Starbucks Coffee, Tea & Spices

Introduction

Starbucks Coffee, Tea & Spices were first founded in 1971 by three businessmen who shared the love for coffee. They opened a small coffee shop at Seattle’s historic Pike Place Market, which only sells coffee bean and coffee equipment instead of serving freshly brewed coffee. A decade later, Howard Schultz joined the small coffee shop as a director of marketing. He’s attracted by the culture of the business. He came up with an idea to start selling beverages but was rejected by the first founder. After gaining much knowledge and experience on the art of coffee, Howard Shultz took over the company and decide to set up a strong corporation with the name Starbucks Corporation, which offer high quality coffee bean, hot and cold beverages and various fresh foods. By 1990 Starbucks expand its headquarters and set up a new roasting plant in Seattle, Washington. In order to achieve product revolution, Starbucks also produced and sells bottled coffee drinks, ice cream & teas to their licensed retail outlet such as supermarkets etc. Starbucks also had plans for retail expansion and to provide quality service to its consumers around the globe. Through word of mouth, Starbucks rapid’s growth has been an achievement. Since then, Starbucks developed into a successful, well-known international organization with more than 21,000 coffee house chain in 64 countries. Starbucks mainly functions and strives in the coffee and titbits industry. This business face a major delay in progress because of the financial crunch in 2009 and a change in customer’s sense of taste. Due to the economic slump, consumers cut down their spending on luxuries such as purchase affordable products instead of expensive coffee beverage because of decrease in finances. The business developed at a short yearly report of regular development percentage of 0.9% from 2008 till 2013 with recent business profits at $29 billion in the US.