly needed. Before starting operation in any country, proper legislative assessment is very much necessary. In some countries, there is some restriction of selling some specific products. For instance, Starbucks in India cannot sell beverage as because it is illegal in India to sell beverage in a coffee shop or restaurant (Tian and Twite, 2011). Therefore, proper respect to the laws and legislation is a must for Starbucks. Maintaining of the health and safety norms for Starbucks is another inevitable matter of concern for Starbucks. Selling the hygienic products leads to the development of the company.
It is witnessed that after the usage, consumers throw the coffee cups in the open road which earlier being not biodegradable, used to affect the environment. Therefore, Starbucks has introduced the eco- friendly coffee cups. Among people, in the present time, necessity of saving the earth has become the biggest concern (Tian and Twite, 2011). However, with the new tactics being applied by Starbucks, people are getting highly attracted towards the outlets of Starbucks which, nonetheless, boosts the economic growth of Starbucks. On the other hand, Starbucks seems to donate and collaborate with different organisations that seem to work for ecological awareness purpose. All these strategical approaches of Starbucks seem to attract common people very much.
3.2 Porter’s Five Forces Analysis for Starbucks Corporation:
To analyse the competitors of the market place, and to assess the kind of the competition, Porter’s Five Force analysis seems to be the most exquisite approach. The framework framed by Michael Porter seems to be the most designated tool for the proper assessment of the market situation. For Starbucks Corporation application and analysis of the competitors is very much necessary.
Figure 5: Different Objects of Porter’s Five Forces
(Source: Thompson and Thompson, 2012)
Threat of New Entrance:
Mendivelso et al. (2011) has observed that as Starbucks Corporation has developed a monopolistic kind of market over the world, threat of new entrance in the market place is only a few. If any company wants to open up their market, it needs to invest a lot. On the contrary, Ritzer (2010) has commented that in the local level, small stores are constantly becoming be the threat for Starbucks. A recent report has portrayed that in the developed countries of America and Europe, demand of coffee, snacks and beverage is getting increased which actually let the small stores to be opened locally. From 2005, the report has stated, the number of the coffee stalls and beverage stalls has increased by 67.2% (Ritzer, 2010).
Figure 6: Increase of fast food stores in USA
(Source: Ritzer, 2010)
Though there is an immense influx of the local coffee and snacks stores over the world, recognition and branding is limited. But there is lot of people who in general way prefers the branded product. Therefore, the market of Starbucks is very much resonant. Being fascinated by the supply chain, prime location of the outlets, immense availability of the raw materials seem indulge Starbucks to moderate the approach of the new entrance.
Threat of Substitute Products:
Thompson and Arsel (2008) have identified that there are several products available in the market works as substitute of beverage or coffee. In some of the countries where Starbucks operates, consummation of beverage or alcohol is considered to be illegal. Rather, a lot of people prefer fruit juice, soda, soft drink, energy drink and others instead of coffee or beverage as either for health concern or for different reasons. Even the doctors of these days consider that extreme consumption of beverage or coffee seems to be hazardous for health. All these substitute products are becoming be the threat to for Starbucks (Thompson and Arsel, 2008). Apart from that, people of the Asian and Latin American countries prefer coffee produced in home. This actually seems to be denouncing the market of Starbucks very much. To compensate this immense deficiency, Starbucks also seems to be selling soft drinks and other products. But the threat is really drastic for Starbucks.
Bargaining Power of the Buyers:
To the people of today, concession of price is very much essential. But Starbucks, being branded, the pressure of the bargaining power of the buyers remains at the low range. The price of the products is seemed to be fixed in comparison with the price of the same products of the market produced by other companies (Thompson and Arsel , 2008). At the same time quality of the product as maintained properly, attraction of people reduces only by a little. More to be added, in different countries, as Starbucks markets different kinds of products, range of bargaining reduce. Interestingly, people who visit the outlets are generally the moneyed person; therefore, expectation of bargaining gets lessened. For the premium coffee and other quality products, people think a little before paying. Buyers seem to be very much relevant with the products. In some cases buyers seem very much satisfied with the services rendered to them.
Bargaining Power of the Suppliers:
By launching the new products and dishes in the market place, availability of the raw materials is very much essential for Starbucks. Yanfen (2009) has critically commented the threat of bargaining of the suppliers for Starbucks is moderate or lower. Starbucks seems to have an advent chain of the suppliers who are not only trustworthy for the company rather to the suppliers; Starbucks stands to be one of the vital customers. The organisation retains a sophisticated relation with the suppliers. Therefore, the bargaining power of the suppliers gets blunt. Apart from that, in some cases Starbucks maintains a vertical partnership with the suppliers which let them more invigorated. In the international field, Starbucks seems to maintain a profound supply chain which helps the company to be developed properly.
It seems that the Starbucks is having an intense competition in the market place. In a large scenario, the company is maintaining the monopolistic market place. For the same product, if people find that other company is providing that product in fewer prices, there is a threat of losing of customers for Starbucks. Switching of the customers is called to cast an immense effect on the revenue generation for the company. For being a competitive market, Starbucks is needed to have developed the products and service of them. In the countries outside of United States, the company with the international marketers, the local marketers stand to be the rival for the company. Yanfen (2009) has noted that Starbucks seems to maintain a proper marketing team to compete with the marketers and the rivals of the market. But for the competition, there are some benefits for Starbucks as well. With competition, proper evaluation of the product is conducted. The products are always let to be very much convenient and people receive proper services which may not be possible if the competition might not exist (Investor.starbucks.com, 2014). More to be added, the company seems to maintain a high level of statistics which let the company to assess the products properly.
With the analysis of Porter’s Five Force framework for Starbucks seems to be very much attractive, as, from all the avenues of marketing, it helps the company to attain a rigid place to capitalize the market place (Investor.starbucks.com, 2014). Being an international company, for Starbucks application of all these strategies in the market place can expect to be very much helpful for the development of the company as well.
4.0 Internal Analysis of Market for Starbucks Corporation:
For Starbucks Corporation, analysis of the internal market place is also very much important which actually states the strength of the company. Proper analysis of the internal market lets the company to strategically apply the statistics for the development of in the present time and in future days as well. For this very purpose, the researcher seems to have taken refuge of the SWOT analysis process which is one of the fruitful processes to identify the internal strengths of the company.
4.1 SWOT Analysis of Starbucks Corporation:
4.2 Conceptual Framework:
Figure 7: Conceptual Framework for Starbucks
(Source: Designed by the researcher)
5.0 Critical Evaluation of the Existing Strategic Options for Starbucks:
To capitalize the market place of Starbucks, there are several strategies seemed to be adapted by the company in a large number. For instance, to meet the demand of the substitute products, Starbucks has allowed soft drinks to be sold from their outlets which had not been allowed earlier. After an immense economic crash in 2008, the company, in no way wants to develop a poignant service. In contest with the competitors, the company is also following the processes of its forerunners as well (Behar and Goldstein, 2007).
5.1 Formulation of the Strategic Marketing:
Lack of proper market planning and value chain process, the company seemed to have suffered which resulting in a significant deterioration in the business by the company. Therefore, to attract more people, Starbucks is using social and the digital media for promoting their products. At the same time, with proper promotion and advertisement people are getting enchanted with the products and the services provided by the company in their outlets. Demand of the customers is given the profound preferences. For this reason a stereotype market orientation planning has been framed by the company. At the same time the stakeholders are also seemed to be given complete preferences which let people to get back their faith over the company. Behar and Goldstein (2007) has critically commented that Starbucks, although it was late to understand, but has realized that the without the application of the innovative product, the stronghold of the market cannot be controlled. The company, now a day, maintain a proper marketing team which helps in strategizing the marketing activities. The company now seems to get reliant and focusing in achieving the competitive advantage. In USA, a research conducted by (BurgeSmani and Wheelwright, 2004) has reported that 35% of the coffee industry market is sustained by Starbucks, 20% by the local coffee centers and the rest area shared by the other international brand companies or the small sellers.
Figure 8: US Coffee Market Share
(Source: Chan, 2010)
5.2 Proper Human Resource Allocation:
Starbucks coffee outlets in America, now a day, seem to provide the proficient services to the customers. Employees who are recruited in these stores are given proper training so that they become proficient in their activities while catering to the customers. To Kobayashi (2009) seems to be very much critical in assimilating the fact that the staffs, to Starbucks, are an important asset. A proper HR management is maintained by the company. People who are possessing experience are only recruited by the company. Kobayashi (2009) has observed that the employees of Starbucks are mostly genuine and moiré expert than that of the employees of other convenient stores. Customer’s experiences are also recorded. If any customer lodges complaint against any employee of the store, the authority readily takes step against that staff. The management seems to be very much strict in this respect regardless of the position of the employee. Promotion of the employees and retention are also facilitated which, needless to say, charges them up. Providing best quality of service, as Mendivelso et al. (2011) have commented, is the priority of the company and the HR management of the company stand responsible in projecting this attitude of the company.
Apart from that to gain the organisational success the HR department always remains activated. Therefore, a proper branding and value chain process is maintained by the company, in America and in the several outlets over the world.
5.3 Measures Taken to Gain the Competitive Advantage:
Mendivelso et al. (2011) have projected that with time the taste of people are getting changed. Demand of the resonant products instead of the conventional products is having a high range of demand. This actually instigates a lot of café and beverage companies to open the convenient stores. Additionally, the international and big branding companies are also becoming the threat for Starbucks. In this teething competitive market place, Starbucks seems to have extended it service beyond American boundaries. By launching new products on demand, Starbucks are attracting more consumers to their stores. A distinguished market strategy has been implemented by the company (Pennacchiotti and Popescu, 2011). All the market strategies of the company are aimed at identifying the basic necessities of the market place. Market of different products is efficiently segmented. With gaining of the competitive advantages in the market place Starbucks has opened several outlets in the different countries of the world. The revenue generation in this aspect seems to be very much high for the company.
Figure 9: Store Count of Starbucks over the globe (in number)
(Source: MacDonald, 2013)
Immense emphasize has been pondered on the development of the profound strategy. With spreading its market in other markets, resonance of the market has also been focused. To accommodate and attract new customers, new products are seemed to be generated by the company. At the same time, a proper company and customer relationship seems to have become very much important point the company has critically focused on (MacDonald, 2013). The company has kept the doors opened for the customers’ suggestion also which is another provident factor that no other companies of the similar range have adapted. By application of this strategy the company lets the customers to be very much free with the customers.
5.4 Technological Advancement:
Being in the age of technical advancement, Starbucks Corporation has applied different technical methods in the marketing process. The company seems to maintain its own website for each zone and for each country as well. The website gives the consumers facilities to order digitally. At the same time, a customer can search for the nearby outlet. In 2013, the company has launched the Starbucks apps which can be accessed from any mobile phone. It provides more facilities to the customers. Apart from that installation of the modern technologies for production and manufacturing of the different dishes as let Starbucks to achieve one of the prominent milestones (David, 2005).
5.5 Upgradation of the Operation Management:
In store operation management of Starbucks has also been upgraded a lot. Performance of the similar companies is profoundly observed by Starbucks. The management has identified that before 2009 there was a gap in the value chain process which let the company face an economic inclement in this period.
Figure 10: Economic flow of Starbucks (in %)
(Source: Shimizu, 2013)
The company, during that period, was in a high mood of expanding the stores and aimed at pocketing the maximum revenue by sacrificing the branding and serving a quality product. Therefore, the need of changing in the operational process is felt badly (Shimizu, 2013). Improvement of the marketing strategy, implementation of the new technologies and focus on the branding qualities has become one of the turning points that Starbucks seemed to have focused in general way. With the strategic effectiveness and competitive advantages, the company seems to have gained a prominent market place for itself.
5.6 Strategic Application in the Stock Market:
To boost up the share of the company, the company needs to focus on the branding quality. The same strategy has been adapted by Starbucks as well. The marketing team of the company seems to operate and initiate the stock market shares for the company. Shimizu (2013) has mentioned that the stock market share for the company after the agonized fall moves resonantly. Under the changed leadership, Starbucks seems to have improved its business statistics intricately.
6.0 Long and Short Term Strategies Planned for Starbucks:
Starbucks in the recent time has declared their long and short term strategies and objective that they expect to be achieved in a specific stipulated time span. Among the long term objectives of the company the most prominent one is the expansion of the business not only in America but over the world as well. The company aims at retaining a complete monopolistic market. The countries where the demand of the coffee products are very much high, the company aims investing in those countries. Among the long term activities, the company has aimed the followings:
The company also has also strategized the short term objectives. The employees of the company have been aimed to be given proficient training to let them learn the basic strategies to handle the customers. Within 2014, the company had aimed to open some of its outlets in shopping malls and different populated places of Asia and Africa which, they presumes, will attract more people and the revenue generation will also receive a genuine boost. More to be added, more reasonable product is aimed to be produced within the next year (Onlinelibrary.wiley.com, 2014). The company in most of its outlets seems to be installing new machines and mechanism which will provide more sophistication for the products within the coming year.
7.0 Planning for the Long-term Strategy:
For the successful implementation of the long term strategy that has been destined by the Starbucks authority, is the money flow. In the following section some prominent factors for the successful implementation of the strategy is going to be discussed.
7.1 Financial Strategy:
Starbucks procures a lot of money from the various stores over the globe. At the same time it seems that the company in vests a lot in the share market and in launching the new stores in different countries. Therefore, a proficient financial strategy is needed to be adapted. More to be added, the shareholders are needed to be proficiently treated. Brand value of the company is needed to be sophistically maintained so that no fluctuation in the money flow gets barred. Besides, Starbucks has to invest in the share market of those different countries where they are investing.
7.2 Promotional Strategy:
People of the Asian and African countries are little known about Starbucks. Therefore, being launched their outlets; the company has to promote that. On the other hand, the company can use different digital and social medium for advertisement purpose. Besides, to attract more people about the newly products and dishes, the advertisement seems to be the best option opened for the company. At the same time choice of the people are needed to be respected proficiently.
7.3 Statistics for Getting Customer Friendly:
Often it is said Starbucks is the place for the moneyed persons. Web.ebscohost.com (2014) has indicated that among the regular visitors of Starbucks, 68.47% people are typically moneyed people. Therefore, a huge amount of customers are slipping away from Starbucks’s yard. The products, hence, are needed to be designed for all sorts of people of the society and a sophisticated charge is needed to be desired. At the same time, a proficient service is needed to be served to the visitors. More to be added, the location of the going to be outlets are needed to be very much significant that can attract people easily.
Apart from these, before investing in any country a proper survey is needed to be done. If drawbacks are found, it would be better not to invest.
Strategical change will undoubtedly cast its impact on the market development of the company. Therefore, revision in the conventional model of strategy is needed. Since the market place is changing by maintaining a good pace the company will also has to bring changes in its strategical stimuli. The researcher so far has discussed about different sophisticated strategies that has been adapted by the company and the strategies that are needed to be implemented in the course of the market orientation.
The researcher thinks that the following recommendations will be very much helpful for the business development of Starbucks Corporation.
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