1. How was Starbucks able to take a commodity product and successfully differentiate it to the point where customers would pay seemingly high prices to obtain it?
Starbucks is a popular retail which focuses on quality; its products are considered to be of high quality and value to consumers. Starbucks has used this to differentiate its products from that of competitors, the company also uses it to apply value-based pricing to its product and in return consumers pays for it. Therefore, the company has changed a commodity product to affordable luxury which is available by a growing number of prices incentive consumers. But this cannot be accomplished in one day. One way in which Starbucks used it to transform prices was by differentiating its products from consumers were by knowing that convenience drove the sale. By using Drive-through services they were able to offer coffee to places where it was not accessible this made customers to pay higher …show more content…
Progressively, business administration worldwide is perceiving the significance of building up an environmental strategy that supports reasonable improvement and coordinates stakeholder concerns, issues and requirements .Also, biotech firm Monsanto should become responsible to stakeholder needs, who saw the value of their shares drop when the company was polluting environment. Such ecologically actions violate the community members' interest throughout the country. As the opposition to the industries’ genetically modified foods rises, the industry will have to juggle its short- term profit goals with its long-term reputation damage. It is simple to think that one would move the industry into a more environmentally defensible path. The company’s profits majorly come from its proprietary, genetically modifies food. It might be more profitable to invest in areas apart from GMOs, and then the company should major in emphasizing those
Starbucks is a popular retail which focuses on quality; its products are considered to be of high quality and value to consumers. Starbucks has used this to differentiate its products from that of competitors, the company also uses it to apply value-based pricing to its product and in return consumers pays for it. Therefore, the company has changed a commodity product to affordable luxury which is available by a growing number of prices incentive consumers. But this cannot be accomplished in one day. One way in which Starbucks used it to transform prices was by differentiating its products from consumers were by knowing that convenience drove the sale. By using Drive-through services they were able to offer coffee to places where it was not accessible this made customers to pay higher …show more content…
Progressively, business administration worldwide is perceiving the significance of building up an environmental strategy that supports reasonable improvement and coordinates stakeholder concerns, issues and requirements .Also, biotech firm Monsanto should become responsible to stakeholder needs, who saw the value of their shares drop when the company was polluting environment. Such ecologically actions violate the community members' interest throughout the country. As the opposition to the industries’ genetically modified foods rises, the industry will have to juggle its short- term profit goals with its long-term reputation damage. It is simple to think that one would move the industry into a more environmentally defensible path. The company’s profits majorly come from its proprietary, genetically modifies food. It might be more profitable to invest in areas apart from GMOs, and then the company should major in emphasizing those