The founder’s vision of starbucks has been a huge success from a single store to stores now in every corner of the world. He referred it as the third place between work and home.
Every company can learn from the competitor and obviously yes if the competitor has achieved huge success in the market.
The three characteristics of the founder’s vision that could be transferred to similar companies to improve their profitability are as follows :
Customer Satisfaction: It is the most important parameter to run a company. The company should take a loss even to fulfill the customer wishes. The customer must get a feel that this is a service or a quality which he or she can’t get anywhere else. Then only a company can retain its existing clients and also develop the new customers.
Innovation : Time and again, company should bring creativity and innovative in their products and ideas, so that the customer does not feel monotony in the products or environment of the company. It adds flavor to the company.
Brand Marketing : The company should follow various marketing and branding facilities like word of mouth, advertisement, corporate social responsibility, allow the product and service to speak for themselves.
