Final Answer:
1. Enhance Online Presence: Invest in a user-friendly app and efficient online ordering with robust delivery.
2. Sustainable Sourcing: Implement ethical practices for coffee beans and eco-friendly packaging.
3. Diversify Menu: Introduce innovative, healthier options to cater to evolving consumer preferences.
Step-by-step explanation:
Starbucks must prioritize strengthening its online presence to align with evolving consumer behaviors and preferences. Investing in a user-friendly mobile app and efficient online ordering system will streamline the customer experience, fostering loyalty and attracting a broader audience.
Furthermore, robust delivery services will cater to the growing demand for convenience, a trend exacerbated by the ongoing global situation. Calculating the potential return on investment for these digital initiatives would involve estimating the increased sales volume through online channels and factoring in the associated implementation costs.
In tandem with digital initiatives, Starbucks should focus on sustainable sourcing and practices. This involves calculating the feasibility and cost-effectiveness of transitioning to ethically sourced coffee beans and environmentally friendly packaging. Consumers are increasingly prioritizing brands with a commitment to sustainability, making this investment not only morally sound but also economically beneficial in the long run.
Lastly, diversifying the menu is crucial for adapting to changing consumer preferences. Calculating the potential profitability of new menu items involves assessing market trends, conducting consumer surveys, and estimating the production and marketing costs associated with introducing innovative options. By offering healthier choices and plant-based alternatives, Starbucks can tap into emerging markets and secure a competitive edge in the ever-evolving food and beverage industry.