Answer :
Final answer:
Three key strategic adjustments made by Starbucks include changing the store ambiance to cater to the changing customer needs, investing in employee training and benefits, and expanding into international markets to stimulate global growth. These adjustments have been crucial to Starbuck's success and competitiveness.
Explanation:
Throughout its history, Starbucks has made a number of strategic adjustments enhancing its competitiveness within the global coffee market. Three key strategic adjustments are particularly worth noting:
- Rethinking Store Ambiance: Traditionally, Starbucks was known for in-store ambiance and conversations. However, CEO Howard Schultz noted that trends were shifting and made necessary changes to align with rapidly changing customer preferences. This included things like mobile-ordering and streamlined store design for efficient pickup, catering to on-the-go customers.
- Investment in Employee Training and Benefits: Schultz understood that an essential component of providing quality service was through satisfied employees. Thus, they invested in barista training programs and offered benefits such as college tuition assistance, aiding in employee retention and satisfaction.
- Expansion into International Markets: Early on, Starbucks realized the potential of international markets. It strategically chose to enter markets such as China, where coffee culture was not prevalent, banking on their brand to stimulate coffee consumption.
These ongoing strategic adjustments have allowed Starbucks to remain competitive in a challenging marketplace and have ensured the company's continuing relevance and growth.
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