INTRODUCTION TO BUSINESS AND MANAGEMENT Essay Example | Topics and Well Written Essays - 1500 words

INTRODUCTION TO BUSINESS AND MANAGEMENT - Essay Example 19). Subject to its wide market network, high quality of its products, and the diversity of its products, Starbucks enjoys a magnificent customer base in the coffee other blend- drinks industry. In the report, the paper identifies the stakeholders groups of the company, its key competitors, and an analysis of its current strategy. The paper will also derive some recommendations on the company’s current strategy. Findings Starbucks Stakeholder Groups Starbucks stakeholders groups refer to persons, groups, or organization that has interest or concern in the company. The company’s stakeholders fall into three categories, which include primary stakeholders, secondary stakeholders, and public stakeholders (Bruhn-Hansen, 2012, p. 19). They specifically entail the shareholders who invented in the company’s shares, customers who purchase the company’s products and employees who work for the company across the world. The stakeholders also include the suppliers who provide raw materials to the company and farmers who produce coffee and benefit from the comprehensive programs that the company initiates to help farmers. Recently, families residing within the Silver Spring, Maryland community with children aged five and under became stakeholders. Governments and government agencies in countries where the Starbucks Company operates are also stakeholders in the company (Bruhn-Hansen, 2012, p. 19). Moreover, non-governmental organizations, which partner with Starbucks Company like Conservation International and Ecologic Enterprise Ventures are also stakeholders of the company. Additionally, all the communities that benefit from the company’s corporate social responsibility are stakeholders of Starbucks Company. Ultimately, franchisees that purchase the right to use the company’s trademarks, related brands, and proprietary knowledge for purposes of opening branches across the world also form part of Starbucks stakeholders. Starbucks Key Competitors Starbucks has close competitors in specialty coffee shops, doughnut shops, and quick service restaurants. Indeed, the completion comes from different sectors across the world thus demeaning the company’s market share. Caribou Coffee, which is specialty coffeehouse with 415 stores in the US, is one of the closest competitors of Starbucks Company. Second Cup which is a Canadian franchiser dealing in coffee is also a significant competitor alongside Java Centrale. Another major competitor is the privately owned Dunkin Donuts, which has about 5,000 stores in the U.S dealing with both doughnuts and coffee. Nestle S.A, which is a Swiss multinational food and Beverage Company and the largest food company in the world in terms of revenues offers great competition to Starbucks market share. Additionally we also have Darden Restaurants, Inc., which are a multi-brand restaurant operator  and Yum! Brands, Inc., Another worthy competitor is the McDonald, which is actually t he world’s largest fast-food chain restaurant (Mourdoukoutas, 2013, p. 1). McDonalds sells its products at a relatively lower price than Starbucks Company thus offering price competition. Indeed, since its upgrade in 2006, McDonalds is becoming an emerging competitor. More so, Panera’s Bread, which offers ambiance of casual dining, is also a competitor of Starbucks Company. Starbucks Company Current Strategy Starbucks adopts various