By Aaron Salsman
Gay Ann Christy
Starbucks Corporation (NASDAQ: SBUX) operates in the Food and Beverage Industry, it is an international specialty coffee company that roasts, markets, and retails its product on a global scale. With over 17,000 locations in 55 countries around the globe and annual revenue topping $11 billion, Starbucks is the largest specialty coffeehouse company in the world (CNN, 2012). Their products include Italian-style espresso beverages, regular and decaf coffee beverages, cold blended iced coffee beverages, pre-packaged roasted whole bean and soluble coffees, and premium teas. Starbucks locations also offer several food items, such as fresh pastries, salads, prepared sandwiches, oatmeal, as well as juice and bottled water. Starbucks also markets its own line of pre-packaged coffee and tea products as well as bottled and canned beverages for sale through various retailers (CNN, 2012). The corporation’s largest competitor is McDonalds Corp.; other competitors include Nestle, Dunkin’ Brands Group Inc., Caribou Coffee, and Green Mountain Coffee Roasters Inc (Yahoo, 2012).
Starbucks began in 1971 when 3 entrepreneurs; Jerry Baldwin, Zev Siegel, and Gordon Bowker – began selling their whole bean coffee and coffee supplies in Pike Place Market in Seattle, Washington (Harris, 2008). They named their store Starbucks, after the first mate in Herman Melville’s novel, Moby Dick (Starbucks). They were inspired by a Dutch immigrant by the name of Alfred Peet who owned and operated Peet’s Coffee and Tea in Berkeley, California beginning in 1966. Peet specialized in importing fine European coffees and teas and teaching clientele how to prepare the specialty brewed beverages at home. Baldwin, Siegel, and Bowker became regular clients of Peet’s and began ordering their coffee supplies from him. In 1980, Siegel sold his share of the company to the two remaining partners who continued to grow the... [continues]
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