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Starbucks is one of the most successful businesses in the Specialty Eateries industry. The success of Starbucks can be credited largely to its innovative business model. The Company's flagship product is coffee and its business model was designed to show case the quality and distinctiveness of the different coffee beverages that it sells. Starbucks original business model included the delivery of its products in stores that offered a unique and pleasing environment as well as the sale of specialty coffee brands to consumers by well-trained employees called baristas.
Starbucks Business Model
Although the Starbucks business model was relatively exclusive when it was introduced, competing stores and subsequent rivals started to emerge, which required Starbucks to respond with new business strategies. In order to remain competitive in its industry, Starbucks has demonstrated a pattern of reinventing itself in the following ways to respond to market competition and the demands of consumers in particular:
- One of the first ways that Starbucks has enhanced its business model is through the introduction of new product lines in its stores such as fruit beverages and ice cream.
- Starbucks has also grown its brand by offering its coffees to consumers in conventional supermarkets.
- One of the most obvious ways that Starbucks has strived to reinvent itself is through the introduction of new logos. Starbucks introduced a new logo in 2011 - a simplified version of the logo emphasizes the Siren alone without the words "Starbucks Coffee" but maintains the logo's signature green circle.