The historical growth rates in the coffee market suggest that the market presents ample opportunity for the firm to tap into this market deep as there is a gradual shift into the buying behaviors of the consumers in the market. The historical growth rates in the coffee market suggest that the market presents ample opportunity for the firm to tap into this market deep as there is a gradual shift into the buying behaviors of the consumers in the market. It is also important to note that the number of visits per week to the coffee chains is increasing, therefore, there is also a very strong chance of creating the permanent base of customers through special loyalty programs. The above information, therefore, provides Starbucks an opportunity to better understand the market and position its strategies according to the market trends.
Further, it is also critical to note that such information provides a deeper insight into the future trends which may take place especially in buying patterns of the consumers. Product and Pricing ApproachesProduct ApproachStarbucks offer different products aimed at different groups of customers based on different factors.
There are six favorite beverage products offered by Starbucks including the following: 1. Espresso Classic 2. Caffe Americano 3. Caffé Latte 4. Cappuccino 5. Caffe Mocha 6. Caramel Macchiato 7. Fresh Brewed Filter Coffee The above are some of the coffee tastes offered by Starbucks at its various stores in the UK. The firm has typically targeted at producing the top quality products which are far superior to other brands of the coffee. For this purpose, the company historically used the finest quality whole beans coffee to produce.
The initial history of the firm suggests that it concentrated on selling equipment which was meant to brew only high-quality coffee beans. In order to distinguish itself from the competition, it concentrated on using Arabica beans which are considered to be of the highest quality. In effect, the product development approach of the company has remained focused on the quality besides offering a rich experience to offer. In effect, the approach of Starbucks has been to delight its customers by offering a 15 minutes relaxation break rather than offering a cup of coffee to drink.
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