Strategic Choice and Evaluation
Teavana’s strategy in 2012 before the buyout by Starbucks was to offer the company’s customers with the highest quality of product and to focus on what the customer wants or needs ("Teavana," 2013). With Starbucks buying Teavana the strategies of the company has changed to include the strategies of Starbucks (Starbucks, 2013). One of the strategies that Starbucks is adding to Teavana is opening new stores on a fast pace through out the United States and international (Blake, 2013). In order for Teavana to continually grow in the market the company has to enhance the equity of the company and the Teavana brand name.
One opportunity that Teavana has to accomplishing these goals is to attract new customers by opening new stores in the customer’s communities. Opening new store will maximize the convenience for the company’s customers. The new store locations will help the company to attract new customers and also allow the companies existing customers to increase in their frequent visits. Teavana strives to increase profitability of the new stores. The company will compare data between existing and newly opened stores sales receipts and inventory (J. Courville, personal communication, December 6, 2013). Teavana’s overall goal and main agenda for profits and growth in the industry is to keep a competitive edge of the companies competition. Teavana with the help from Starbucks will be able to reinvent itself through its value principles. There are many strategies that a company can use to allow the company to change for the better.
A generic strategy is a company’s core idea about the best way to compete in its existing market (Pearson & Robinson, 2013, p. 195). Differentiation at Teavana means the company focuses on the cost and the differentiation concerns of the customer’s needs and tries to meet the customer’s needs to the best of the company’s abilities. The company has tried to meet the customer needs by...