by Kim Taylor
We’re living in a strange, new world where adapting to the constant flux of a spiraling economy is demanding we stay nimble. This is no truer than in the case with java giant, Starbucks, who today announced value pricing, something contra to the prestige pricing strategy they’ve operated with all these years.
Do you think Howard Schultz thought he’d be aligning strategies with McDonald’s when he created Starbucks in 1971? My guess is no. But, instead of maintaining a rigid stance, Starbucks responded to the needs of the consumer with a pricing strategy perfected by its newest competitors: value meals.
This post isn’t about Starbucks or McDonalds, though. The principles used by the mega brands apply to the mom ‘n pops too.
1. Listen to your Customers.
2. Stay Nimble.
3. Be Proactive whenever Possible, Reactive when Necessary.