Starbucks’ business strategy has been one of the most successful strategies. It has been able to attract customers from all around the world and has been successful in converting one of the wants of people into needs. People cannot function without a proper cup of hot coffee and have transformed iced coffee into an international phenomenon.
Starbucks started as a coffee bean selling platform. It was founded in 1971 by Jerry Baldwin, Zev Siegal, and Gordon Bowker. However, recently they have introduced its signature line of extremely successful drinks. The company built a brand with its iconic logo that draws inspiration from Norse Woodcutting. Starbucks was then sold off to Howard Schultz in 1986 who helped the brand reach new heights.
Starbucks has been working on creating a brand experience for its customers. The motto of Schultz was to create a third place; a place between home and work where people can just explore their personal lives. Starbucks has been one of the most successful brands in targeting its customer base. Its target customers include middle-aged men and women who are interested in paying for expensive drinks. Starbucks has focused extensively on the experience. It has romanticized the idea of having an expensive drink while using your laptop and sipping your favorite coffee. This experience has allowed customers to visit the place and even get hooked to this place. Starbucks has been providing the 4Ps which include the perfect price, promotion, product, and placement. Whenever you plan to visit Starbucks you will achieve the same level of satisfaction with the product. Starbucks was the initiator of curating personalized drinks for everyone. You could always get your desired level of sweetness and flavor at the place. Moreover, they have been utilizing digital marketing at its maximum level.