Starbucks - Futuring Analysis
Industry Definition
The industry segment that is the most meaningful to analyze is the coffee shop industry. This industry consists of companies that serve coffee and other hand crafted typical morning related beverages, such as coffee, tea, and smoothies. These companies typically offer light refreshments such as pastries, breakfast sandwiches, and other baked goods to accompany your drink.
For this futuring assignment, the question we are focusing on is whether or not it is wise for businesses in the coffee shop industry to expand into restaurants. We look into different elements and trends that may affect this type of decision as well as scenarios that may present themselves in this type of future and ways …show more content…
Technology is a huge aspect in society. Technology is always changing, which can actually be harmful to an industry. With the continuing technological advances, individuals can now make food and drinks at home that taste like restaurant quality. In home coffee makers are becoming more popular too, which takes away from actual coffee shops customers and can be damaging to the industry. Contrary, technology can be helpful too, especially in a coffee shop or restaurant. Both need appliance to make their product and with technology continuing to improve, tasks of making the product becomes easier, faster, and more efficient …show more content…
The first trend is disposable income. With recent political changes, minimum wage is on the raise. This means individuals will have a larger disposable income to spend on luxurious items. While many may have already treated themselves to a coffee occasionally, this will now become a regular habit.
Maintaining a healthy lifestyle and diet is currently a popular trend within the social environment. While obesity has been on the rise, people are trying to make healthier choices when going somewhere. This trend gives the coffee shop industry the option to add healthy options to their menus. Also, seasonal flavors are a trend. For example, during the fall, a majority of companies within the industry will introduce a pumpkin flavored drink and during the winter peppermint flavors will be introduced.
The next two trends within the social environment are marketing and social media, and brand loyalty. Most coffee shops have a presence on social media, but they have a backward promotion approach. Instead of companies advertising, their customers do it for them. After someone purchases a drink, in most instances, they will take a picture and post it to either SnapChat, Facebook, Twitter and or Instagram. This leads into the trend of brand loyalty. Today’s trend is to stick to one company, before individuals would go anywhere that was convenient and had what they were looking
Industry Definition
The industry segment that is the most meaningful to analyze is the coffee shop industry. This industry consists of companies that serve coffee and other hand crafted typical morning related beverages, such as coffee, tea, and smoothies. These companies typically offer light refreshments such as pastries, breakfast sandwiches, and other baked goods to accompany your drink.
For this futuring assignment, the question we are focusing on is whether or not it is wise for businesses in the coffee shop industry to expand into restaurants. We look into different elements and trends that may affect this type of decision as well as scenarios that may present themselves in this type of future and ways …show more content…
Technology is a huge aspect in society. Technology is always changing, which can actually be harmful to an industry. With the continuing technological advances, individuals can now make food and drinks at home that taste like restaurant quality. In home coffee makers are becoming more popular too, which takes away from actual coffee shops customers and can be damaging to the industry. Contrary, technology can be helpful too, especially in a coffee shop or restaurant. Both need appliance to make their product and with technology continuing to improve, tasks of making the product becomes easier, faster, and more efficient …show more content…
The first trend is disposable income. With recent political changes, minimum wage is on the raise. This means individuals will have a larger disposable income to spend on luxurious items. While many may have already treated themselves to a coffee occasionally, this will now become a regular habit.
Maintaining a healthy lifestyle and diet is currently a popular trend within the social environment. While obesity has been on the rise, people are trying to make healthier choices when going somewhere. This trend gives the coffee shop industry the option to add healthy options to their menus. Also, seasonal flavors are a trend. For example, during the fall, a majority of companies within the industry will introduce a pumpkin flavored drink and during the winter peppermint flavors will be introduced.
The next two trends within the social environment are marketing and social media, and brand loyalty. Most coffee shops have a presence on social media, but they have a backward promotion approach. Instead of companies advertising, their customers do it for them. After someone purchases a drink, in most instances, they will take a picture and post it to either SnapChat, Facebook, Twitter and or Instagram. This leads into the trend of brand loyalty. Today’s trend is to stick to one company, before individuals would go anywhere that was convenient and had what they were looking