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Starbucks was founded in 1971 in Seattle, Washington and has since expanded globally. It began as a small coffee bean shop and evolved into a major coffeehouse chain under the leadership of Howard Schultz in the 1980s. Starbucks now has over 24,000 stores worldwide and generates over $25 billion in annual revenue. While successful, Starbucks faces threats from competitors and must continue innovating to maintain its competitive advantage through customization, online services, and social media engagement.
Starbucks was founded in 1971 in Seattle, Washington and has since expanded globally. It began as a small coffee bean shop and evolved into a major coffeehouse chain under the leadership of Howard Schultz in the 1980s. Starbucks now has over 24,000 stores worldwide and generates over $25 billion in annual revenue. While successful, Starbucks faces threats from competitors and must continue innovating to maintain its competitive advantage through customization, online services, and social media engagement.
Starbucks was founded in 1971 in Seattle, Washington and has since expanded globally. It began as a small coffee bean shop and evolved into a major coffeehouse chain under the leadership of Howard Schultz in the 1980s. Starbucks now has over 24,000 stores worldwide and generates over $25 billion in annual revenue. While successful, Starbucks faces threats from competitors and must continue innovating to maintain its competitive advantage through customization, online services, and social media engagement.
■ Starbucks Corporation is an American coffee company and coffeehouse chain.
■ Founded : Seattle, Washington in 1971. ■ Founders : Jerry Baldwin, Zev Siegl, Gordon Bowker. ■ Key people : Myron E. Ullman (Chairman) HISTORY Meaning Of The Name Starbucks: ■ The name of the company was inspired in the Moby Dick’s novel; Starbuck was the first mate of the ship Pequod. 1971: ■ The first Starbucks store was opened in Seattle, Washington. It was located at 2000 Western Avenue and later moved to the historic Pike Place Market. The three partners that started this company were Jerry Baldwin (English teacher), Gordon Bowker (writer), and Zev Siegl (history teacher). At the beginning they did not sell brew coffee, only roasted whole beans. 1982: ■ Howard Schultz started to work in Starbucks as director of retail operations and marketing. One year later, in 1983 Schulz travels to Italy. 1984: ■ Howard convinces the founders to test the coffeehouse concept. The first Starbucks Caffe Latte is served. 1985: ■ Schultz found the store II Giornale where he sold coffee and espresso beverages using Starbucks coffee beans. Expansion: 1987: ■ Starbucks was sold to Howard Schultz, who had worked for Starbucks before. Schultz had been in Italy four years before and fell in love with the uniqueness the Italian coffeehouses had: a place where people gather for talking and sharing experiences. He wanted to reproduce that place in the United States. Schultz rebranded other stores he had as Starbucks and started to expand rapidly, having stores in Vancouver, British Columbia, and Chicago. The revenue for that year was of U$ 1.3 million. Two years later he had 46 stores and roasted over 2,000.000 pounds of coffee. 1991: ■ Starbucks become the first privately owned U.S. company to offer a stock option program that includes part-time employees. 1992: ■ Starbucks had 140 outlets with revenues of U$ 73.5 million and a company value of U$ 271 million. That year Starbucks had its initial public offering and sold 12% of the company, facilitating the expansion of the stores to nearly double number. 1994: ■ Starbucks opened the first drive-thru location. Total stores 425. 1996: ■ Starbucks began selling bottled Frapuccino and opened first store outside of North America in Japan. Total stores: 1,015. 1999: ■ Starbucks acquired Tazo Tea and Hear Music. Total stores: 2,498. 2001: ■ Starbucks introduced the Starbucks card. 2003: ■ Starbucks acquired Seattle Coffee Trading Company. 2004: ■ Starbucks acquired Ethos Water. Total stores: 10,241. 2008: ■ Starbucks acquired Coffee Equipment Company and its Clover brewing system. Launches the first Starbucks online community and joins Twitter and Facebook. Total stores: 16,680. 2009: ■ Starbucks Launched loyalty program and Card mobile payment. 2013: ■ Starbucks prices $750 million of Senior notes. Starbucks opened 1,000th stores in China and Japan. 2014: ■ Starbucks opened stores in Brunei and Colombia. 2016: ■ Starbucks Coffee Company has over 24.000 stores in 70 countries through independent subsidiaries, joint venture associations or franchises. 2018: ■ Starbucks revenue for the twelve months ending December 31, 2018 was $25.278B, a 11.22% increase year-over-year. Corporate Value & Company’s Business Decision Mission Statement ■ Building a company with soul. ■ “To inspire and nurture the human spirit – one person, one cup and ■ Only selling coffee beans without one neighborhood at a time.” artificial flavours. ■ “Establish Starbucks as the premier ■ Satisfy customers by all means. purveyor of the finest coffee in the ■ Employees contribution and world while maintaining our involvement and making starbucks uncompromising principles.” a better company. KEY ISSUES FACED ■ Attempts to expansion and creating new value innovation. ■ Over exposed. ■ Competitors in the field such as McDonalds pose a threat. ■ Porter’s 5 Forces Analysis : High bargaining power of suppliers The threat of new entrants is medium The threat of Industry competitor - McDonalds creating the McCafe line. ALTERNATIVE ACTION TO SECURE COMPETITIVE ADVANTAGE ■ More Customization to offer ■ Online user interface : Find the nearest Starbucks shop, Create their own drink, Order online. ■ Social Media Campaigns : Selfie with favourite Starbucks drink, the highest likes of the picture you get free coffee for 15 days. CONCLUSION
■ Need to create new value innovation by enhancing the customer experience by
investing in online content and interactivity. ■ Enhancing the connection to their loyal customers.