BUS301 Global Business Strategy

BUS301 Global Business Strategy

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BUS301 Global Business Strategy

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BUS301 Global Business Strategy

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Course Code: BUS301
University: Macquarie University

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Country: Australia

Question:

Choose an editorial article (An editorial is an article that presents the writer’s opinion on an issue supported with facts) from the New York Times or the Wall Street Journal.
Instructions:
Write an essay describing the following:

What are the premise(s) in the article?
What evidence is presented? Is it credible?
Can you independently verify the evidence presented?
How are counterarguments addressed?
Does the writer represent a particular interest?
How is language used to develop the argument?
Do you detect any errors in knowledge, evidence, or thinking?
Does the writer use any types of appeals or commit any fallacies?
Overall, how compelling is this article?

Answer:

Topic- The Reasons behind Starbucks Price hike as Coffee Beans Got Cheaper
Introduction
The term ‘business strategy’ denotes the high-level plan of a particular organization to reach specific business objectives (Wheelen et al., 2017). The strategies become successful when expected business growth and development is apparent, stable financial position is received and strong competitive resources are achieved (Bordalo, Gennaioli & Shleifer, 2015). The firm must change its business method and try to incorporate some innovative techniques to compensate the loss. This paper deals with the business strategies Starbucks applies by hiking the price when the price of coffee beans decreased. The essay summarizes and analyses an editorial from The New York Times discerning the issue which finds out reason behind such phenomenon. The essay concludes by evaluating the credibility and worth of the chosen article.
Discussion
The first duty of a particular organization is to set the objectives to be pursued later. A complete approach not only describes the business objectives, but also examines how they are fulfilled in an organization (Wheelen et al., 2017). Sometimes firms increase the price of the products, sometimes they sell the products in lower prices which is also a part of their strategy. A surge in the price of the products and services may imply both economic and marketing values. The customer demand gets lowered with the increase in product price. One reason behind companies raising the product price is to adjust with higher business costs. In some cases, companies increase the price of the products for a wide strategic change (Wheelen et al., 2017). High prices sometimes increase the brand value. The incorporation of extra benefits and advanced technologies to achieve the competitive advantages when surrounded by so many potential competitors, might cause the companies charge more from the customers (Susanty & Kenny, 2015). As a whole, high price causes decrease in customer demands; it is a relationship named as law of supply and demand in economics (Leonidou et al., 2015).
In the year 2015, an editorial article titled as “Why Starbucks Prices Went Up as Coffee Beans Got Cheaper”, by Jeff Sommer got published in THE NEW YORK TIMES. According to the editorial, the Starbucks company has attracted millions of customers through years but in the summer of 2015, it suddenly created an odd situation for the customers (Sommer, 2015). The company drastically increased the retail price for coffee as the world market price of coffee beans fell down. They raised the price of the coffee by 5 to 20 cents a cup in order to meet the rising costs of the products (Kuah & Weerakkody,2015). As suggested by few spokespersons, Starbucks probably tried to attract new customers and provide value to the old customers (Sommer, 2015). The customers might not be ready to accept this change and stop purchasing Starbucks products, deciding not to pay more when the coffee beans are cheaper than before. The article further reveals that Starbucks has locked the price for 80 percent of its products (Sommer, 2015). It can be referred to be one of their strategies to protect themselves from frequent currency fluctuations in the market. Starbucks assumes that the customers will adjust with the new prices and spend their money at the right quality coffee hub. Over all, Starbucks is stirring high profits by this strategy (Sommer, 2015).
The article draws the scenario of Starbucks coffee company US, regarding the issue of rising coffee prices when the price of the Coffee beans was low in the world market (Bordalo, Gennaioli & Shleifer, 2015). The article is full of relevant and credible information and evidences. It picturizes the scenarios of China, Indonesia, Russia, Brazil, Colombia, Malaysia and relates them with the issue in order to make it more argumentative (Ronald & Amelia, 2017). The writer pens down surveying the customer approaches and responses toward such change in Starbucks. Reporting the response of a spokesman saying on behalf of the entire group of Starbucks customers the writer increases seriousness of the issue in the global market. The spokesman says that at the Midtown store, Manhattan, the price of a’venti’ cup (20 ounce) went up from 10 cents to $ 2.55 but the price of a ‘tall’ cup remained $1.95 though rose in other places (Sommer, 2015). The writer writes by putting himself once at the place of the customers and argues questioning why should he invest extravagantly on Starbucks Coffee when other Coffee stores are providing coffee at standard prices. As a customer he becomes startled at the huge gap between the world market and Starbucks. The writer also drags the case of Arabica, another premium coffee retailer, the price of which though peaked in the month of October, fell down in July with the decrease of Coffee beans prices (Sommer, 2015). Only Starbucks shows a different case in this respect. Arabica cut down its costs by 44 percent in world markets. Another instance is given to strengthen his perspective reporting the Folgers and Dunkin’ Donuts price to be cutting by almost 6 percent.
The language used by the writer is simple and lucid. Although he uses reflective sentences, the entire piece is mostly based on statistical data and public responses. Starbucks’ sudden hike in price has satisfied the stock market because the shares of Starbucks have returned 5.4 percent as compared to earlier 1.3 percent return (Sommer, 2015). The article is composed by authentic observation of the annual revenue and share market results of the company. Investors opinions are also accounted in the article who argue that Starbucks has such a strong financial condition, that it will never run out of coffee (Elder, Lister & Dauvergne,2014). The article further counter argues saying that the reason behind sudden price rise in Starbucks might be different. Other connected expenses such as, employee benefits, real estate wages, equipment, maintenance, marketing and distribution might have compelled the company to raise the costs.
Conclusion
Therefore, from the above discussion and critical examination, it can be said that a company might adopt any business strategy in order to meet their expected goal. In the case of Starbucks, the company is seen to be engaging in sudden price hike when it was supposed to lower the prices. The chosen article gives plenty of examples and evidences to project the scenario properly. In a nutshell, the article is important and useful in judging and analyzing the business strategy of Starbucks and other related issues. The article is highly gripping due to its nature of detailed expression.
References
Bordalo, P., Gennaioli, N., & Shleifer, A. (2015). Competition for attention. The Review of Economic Studies, 83(2), 481-513.
Elder, S. D., Lister, J., & Dauvergne, P. (2014). Big retail and sustainable coffee: A new development studies research agenda. Progress in Development Studies, 14(1), 77-90.
Kuah, A. T., & Weerakkody, V. (2015). Commentary: is cost transparency necessarily good for consumers?. European Journal of Marketing, 49(11/12), 1980-1986.
Leonidou, L. C., Fotiadis, T. A., Christodoulides, P., Spyropoulou, S., & Katsikeas, C. S. (2015). Environmentally friendly export business strategy: Its determinants and effects on competitive advantage and performance. International Business Review, 24(5), 798-811.
Ronald, R., & Amelia, A. (2017). Determinant of Customer-Company Identification (CCID) of Starbucks in Indonesia. Review of Integrative Business and Economics Research, 6(2), 257.
Sommer, J. (2015). Why Starbucks Prices Went Up as Coffee Beans Got Cheaper. The New York Times. [online] Available at: https://www.nytimes.com/2015/08/16/your-money/why-starbucks-prices-went-up-as-coffee-beans-got-cheaper.html [Accessed 28 Aug. 2018].
Susanty, A., & Kenny, E. (2015). The relationship between brand equity, customer satisfaction, and brand loyalty on coffee shop: Study of Excelso and Starbucks. ASEAN Marketing Journal, 14-27.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. pearson.

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