Individual Case Analysis - Starbucks

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BUSI-1271-M01 Global Strategy

Individual Case Analysis - Starbucks

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Individual Case Analysis - Starbucks

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Table of Contents
Overview ------------------------------------------------------------------------------------------- 05 Phase 1 : Analysis of the external environment ----------------------------------------------- 05 1.1 PESTLE analysis --------------------------------------------------------------------- 06 1.2 Life cycle analysis -------------------------------------------------------------------- 06 1.3 Market segmentation analysis ------------------------------------------------------- 06 1.4 Five forces analysis ------------------------------------------------------------------- 06 1.5 Partial SWOT identification of opportunities and threats ----------------------- 07 Phase 2 : Analysis of the Starbucks internal environment ----------------------------------- 07 2.1 Positioning relative to customers ---------------------------------------------------- 07 2.2 Physical resources available to Starbucks ------------------------------------------ 07 2.3 Knowledge based resources available to Starbucks ------------------------------- 08 2.4 Value chain analysis ------------------------------------------------------------------- 08 2.5 Boston matrix --------------------------------------------------------------------------- 08 2.6 Starbucks growth and strategies ------------------------------------------------------ 08 2.7 Critical success factors ---------------------------------------------------------------- 09 2.8 Financial analysis computed using 2010 annual report --------------------------- 09 2.9 Partial SWOT Identification of strengths and weaknesses --------------------- 09 Phase 3 : Starbucks strategic options for the future -------------------------------------------- 09 Appendix --------------------------------------------------------------------------------------------- 12 Fig 1 : PESTLE analysis ------------------------------------------------------------------ 12 Fig 2 : The premium coffee industry lifecycle ----------------------------------------- 12 Fig 3 : The premium coffee market segment ------------------------------------------- 13 Fig 4 : Porters five forces analysis ------------------------------------------------------ 14 Fig 5 : Partial SWOT Opportunities and threats-------------------------------------- 15 Fig 5a: Starbucks supplier network ------------------------------------------------------- 16 2

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Fig 6 : Starbucks position in Porters generic strategies ----------------------------- 17 Fig 7 : Starbucks position in Bowmans clock ---------------------------------------- 17 Fig 8 : Starbuck Boston matrix ----------------------------------------------------------- 18 Fig 9 : Starbuck Ansoff matrix ----------------------------------------------------------- 18 Fig 10 : Starbuck Expansion methods matrix ------------------------------------------- 19 Fig 11 : Porters diamond of national advantage --------------------------------------- 20 Fig 12 : Starbucks VRIO matrix ---------------------------------------------------------- 21 Fig 13 : FULL SWOT ---------------------------------------------------------------------- 22 Fig 14 : Starbucks TOWS------------------------------------------------------------------ 23 References -------------------------------------------------------------------------------------------- 23

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Overview
Starbucks is a Fortune 500 (NASDAQ, 2011) global company that has its headquarters in Seattle, and operates in over 55 countries. Starbucks is in the specialist eateries industry, has about 18000 stores, employs over 170,000 worldwide and has an annual turnover of US$ 10.7 billion (Starbucks Annual Report, 2010). Starbucks has become the most respected brand in the coffee business and is globally acclaimed for its ethical sourcing, environmental stewardship and community involvement (Starbucks Company Profile, 2011). The company's mission is to ethically operate a premium coffee chain that is the premier purveyor of the finest coffee in the world and to maintain its uncompromising principles during expansion and growth. Starbucks was founded in 1971 by three partners who believed they could bring the coffee experience to Seattle. Howard Schultz, the current president and CEO (Starbucks Annual Report, 2010) joined when Starbucks was a well established small chain of roasted coffee suppliers and through various management changes and acquisitions transformed Starbucks to a global coffee chain that was a cross between an espresso bar and a retail coffee-bean store. Starbucks serves freshly brewed premium coffee along with offering other coffee related products such as coffee roasting equipment and bottled Frappuccino beverages. Starbucks selects good retailing sites that it models according to the Starbucks store templates, utilises only the best coffee beans as it has sole rights to the premium Narino Supremo beans (Starbucks, 2011), employs stringent quality control processes and uses the patented Starbucks Signature RoastTM (Starbucks Company Profile, 2011) technique to provide customers worldwide the best coffee experience possible.

Phase 1: Analysis of the external environment

1.1 PESTLE analysis
The premium coffee industry is highly dependent on trade regulations and taxation that underpin capabilities to source raw material. Major coffee producing nations such as Ethiopia have not had very stable governments putting a strain on raw materials coupled with the presence of militia and drug cartels puts safety of staff at risk (Appendix fig1). The global political crisis of the Middle East and Euro-zone can make expansion difficult and cause volatility of oil prices thereby increasing transport costs. Exchange rate fluctuations together with weakened currencies, high inflation and a fall in GDP across the industrial world can make import of coffee beans expensive. The industry depends on many partnerships for sourcing, distribution and sales and thus political and economic factors play a major role in the industrys success. People are becoming increasing health conscious and are adopting healthy eating practises. Genetically modified foods, artificial flavouring and colours are swapped for healthy foods and organic produce. Population migration and change in food habits influence people to look for alternatives for instance, induce people to switch to drinking tea instead of coffee. Ambience is another important factor for the food industry because people in different countries utilise the same premises for different purposes in different countries for instance, a coffee shop is primarily used by the working class in industrial nations as opposed to 4

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XXXX XXkash : 000ZZZ037 dating couples in a developing country like India (Agrawal, R. 2009). The popularity of loyalty schemes and gift-cards is on the rise highlighting employment of retention strategies. The industry is plagued with high turnaround rates making retention of skilled staff difficult. Legal factors also cause employment problems for instance students are only allowed to 20 hours a week. Predominately employing young people projects the industry as one that adopts age discrimination. IT equipment, to support new smart phone applications or to maintain uniformity of taste, is expensive as is patenting innovation. Caffeine considered a stimulant may soon fall into the same category as alcohol thereby alienating health-conscious people. Many governments enact penalties on the industry for failure to meet recycling and energy saving targets.

1.2 Life cycle analysis

The premium coffee and Espresso experience has been around since 1822 (Coffee Universe, 2011). As shown in Appendix, fig2, though the industry is close to 200 years old, the industry has still not passed to the decline stage on its product life cycle graph. As shown in appendix 4, the sales volume/time curve reveals that the premium coffee industry still has a few years of growth in maturity left to it. According to, Porter (1998), in such a industry there is scope for product improvement and development of differentiating attributes. Advertising and distribution are key to prolong growth. Also, according to Komninos (2002), the focus for the company should be on achieving greater marketshare and to be wary of substitute products. Porter (1998), further recommends a focus on identifying repeat customer behaviour and enhancing packaging.

1.3 Market segmentation analysis

The premium coffee industry is highly competitive with chains such as Costa, Starbucks and Tim Hortons dominating the beverages segment (Appendix fig3). According to Michael (2011), Chains such as McCafe, of McDonalds and Cafe Coffee Day are gaining rapid marketshare. Cafe Coffee Day for instance, is also gaining ground on coffee equipment sales by becoming the third biggest supplier (Balasubramanyam, K, 2010). Corporate giants such as Nestle, P&G and Kraft lead the market in the supply of instant coffee. For firms to succeed in such a competitive industry they should possess attributes such as product differentiation, efficient supply chain management, high levels of market penetration and innovation.

1.4 Five forces analysis

The analysis of five forces (as shown in Appendix 4) reveals that the collective strength of the five forces is in the moderate to strong region. Buyer and supplier bargaining powers are weak, which is good for firms. The threat of substitute products is strong, but the moderate profits that can be reaped should entice some new entrants who will ignore the high entry barriers to focus on the profits available. Due to tough market conditions rivalry amongst competing sellers is fierce. The premium coffee industry is thus mildly attractive, accommodating for well managed and strategically sound firms to reap nominal profits.

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1.5 Partial SWOT - identification of opportunities and threats

The analysis performed thus far exposes the opportunities and threats in the marketplace. As shown in appendix fig5 political stability, change to taxation, exchange rate fluctuations and export quotas are major threats to the industry as they make sourcing of coffeebeans difficult or expensive. The other threats involve supplier and consumer factors wherein farmers may opt to produce crops other than coffee and consumers may switch to healthier substitutes such as smoothies. Though the market is nearing maturity it does provide opportunities for firms to improve their brand image though CSR initiatives. New and emerging markets provide untapped expansion opportunities to expand and to increase product range thereby allowing firms to expand their customer base. Difficult market conditions have opened up opportunities to integrate backwards, in order to ensure a steady source of beans from the suppliers previously exclusive to competitors; and to carry out an overhaul existing of systems at low costs.

Phase 2: Analysis of Starbucks internal environment

2.1 Positioning relative to customers
According to, Coffee-statistics (2012), coffee shops constitute the fastest growing restaurant business segment with about 146 billion cups of coffee consumed in USA alone. Porters general strategies and Bowman clock, as shown in appendix fig6 and fig7, reveal Starbucks has positioned itself in the marketplace as a Focused Differentiator. Some of Starbucks' differentiating features include using the best coffeebeans in its preparations, using patented superior roasting techniques for instance the Signature technique and providing the complete coffee experience with its carefully designed stores that operate in prime locations. Strategically Starbucks' main market has been USA and industrial nations where according to, American Demographics (2001), the consumption of coffee is predominantly by middle aged people, who don't mind paying the extra money for the experience of a good coffee.

2.2 Physical resources available to Starbucks

Starbucks has a well managed network of over 18000 stores in over 55 countries that give it truly global reach (Starbucks Annual Report, 2010). Starbucks has achieved truly super-brand status by being a Fortune 500 company, with many patents such as for Signature roasting technique, that is trendsetter with ethical initiatives, as witnessed with its LEED certification ventures (Starbucks Company Profile, 2011). Coupled with its popular product offerings and renowned store facilities in prime locations has enabled Starbucks attract and retain many customers. According to Starbucks Annual Report (2010), with annual sales of over $ 10 billion profits of about $ 1 billion and healthy operating margin of 13.3% Starbucks, has abundant room for strategic implementations. Starbucks has always understood the need for cutting edge IT systems, as witnessed with this partnership with T-Mobile, which has enabled it to not only provide back-office services but also, to manage 6

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XXXX XXkash : 000ZZZ037 customer patronage services such as its gift card scheme. Starbucks has well established supplier channels as witnessed with its exclusive rights to some of the world's best coffees including Colombian Nario Supremo (Starbucks, 2011) and distribution channels such as partnerships with Pepsico.

2.3 Knowledge based resources available to Starbucks

Resulting from a low, 13%, turnover rate Starbucks possesses a well trained and highly motivated workforce most of whom know the orders of regular customers. This results in an enriched customer experience. According to Starbucks Annual Report (2010), Starbucks' annual R&D spend was $ 9 million and it maintains over 100 patents enabling Starbucks to remain at the cutting edge technology. This puts Starbuscks in a strong competitive position allowing it to reap many a first mover benefit. Starbucks possesses a very capable management team, which is experienced in launching new products and expanding operations in new markets. This allows Starbucks to implement management strategies quickly and efficiently.

2.4 Value chain analysis

Managing its value chain activities has been key to Starbucks' success. Starbucks employs a centralisation strategy opening a cluster stores around a large central that not only enables efficient logistics and management but also, reduces new store opening latency by 18 weeks. Owing to efficient backward integration using centralised channels and cooperatives (appendix fig 5a) Starbucks, is able to buy the complete yield of premium coffee growing areas. Roasting the beans decreases the bean's weight and by building roasting facilities close to their suppliers they have not only made efficiency savings though reduced wastage, transportation and storage costs but also have preserved the freshness and flavour of their coffee.

2.5 Boston matrix

On assessing information such as sales figures from the Starbucks Annual Report (2010) we can infer that not only for its high growth rate and market share but also, for being the number-oneseller Starbucks Coffee Liqueur and coffee icecream are stars (Appendix fig8). The other star is the bottled Frappuccino which achieved 80% market penetration. Other beverages and food items are Starbucks' cash-cows. Starbucks does have a few question-marks such as roasting equipment, which it retains to preserve the identity of its roots and a few dogs, which are promotional merchandise such as CDs and t-shirts. Starbucks retains these dogs because of popular demand for the music tracks played in stores and to conform to the Starbucks slogan "always say YES to the customer".

2.6 Starbucks growth and strategies

As shown in the Ansoff matrix (Appendix fig9) an inhouse speciality team performed market penetration by opening more stores around centralised hubs. An overzealous expansion plan that nearly killed Starbucks was replaced with a scaled down successful expansion plan and acquisitions for which Seattle's best coffee is a good example. Customer retention programs such as giftcard 7

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XXXX XXkash : 000ZZZ037 program and launching healthy foods such as yoghurt to entice health-conscious customers were employed to ensure market penetration. Market development was mostly successful barring initial blips as witnessed with United flight's inflight drinks. It was carried out by forging powerful partnerships such as with Pepsico to sell Frappuccino and through licensing arrangements with suitable local partners to open new stores. Successful local products were then introduced to new markets as witnessed by the introduction of Frappuccino products in Japan. Product Development was hugely successful and was carried out through related diversification using collaborations for instance, partnering with Jim Beam Brands to launch Starbucks Coffee Liqueur and with Dreyers Grand Ice Cream to launch coffee flavoured icecream. Partnerships have thus worked very well for Starbucks. As shown in the Expansion methods matrix (Appendix fig10) home country internal development was organic achieved though both innovation and efficiency savings from of its own resources such as its R&D capabilities, first-mover advantage, capital and skilled workforce. Starbucks formed an inhouse speciality group to focus on developing stars without hampering the operations of its cashcows. Home country external development has happened though a combination of blanketing Starbucks everywhere strategy, centralisation using hubs, strategic partnerships such as with Pepsico and through acquisitions as witnessed in the case of Seattle's best coffee. Strategic alliances have been the most rewarding of all allowing Starbucks to diversify and to develop and market many of the Starbucks' stars. International internal development has been through multinational operation as witnessed with the roasting plants facilities in Colombia. This has allowed a great deal of backward integration. International external development has been twopronged though company-owned stores or by adopting a licensing model, which worked well resulting in being universally adopted. From Porters diamond of national advantage (Appendix fig11) analysis we find that though Starbucks' requirements such as quality workforce and prime locations were readily available premium coffee beans and roasting facilities were not forcing Starbucks to innovate and derive its own roasting techniques such as the signature roast, flavour lock packaging and to develop strong ties with suppliers, which resulted in Starbucks being almost completely vertically integrated. The huge demand for its products meant Starbucks was constantly innovating and experimenting with new products and roasting techniques resulting in competitive advantage. Supporting industries, which Starbusks strives to integrate into its value chain, such as real-estate and IT industries have been readily available resulting in location identification becoming one of Starbucks' core competencies. Intense rivalry and tough market conditions have resulted in innovation. Further during 2007 when Starbucks became complacent it saw its maketshare fall and quickly learnt its mistakes and made amendments, which educated Starbucks' managers on how to sense market conditions and to adopt counter strategies to emerge stronger through the double loop learning process.

2.7 Critical success factors

Close analysis of the resources and VRIO matrix (Appendix fig12) reveals success factors such as a competitive R&D team that has produced excellent products and business techniques and a management team capable of selecting the best sites for stores. Highly motivated staff, ambience, store location and accessibility provide customers with a unique coffee experience. Starbucks' multiple distribution channels backed by powerful partnerships are key to their products receiving wider market coverage. Starbucks' technical know-how enables it rollout new stores very efficiently. Well managed supply chain and value chain activities have enabled Starbucks ensure 8

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XXXX XXkash : 000ZZZ037 they efficiently procure the best coffeebeans. Their CSR initiatives, brand image, financial resources and market presence make it easy for Starbucks to carry out expansion with ease.

2.8 Financial analysis computed using 2010 annual report

According to (Starbucks Annual Report, 2010) the net revenue for 2009 was $ 9.8 billion and $ 10.7 billion for 2010 an increase of 8.4%. The company has witnessed marked improvement in sales, a 7% increase for 2010. Operating income in 2010 is $ 1.472 billion up 13.8% from the previous year. Income for international operations is up 3%. Operating capital $ 1.705 billion compared with $ 1.389 billion for 2009 up a whopping 18.5% at the same time expenses have fallen 1.13% from $ 446 million in 2009 to $ 441 in 2010. Over all the companys finances are very strong even in these difficult trading conditions further a 2.73% gain per share is set to keep investors happy making raising capital easy from investors and venture capitalists.

2.9 Partial SWOT Identification of strengths and weaknesses

Starbucks strengths are its capital, brand image, wide geographic presence and firstmover advantage which allow Starbucks to capture huge marketshare (Appendix Fig13). Efficient management, dedicated staff and efficient R&D team help achieve operational excellence. Exclusive rights to some of the best coffeebeans and prime store locations create a coffee experience like none other. Some of Starbucks weaknesses are court cases and product recalls (Starbucks Newsroom, 2010) that have tarnished the Starbucks brand and overdependence on the CEO Howard. Its size can also make implementing changes to all its stores difficult.

Phase 3: Starbucks' strategic options for the future

By analysing our TOWS (Appendix Fig14), we can infer that Starbucks success depends on being able to provide the best coffee experience possible and to provide a welcoming third place for its customers. To achieve the latter we will open a new type of Green eco-friendly store that will be a cross between a traditional Starbucks store and a drive-in. Our R&D team will develop new speciality drinks such as decaffeinated and liqueur flavoured drinks initially available exclusively to these new drive-ins or for distribution though our strong partnerships. This will ensure market visibility make drive-ins popular. With the help of these drive-ins we strengthen our CSR and ecofriendly image that has been tarnished as a result of the lawsuits against us (United Press International, 2011), attract new customers, introduce the Starbucks experience to people at a young age ensuring the next generation of customers, keep our stores busy outside normal work hours and weekends, provide new jobs, which in itself will act as major advertisement in this difficult job market and ensure Starbucks becomes an indispensible part of peoples lives than being just a coffee joint. Starbucks has the capital, staff and experience making the opening of these drive-ins possible. Government licenses to serve such drinks will have to be obtained, but this wont be difficult and we will have to train our staff. Return on investment from these drive-ins can be sustained as it will not repel existing Starbucks customers or attract the wrong sort of crowd. The 9

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XXXX XXkash : 000ZZZ037 liqueur flavoured drinks, which will be served only during evenings similar to a McDonalds breakfast menu that is served until 11 AM, will not act as intoxicants and at best serve as mere looseners that would facilitate an informal business. The greatest advantage of such drive-ins is that it will introduce Starbucks to new customers and to young people who will be our biggest customers tomorrow. Market research and our analysis in the previous sections shows that our traditional markets are seeing interest in coffee fall but emerging markets such as India are seeing a major demand for our product offerings. Research shows that it is the young generation in countries like India that are interested in products similar to ours. Thus I would be aggressive about acquiring Cafe Coffee Day to cement Starbucks presence in these developing markets as it will be cost-effective for us to acquire our competitors at this time before they become dominant in their market segments and capture our marketshare. We have the resources to acquire Cafe Coffee Day valued at $ 550 million (Balasubramanyam, K, 2010) and the return on investment will be good and sustained over many years. The launch of the drive-ins and the planned expansion strategies will be handled by a new team of senior managers under Howards strategic parenting. This will ensure Howards ideas and thought process is understood by these managers reducing Starbucks reliance on Howard by bringing a new breed of highly capable managers who can step into Howards shoes. Finally the cost of coffee is rising constantly and political instability in some nations can squeeze our supply to combat this we will invest in coffee futures. The difficult trading conditions have opened up the markets that were previously exclusive to our competitors. As we have demonstrated in the Narino region, we will buy the crop from such locations if the coffee quality is comparable to ours. We can achieve this mission owing to our centralised buying capacity, strong supplier network, partnerships with co-operatives and strong financial position. Doing so will starve our competitors of their supply and prevent new entrants from being able to provide high quality products that match ours ensuring our market dominance in the premium coffee sector. Final Word count excluding references and appendix 3154

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Appendix

Fig 1 : PESTLE Analysis

Fig 2: The premium coffee industry life cycle 11

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Fig 3: The premium coffee market segment

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Fig 4: Porters Five Forces Analysis

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Fig 5: Partial SWOT Opportunities and Threats

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Fig 5a: Starbuck Supplier Network - Sourced from Tuck school of Business (2011)

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Fig 6: Starbucks position in Porters generic strategies

Fig 7: Starbucks position in Bowmans clock 16

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Fig 8: Starbucks Boston Matrix (BCG)

Fig 9: Starbucks Ansoff Matrix 17

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Fig 10: Starbucks expansion methods matrix

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Fig 11: Porters diamond of national advantage

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Fig 12: Starbucks VRIO Matrix

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Fig 13: FULL SWOT

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Fig 14: Starbucks TOWS

References
Agrawal, R. (2009). Threat of a me too perception: a case of Caf Coffee Day. The Marketing Review. 9 (3), p252-4. American Demographics. (2001). Grounds for new strategy. Business Source Premier. 1 (1), p15. Balasubramanyam, K. (2010). Coffee billionaire. Business Today. 1 (1), p39-42. Businessweek. (2002). Planet Starbucks. Available: http://www.businessweek.com/magazine/content/02_36/b3798001.htm. Last accessed 19th Dec 2011.

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XXXX XXkash : 000ZZZ037 Coffee-statistics. (2012). Coffee statistics report. Available: http://coffeestatistics.com/coffee_statistics_ebook.html. Last accessed 20th Dec 2011. Coffee Universe (2011). Coffee's Journey Around the World. Available: http://coffeeuniverse.com/world_coffee.html. Last accessed 20th Dec 2011. Emerging Markets Monitor. (2009). Coffee To Average USc125.00/lb In 2009. Business Source Premier. 15 (22), 7. Komninos, I. (2002). Product life cycle management. URENIO. 1 (1), p6-7. Michael, S. (2011). McDonald's voted best coffee chain in Australia . Available: http://www.news.com.au/business/mcdonalds-voted-number-one-coffee-chain/story-e6frfm1i1226127146025. Last accessed 20th Dec 2011. NASDAQ. (2011). SBUX. Available: www.nasdaq.com/symbol/sbux. Last accessed 23th Dec 2011. NationMaster. (2011). Coffee consumption (most recent) by country . Available: www.nationmaster.com/graph/foo_cof_con-food-coffee-consumption. Last accessed 20th Dec 2011. Newman, M. (2006). Coffee consumption. The Leverhulme Trust. 1 (1), 1. Porter, M. (1998). Competitive strategy. In: The free press Competitive strategy: techniques for analyzing industries and competitors: with a new introduction. New York: The free press. p157-61. Starbucks. (2011). Colombia Nario Supremo. Available: http://starbucks.co.uk/coffee/whole-beancoffee/latin-america/columbia-narino-supremo. Last accessed 13th Dec 2011. Starbucks Annual Report. (2010). Annual report. Available: http://investor.starbucks.com/phoenix.zhtml?c=99518&p=irol-infoReq. Last accessed 23th Dec 2011. Starbucks Company Profile. (2011). Company Profile. Available: www.starbucks.com/assets/company-profile-feb10.pdf. Last accessed 19th Dec 2011. Starbucks Newsroom. (2010). Starbucks Recalls Glass Water Bottles Due to Laceration Hazard. Available: http://news.starbucks.com/article_display.cfm?article_id=326. Last accessed 09th Jan 2012. Tuck school of Business. (2011). Starbucks coffee company. Available: http://mba.tuck.dartmouth.edu/pdf/2002-1-0023.pdf. Last accessed 09th Dec 2011. United Press International. (2011). Starbucks settles dicrimination lawsuit. Available: http://www.upi.com/Business_News/2011/08/21/Starbucks-settles-dicrimination-lawsuit/UPI86391313981169/. Last accessed 09th Jan 2012. 23