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How To Write A Brilliant Research Paper

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How Will Smith Started His Businesses

How Will Smith Started His Businesses © Shutterstock.com | Andrey BaydaThis article focuses on an example of a great actor and successful entrepreneur, Will Smith. We explore 1) Will Smith Early Life, 2) Acting Career, 3) Investments made, as well as learn from 4) Advices for entrepreneurs from Will Smith.WILL SMITH EARLY LIFEWill Smith was born on 25 September, 1968 to a refrigeration engineer, Willard Carroll Smith. His mother Caroline was a school board administrator in Philadelphia. Smith grew up in Wynnefield neighborhood in West Philadelphia as a Baptist. Pamela, Ellen, and Harry are three of his siblings. He went to a private Catholic elementary school by the name of Our Lady of Lourdes in Philadelphia. When he was 13 years of age, his parents separated and later got divorced around the year 2000.He enrolled in Overbrook High School and later got accepted in a pre-engineering program at MIT Massachusetts Institute of Technology because of his high SAT scores. However, he never attended college.His career offic ially began as the MC in the hip-hop group DJ Jazzy Jeff The Fresh Prince. He was the group’s producer and turntablist. This trio soon became famous for its humorous performances such as ‘Summertime’ and ‘Parents Just Dont Understand’. It was in this trio that Will Smith won a Grammy Award in 1988 in the category of Rap.Following that year, Smith became loose in his money spending and started underpaying his income tax. He fell into a tax debt of $2.8 million after the Internal Revenue Service conducted its assessment against the tax payments of Smith. As a consequence, his income was garnished, and a lot of his possessions were taken away from him. By the year 1990, he was almost bankrupt. The same year, he was signed up to a contract with NBC television network for their sitcom, The Fresh Prince of Bel-Air.The show was a hit and marked the beginning of his career as a legendary actor. Smith has won 4 Grammy Awards, 2 Academy Awards and has been nominated four times for Golden Globe Awards. He has received great success in music, film and television and is referred to as one of the finest actors the world has ever seen.ACTING CAREER OF WILL SMITHWhat makes Will Smith different from all other actors is the fact that he entered the film industry with research, figures, and facts in his hands. He began his movie career in evaluating the top-grossing movies and searching for patterns in them. This helped him develop an important success strategy for himself.Smith has grossed $4 billion for his films all because of his business-minded approach towards films. He made it very clear that he wanted to enter the movie world, and he did so through seeing what constitutes success in the movies.He collected relevant, accurate, and current information to help him in the decision-making. He analyzed the movies for their insights and patterns and found out that the top grossing movies included special effects, love story, and creatures. As a result, his first two movies, “Men in Black” and “Independence Day” were based on that model and had a box-office success of $1.3 billion collectively.He continuously looked for what made the audience happy and acted in movies that fulfilled that criterion. In the mid-1990s, actors such as Tom Hanks and Tom Cruise were his biggest competitors. However, that did not intimidate him, and he never opted to choose the same kind of films that these successful actors were doing.He based his decisions on objective investigation and homework rather than his “gut feeling”. This strategy has helped Smith to make right decisions and gain success in his movie career.WILL SMITH INVESTMENTS MADEApart from making tremendous money in music, television and film industry, Smith is also known for business ventures and investments. There is a huge list of investments he has made in different types of businesses, in which online companies and website probably seem to have the biggest share.Overbrook Entertainment Overbrook Entertainment was founded by James Lassiter and Will Smith and is a production company. It is based in Culver City, California and was founded somewhere around 1997 and 1999. The company produces television shows, films, and music. Smith founded the company to find roles in films and to serve as a producer. Music for some of his films was recorded in this company.The company has so far invested in 4 different companies. In 2013, it invested $1.4 million in Loom, which is a photo management solution that enables users to store videos and photos in the cloud and then access the data from any device. This investment was made along with other investors such as Damon Way, Google Ventures, Great Oaks Venture Capital, Slow Ventures and Hammerstone Capital.The company also invested $2.1 million in BlackJet along with 32 other investors. BlackJet enables users to book instant seats on private jets. The software guarantees the availability of seats and presents itself as a very cost -effective private jet solution.The company along with Polaris Partners and Sony Pictures Entertainment invested $7.5 million in JibJab in 2009. JibJab distributes, produces and creates funny content and is a digital entertainment studio.In 2008, Overbrook Entertainment invested $2 million in a family entertainment website â€" PluggedIn. The website provides commentary and information on culture, video games, television, music, and movies.New Village AcademyIn 2008, Will Smith initiated a private elementary school by the name of New Village Academy in Calabasas, California. The management of the school was selected by Smith and Jada, his wife. The school incorporated educational methodologies such as Bruner methods, Gardner, Montessori, and Study Technology. Subjects that were taught in the school included art, etiquette, living skills, technology, robotics, yoga, karate, Spanish, literacy, and mathematics.Laptops were provided to students of New Village Academy, and they were also given organic meals. The school restricted the students to watch television and encouraged the involvement of parents. 80% of the students were provided financial assistance while the annual tuition fee was approximately $22,500.The school was somehow linked with Scientology, as the staff comprised of numerous Scientologists including some of the school’s teachers, Artistic Director, Director of Qualifications, and the Director of Learning. Moreover, the subject of technology that was a part of the curriculum was developed by the founder of Scientology, Ron Hubbard as a form of education.This school is no longer active and was closed down on June 28, 2013.Carol’s DaughterIn 2005, Will Smith along with his wife and Jay-Z invested heavily in a Brooklyn-based cosmetic line, “Carol’s Daughter”. The beauty line was initiated by Lisa Price and the group of music and movie stars invested a hefty amount of $10 million in the cosmetic range of products that was planned to be taken nationwide.Other investors in this venture included Jimmy Lovine (Interscope Records chief), Andrew Farkas, and Steve Stoute. In the initial advertising campaign of this brand, Smith’s wife Jada became the brand’s face.ViddyIn 2012, Smith along with Jay-Z joined as investors to fund Viddy, which was a video sharing application.The application was meant to be like Instagram for videos and was created only for iPhone users. It allowed users to share small video slips with their friends. In 2012, the application bought 300, 000 new users everyday on top of 10 million users that were already registered to it.Investors of the application included Biz Stone (the founder of Twitter), Shakira, Rock Nation by Jay-Z and Overbrook Entertainment by Will Smith.Jada and Will Smith have comfortably joined hands with Jay-Z in several business ventures. The trio also produced the 2009’s Broadway musical Fela!Philadelphia 76ersWill Smith wanted to get the hold of Philadelphia 76ers since a long time, and it finally happened in 2011, enhancing his list of great business investments. Smith and his wife struck the deal for a hefty $280 million, which allowed them a partial ownership of this basketball team along with other investors. The leader of the ownership is Apollo Global Management’s co-founder Joshua Harris.FancyIn 2012, Apple wanted to acquire the Pinterest-like website “Fancy” but could not make it possible. Just a year after, Will Smith invested heavily in this e-commerce website along with other investors such as Len Blavatnik, who is an American Express billionaire and Sarah Frier of Bloomberg. Fancy was generating the revenue of $3 million each month in 2012 and had also raised about $80 million from investors such as Chris Hughes (Co-founder of Facebook) and Jack Dorsey (Co-founder of Twitter).StanceIn 2011, Smith invested $6 million in Stance. It is a first-class sock brand devoted to the spirit of uniqueness. Based in San Clemente, CA, Stance creates socks using high-quality materials and the best-fit. The team comprises of Aaron Hennings, Jeff Kearl, Ryan Kingman and Taylor Shupe.JulepWill Smith invested $30 million in Jane Park’s beauty venture “Julep” along with 12 other investors. The brand is a rapid-growing e-commerce business that serves the beauty and takes a rounded approach to distribution, testing, and product development. The brand is the only beauty company in the world that gathers feedback from social media networking sites such as Pinterest, Instagram, Twitter and Facebook to manufacture more than 300 fresh beauty products every year! Its distribution is done online via its website and also through Nordstrom, QVC, and Sephora.BioBeatsIn 2013, Smith invested $650k in a media company by the name of BioBeats along with 5 other investors. BioBeats develops programs based clinical medicine, consumer wellness and health and entertainment. The founders of this company are Nadeem Kassam, David Plans, and Davide Mor elli, and the rest of the investors are Cantora, ZhenFund, Scooter Braun, Kevin Colleran and Eniac Ventures.ChromatikIn 2013, Smith invested $5.7 million in Matt Sandler’s Chromatik. It is a digital learning platform that redefines how people learn, perform and practice music. Their web and iPad applications enable users to record performance tracks, upload music and share the steps with friends, band mates, teachers, and students. The data is synced across a multitude of different devices which means that a user can access the music from everywhere.ADVICES FOR ENTREPRENEURS FROM WILL SMITHWill Smith truly believes that the universe is present to take our commands and act in the way we want it to act. Therefore, he has tremendous advice for people who want to achieve big in their lives.Belief has all the powerThe first step, according to Smith, is to believe truly that we are capable of what we want to achieve. Since, the universe acts positively on our beliefs if we believe in so mething it becomes our reality. If we believe positively about something, we take positive steps towards achieving a specific goal and vice versa. Therefore, without belief, an idea cannot go far.DecideDecision-making is an important aspect of attaining success in life, according to Smith. It is important for us to decide how we see ourselves, what we want, and how we are going to achieve our goals. Therefore, planning automatically becomes an important part of attaining success. When we know what we want to do, the whole path becomes easier to follow and makes us to closer to success.Give it all you haveTrue success comes from true dedication. According to Smith, even if you are giving 99% of yourself to what you want to achieve, you will not get there. Giving your 100% is the requirement in order to be the person you want to be.Change your mindsetWill Smith views thoughts, feelings, and emotions as physical entities that have physical consequences on our lives. If you feel that yo u will not make it, the possibility is that you not make it. Therefore, whatever we achieve in our lives is the sum of what we feel about ourselves and what we can or cannot do. When we start thinking and feeling a certain, it transcends change in our life and change our personal reality. Therefore, one has to be aware of their thoughts and tune their minds to foster a positive thinking pattern in order to attract positivity in life.Hard workWill Smith worked tirelessly hard even when people around him had fun and sleeping. You can achieve all that you want in life if you are willing to work hard at it.Take one-step at a timeWill Smith tells other people to not imagine the end result; instead they should focus on their journey and try to make the best of it in order to have the best results. Nobody can have perfection since the beginning and, therefore, one should focus on each step they are taking to be the best step they ever take. All of this resilience will end to give you the b est conclusion in the end.Comparing yourself with others is badAccording to Will Smith, people should have confidence in themselves and must not compare themselves with other people because, during the comparison, personal confidence is lost. Smith has invested in numerous ventures and just like everyone; he has made a lot of mistakes. However, he has learned tremendously from his mistakes and has made sure that he does not repeat them.Back in 2008, when Smith was investing in an online venture, he was super excited about it. However, it all turned into a great frustration after a few months down the line, and he began comparing himself with others in the same market. This made him feel bad about himself and lose confidence in his vision.What entrepreneurs need to keep in mind is that what others do is none of their business and will in no way have an impact on their success.Help othersWhen an entrepreneur tries to contribute to the lives of consumers and solve their problems, he do es not only help their lives but also his own. Therefore, according to Smith, entrepreneurship is not all about making money but to improve the quality of life. Entrepreneurs should, therefore, strive to see what people are struggling with and then try to help them through their products and services.

Essay on George W. Bush/Barack Obama - 1746 Words

Tena Vaughn Eng. 11103.09 Comp 1 November 12, 2010 Comparison/Contrast Essay George W. Bush / Barack Obama Many would argue that former president George W. Bush and current president Barack Obama are very different. While this is true some would be surprised at the similarities between these presidents. The differences between the two presidents go beyond style, of course. However, if one looked at the major economic and defense policies the differences, when any, are fairly minor. George W. Bush was born on July 6, 1946, in New Haven, Connecticut. Bush was the oldest of six children of George Bush, who served as the forty-first president of the United States (1989-93), and†¦show more content†¦A less Manichean approach would, therefore, allow Washington to exploit this overlap in interests. Consequently, Obama has drawn a much narrower definition of the threat. He has declared was on al-Qaeda and related movements. Obama’s perspective is based on the consensus of the foreign policy establishment. In December 2006 this consensus was codified in a athorative document, â€Å"The Iraq Study Group Report.† The report called for five new major policies: withdrawal from Iraq; renewed focus on Afghanistan; diplomatic engagement of Iran and Syria, and a revitalized Arab-Israeli Peace Process. Although the report is all but forgotten today, it is of great historical interest, because it captured the bipartisan critique of the Bush foreign policy, which served, in effect, as the operational playbook of the Obama administration when it first took office. The wide and narrow definitions of the strategic threat are reflections of two irreconcilable sets of beliefs about the nature of the international system. The wide definition assumes that the vital interests of the United States are threatened today by the convergence of a series of factors: hostile rogue states, nuclear proliferation, terrorist networks with global reach, indifferent allies, unhelpful international institutions, and competition from Russia and China, among others. Taken individually, each of these problems isShow MoreRelatedPresidential Powers: A Comparsion of Predencies of George W. Bush and Barack Obama1042 Words   |  5 Pagesdefined in numerous ways. Political scientists Richard Neustadt and William Howell give different views on what is presidential power. These polarized views of presidential powers can be used to compare and contrast the presidencies of George W. Bush and Barack Obama. Richard Neustadt stated in his book Presidential Power that â€Å"Presidential power is the power to persuade.†(Neustadt, pg.11) Persuasion and bargaining are techniques that presidents can use to influence policy. 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Essay The Psychological Explanations of Rape - 798 Words

Rape is an experience which shakes the foundations of the lives of the victims. For many its effect is long term, impairing their capacity for personal relationships, altering their behaviour and values and generating fear, Temkin (1986:17). Rape is an extremely controversial issue and this notion is supported based on the fact that basic definitions and explanations of rape usually directly correlate with a states lawful definition of rape. This proves problematic as many peoples explanations and definitions of rape are quite different to that of the law. Social science theorists argue that rape is a learned action with which society plays a crucial role, Ellis (1989). Based on this theory it seems only logical to propose that there†¦show more content†¦They do agree, however that rape adaptation in human males is psychological. 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Strategic Analysis SWOT Analysis of Starbucks Corporation Free Essays

string(66) " negative factors affecting the consumer† \(Cebrzynski, 2007\)\." INTRODUCTION Starbucks brand name is one of most admired famous global business in the world (Moore, 2006, p.7). Moreover, in terms of marketing, Starbucks always is the case study for discussing about it successful marketing and branding strategies. We will write a custom essay sample on Strategic Analysis SWOT Analysis of Starbucks Corporation or any similar topic only for you Order Now Because of the fall of the economy, it was forced to close 700 stores that were unable to make enough profit and cut thousands of jobs in America, UK, and Australia after a drop in sales in 2008. The brand was also facing the issue of their customers choosing a cheaper option over their higher coffee prices. Starbucks then was applauded for their handling of crisis situations. This report will apply relevant theory and practice of strategic marketing management to explore the situation, contributing factors and management of marketing strategies in the financial crisis sector, reflecting the happenings and identifying recommendations relevant to Starbucks International Coffee. OVERVIEW OF STARBUCKS COFFEE The Seattle-based Starbucks Corporation, which founded in 1971, is nowadays a multinational coffee and coffee house chain with over 15,000 stores in in all 50 states and 43 countries outside of the United States (Pham, 2008, p.8). Serving consumers everywhere (Moore, 2006, p.12.), the aim of Starbucks is to establish and leverage its powerhouse premium specialty coffee through rapid expansion of retail operations, new distribution channels and successful make it coffee a global product for millions customers. At Starbucks Coffee, the mission is â€Å"[†¦] to inspire and nurture the human spirit – one person, one cup, and one neighbourhood at a time.† (Clampitt, 2009). Starbucks has been and always be proud of their commitment to maintaining quality, integrity, and great taste of coffee through the course of its growth and the high value placed on the employees/partners worldwide (LeFort, 2008) . Store Expansion Strategy of Starbucks Throughout the 1990s, Starbucks had started developed a â€Å"three-year geographic expansion strategy† (Clampitt, 2009) then Starbucks’ store launches grew more successful in revenue (Creamer, 2007). Not just selling the coffee, Starbucks’ model with opening new stores next to doors and inside shopping malls caused them to increase in value than all other competitors (Cebrzynski, 2007) In 2004, Starbucks announced to analysts that it had a very aggressive target to double its rate of expansion. Their stated goal was to grow to 15,000 stores in the US. According to the report in an article, Starbucks has more than 13,000 locations around the world, and has overstretched itself with the long-term goal of 40,000 stores worldwide (Woodward, 2007, Clark, 2008). Appendix 4, 5, 6 There is a raised question that whether it is a bad business decision for coffee chain Starbucks to expand its brand too quick. (Cebrzynski, 2007) is also suspicious that has Starbucks lost its â€Å"Starbucks experience† by growing that big(Business: Trouble brewing, 2007) FINANCIAL CRISIS AND â€Å"COMMODITIZATION† OF THE BRAND A crisis, according to (Brown, 2003) is â€Å"a decisive moment†, â€Å"a turning point†, â€Å"a time of great difficulty†, then marketing cannot possibly be in crisis. Mr Schultz, Starbucks’s CEO, saw the crisis coming. He had discovered the problem of their own development strategies: â€Å"Stores no longer have the experienced soul with the warm feeling of a neighbourhood store†. At the beginning of 2007, he did warned about the â€Å"commoditisation† of the brand that the expansion from 1,000 to more than 13,000 shops over the past ten years, in order to achieve the growth, development, has led to a series of decisions that make a watering down of the Starbucks experience. (Businessweek. 2007). The decline of Starbucks is the result of over expanding previous years, has been criticized by those who oppose globalization such as ( Klein, 2009): â€Å"Instead of opening giant stores on the outskirts of town, Starbucks chooses locations ri ght in the range of the inner area already full with all kinds of coffee house. This strategy relies heavily on the cost reduction by purchasing multiple quantities at wholesale prices like Wal-Mar, however, affected more by the competitors† The rapid growth has obviously caused Starbucks some problems. For the first time in its 37-year- history Starbucks lost customers and profits collapsed 97% (Jagger, 2008) during the fourth quarter of 2007 after the ubiquitous coffee chain was forced to absorb the effect of weakening demand. The footfall had declined in the UK, where it has two other big coffee retailer: Whitbread’s Costa and Caffe Nero as well, -$6.7 million after tax, compared with a $158 million profit for the same quarter last year. (Lee, 2008). Although company officials still do not believe growth is an issue (Cebrzynski, 2007), first time in five years, Starbucks was knocked out of first place in the coffee-and-doughnuts category by Dunkin’ Donuts (Creamer, 2007). And it was the biggest faller in the index by 7 points to 42 out of a possible 100. (Leroux, 2008) Issue Reasons As (Schindehutte et al., 2008) argues that â€Å"[†¦] something is clearly affecting the ability of firms and business units to sustain performance† ), suffering from a rough economy and its own strategic missteps, Starbucks had to admit their own mistakes, much of which is self-inflicted (Ignatius, 2010) In current economy, as a classic dilemma of any big business, while trying to expand, Starbucks not only have to deal with other factors like competitors and the mortgage crisis, they also competing with themselves. Size may have brought success to Starbucks, but it has also led to issues of brand depersonalisation. In the rush to open more stores, Starbucks is experiencing what all successful brands do when they move from being a small, niche firm to a global entity (Golding,2009). Moreover, there are some extra affections from the environment, such as: – The brand’s bottom line has been hit by the rising costs of raw materials. â€Å"[†¦] now Starbucks isn’t for some people† said Howard Schultz, CEO of Starbucks (Not enough froth Starbucks, 2008). Fancy Starbucks coffee has also struggled to compete with cut-price rivals such as McDonald’s and Dunkin’ Donuts, as these traditionally food-focused outlets have begun to sell their own premium and reasonable coffee offer (Clark, 2008). – As the financial crisis has spread to the real economy, â€Å"a perfect storm of negative factors affecting the consumer† (Cebrzynski, 2007). You read "Strategic Analysis SWOT Analysis of Starbucks Corporation" in category "Essay examples" The flagging economy and soaring gas prices are responsible too (Leroux, 2008). Consumers are worried of rising gas prices, energy bills, declining home values, the weak dollar, tighter credit, therefore giving hard consideration to how they spend their money. They even already scale back on restaurant dining that made restaurants are slowly creeping out of their thoughts. STRATEGIC MARKETING MANAGEMENT TO SOLVE PROBLEMS Crisis management is much more than coping with a crisis, it is identifying, studying, forecasting, stopping and avoiding crisis as well. (Clampitt, 2009) Continuous improvement and monitoring in business operation can detect and prevent an upcoming crisis (Rhee Valdez, 2009). Effective marketing can contribute to a firm’s growth through better anticipation of market opportunities, calibration of risks, a tighter linkage of technological possibilities with market concepts, and faster adjustment to shifting market needs and competitive moves. (Day, 2003) For their part, market-driving firms such as Starbucks is demonstrating how business model innovation results in sustainable advantage and superior long-term performance in a wide range of industries. (Schindehutte et al., 2008). When a crisis or disaster strikes, companies must analyze and choose from many strategic plans. One way they do this is by using a SWOT analysis – a strategic planning tool used to evaluate Strengths, Weaknesses, Opportunities, and Threats.The goal of a SWOT analysis is to identify key internal and external factors that affect the desired outcome.Strengths and weaknesses are internal to the company and include things like wage/benefits, corporate culture, leadership, marketing, and operations. Opportunities and threats are external to the company and include things like government regulations, competition, and economic and social forces. (Clampitt, 2009) The focus for the strategic management to understand the market and industry processes of Starbucks and must be able to integrate valid and reliable SWOT analysis so as to determine future strategies for business development and growth in the global market. SWOT Analysis The SWOT analysis will provide enough awareness for the Starbucks and its business management and operations with regards to their strategic management implying relevant points for their resources as well as market approaches and processes in order to stay in shape and in control of their business environment. Applying a SWOT analysis to Starbucks global expansion strategy shows why they have been successful overcome the crisis. Appendix 7 The business strategy of Starbucks is identical to the corporate level strategy, focusing on coffee-related products as the premier purveyor of the finest coffee in the world and maintenance of great environment for every staff member in its retail stores. Continual quality improvement is crucial to competitive success and the perfect symbol for the dilemma that faces world trade (Schindehutte et al., 2008). Therefore, it is typical to give the promises to improve service, reduce growth and expand marketing efforts for responding to a decline in customer traffic (Business: Trouble Brewing, 2007). Equally as important, company should not lose sight of their brand heritage (Cebrzynski, 2007).A long term business strategy built upon the hundreds of little things on a daily basis which is the key to customer relationships in the future (Cannon, 2002). Re-energizing Starbucks Process When a decline in customer traffic happens to any chains like Starbucks, it’s a signal that the company should re-examine their positions (Cebrzynski, 2007). It is the market that provides signals both to the entrepreneur and marketer regarding what value is needed, when it is needed, and how it should be delivered (Schindehutte et al., 2008). Starbucks needs to go back to its â€Å"roots† (Cebrzynski, 2007) and make its brand special again. Company brought back the original CEO, Howard Schultz to restore the company’s shine. Starbucks knows it needs to do something new (Skenazy, 2008). Re-structure: Back to basics Chairman Howard Schultz take back the reins from ousted CEO James Donald, not only closed 100 unspecified, underperforming locations with weak sales but also closed most stores across the US simultaneously in order to retrain to improve â€Å"customer experience† at American stores and to â€Å"get back to the core† (Creamer, 2007). Besides, Geoff Vuleta, CEO of New York innovation consultancy Fahrenheit 212, had a radical solution that open a chain of microstores devoted solely to making coffee. â€Å"No travel cups, no music, no machines, just amazing beans and a narrow range of the best-in-the-world coffee drinks,†, just moving brand back to the basics. Resource-led Strategy: Focus on service quality experience Everyone should know that nothing is better for a business than a satisfied customer who can talk to others about their experience with our service (Cannon, 2002). First of all, â€Å"Starbucks really needs to refocus on the luxury coffee experience; the smells, the soundsâ€Å". They also gained customers positive experience in stores by well-trained staffs who were knowledgeable about the company’s products, who eagerly communicated the company’s passion for coffee, and who had the skills and personality to deliver consistently pleasing customer service (What’s Brewing at Starbucks, 2011). Starbucks wanted to turn all Starbucks employees into partners, give them a chance to share in the success of the company and make clear the connection between their contributions and the company’s market value (Thompson Strickland, 2009). From its founding, Starbucks set out to be a â€Å"third place† to spend time, in addition to home and work.(Business: Trouble Brewing, 2007) To remedy that, the company plans to improve its service. Field managers will spend more time in the stores to make sure service really does get better, and new baristas will receive additional training. (Cebrzynski, 2007). New breakfast line, featuring a proprietary baked and chilled food program was unveiled in September. Howard Schultz said the smell of the sandwiches overpowered the aroma of coffee, one of the chain’s signature features (Jennings, 2008). Following the lead of other coffee chains, Starbucks will also be offering a customer loyalty card for the first time. (Ahmed Walsh, 2008) In an attempt to rvetain loyalty in the UK, Starbucks has introduced free coffee refills for anyone buying a hot drink and has ramped up its hitherto negligible marketing activity (Lee, 2008). Market-led Strategy: Reputation management can take a while for a bad reputation to hit your bottom line, or a good one to increase profit (Cannon, 2002). As word-of-mouth is a primary marketing tool, Brian Collins, chief creative officer of New York’s Collins design research firm, suggested company should better use its digital resources to learn the tastes of regular customers and reach target audience by creating social networking tools like Facebook or Twitter and blog page. They also used it both as a way to stay interacted, involved with their current customers and look for new ones. According to TNS Media Intelligence, Starbucks spent $40 million in the first nine months of 2007 (York, 2008), launched its first national TV campaign to defend its ownership of the coffee segment from encroachment by McDonald’s, Dunkin’ Donuts and other chains (Cebrzynski, 2007). They also created the site â€Å"My Starbucks Idea† (http://mystarbucksidea.force.com/), which gives consumers the opportunity to post ideas, suggestions, to vote and discuss about what they want to see from Starbucks. If they gain support, these ideas may be chosen to carry out to change the company in its business process, product development, experience development, and store design.(Jarvis 2008) â€Å"Change will not happen overnight,† Mr. Schultz said. â€Å"It will evolve over time, but I ensure you a positive change will occur. I, along with our dedicated partners, will strive to exceed the expectations of our customers every day.† (York 2008) RECOMMENDATIONS FOR FUTURE STRATEGY Some experts therefore believe its unbranded stores initiative is not only logical, but necessary. ‘It needs to focus on the inherent values of being local; it needs to employ local staff; it needs to be suitably different from Starbucks’ corporate image.†It is a phenomenally successful company that started off as a local brand but grew incredibly quickly,’ he says. ‘The brand was originally loved and respected by everyone, but the corporate world decided it had become too big.As the company expands, the culture and corporate strategy must be maintained for success (Jennings, 2008). For the recommendation, Starbucks should be able to sustain the company’s growth and make the business become strong global brand. What could Starbucks do to make its stores an even more elegant milieu that welcomes rewards and give surprises to customersWhat new products and new experiences could the company provide that would belong to and be associated with Starbu cksAnd how could Starbucks reach people who were not coffee drinkersStarbucks must continue the fixed-price purchase commitments in order to secure an adequate supply of quality green coffee beans and to limit its exposure to fluctuating coffee prices in upcoming periods. (ThompsonStickland, 2009) However, David Anderson, director of Cada Design Group, argues that most consumers don’t have issues with the brand. Consumers are looking for a home away from home, and ‘want it in an environment that isn’t so heavily corporate branded’. ‘They think customers are brand loyal or product loyal, but they are not. It comes down to convenience and providing a space people want to be in.’ ‘It wants to regain a community personality and the image of the neighbourhood coffee shop.(Golding, 2009) CONCLUSION Starbucks Coffee’s heyday was back when the corporation announced the business results in the first quarter this year reached U.S. $ 2.7 billion, with net profit of 242 million dollars (nearly 300% increase compared to same period in 2009). This is also the result of efforts to revive the brand had been likened to a giant. From the case of Starbucks, what is the lesson for businessBecause development needs, the business diversified products and services is perhaps natural. A long time, Starbucks has gone with their own race shop system extension. This group has become the pride of American business people. The market strategy of Starbucks is a classic lesson in the textbook business. More services they desire to acquire a lot of customers. In fact, they have plummeted, but in time to edit. So go in-depth development (product quality, service key) to get a solid foundation for expanding business. But do not be too ambitious expansion width, expansion, missing the core. Marketing once again demonstrated its magic to bring Starbucks back to the track. The results of consumer research shows that of Starbucks, the main indicators in the business achieved a high level of satisfaction over a year ago. Although Starbucks enjoyed success in the past few years, there are a few obstacles looming. Since the popularity of the coffee house idea has grown, some cities wish to issue regulations on the coffeehouses due to complaints of late night patrons becoming uncontrollable. In conclusion therefore, Starbucks was the only company with anything close to national market coverage. The company’s efforts to greatly increase its sphere of strategic interest via its joint ventures and the move to sell coffee in supermarkets that represents such ongoing drive in order to continually reinvent the way Starbucks operate its business. (Thompson Stickland, 2009) Amidst the environmental, social, and economic challenges and changes for Starbucks, its chairman, president, and chief executive officer, Howard Schultz, pledges â€Å"Even during this time of change for our company, one thing that will never change is our long-standing commitment to conducting business in a responsible and ethical manner. Going forward, we will only deepen our approach by continuing to integrate social and environmental responsibility in every aspect of our business.† With its various and numerous awards in â€Å"Best Business,† â€Å"Most Admired Company,† â€Å"100 Best Corporate Citizens,† to name a few, Starbucks is becoming one of the most respected brands in the world. (Clampitt, 2009) How to cite Strategic Analysis SWOT Analysis of Starbucks Corporation, Essay examples