Situational Analysis Task: StarbucksStarbucks Corporation is the world's leading retailer of specialty coffee beverages and accompanying confectionery products. Starbucks was founded in 1971 in Seattle by Jerry Baldwin, Zev Siegal and Gordon Bowker. Currently, Starbucks has more than 21,000 stores and is present in more than 63 countries. The company's mission is to provide people with the opportunity to enjoy a good cup of coffee and engage in good conversation. The following situational analysis provides a detailed overview of Starbucks' current business situation by providing an in-depth analysis of the company's current product, market, opportunities, and challenges. Current Products Starbucks' product portfolio is divided into four key elements. Starbucks has an established brand and standard that allows its products to achieve premium prices in the market. However, this comes at a price for the company. Starbucks has various competitors including: McDonald's, Caribou Coffee, Dunkin Donuts, Costa, Coffee Nero, among other companies. There are also countless smaller coffee retailers that Starbucks competes with. Although these companies sell a similar product, namely coffee, there are many product differentiations in the market. Every business is different in what they offer their customers. Starbucks specializes in specialty coffee and sells its products at high prices compared to other retailers in the market. Competition can be tough and Starbucks has been a victim of existing rivalry in the industry. For example, while Harrison & Hoole successfully entered the market with the support of Tesco, Starbucks left the Australian market due to failure to gain much market share (Latif et al., 2014).CurrentCustomers are divided into three categories: children and adolescents, young adults and adults. Starbucks outlets are located in the most visible locations possible and centralized in urban cities that serve as regional centers. Adult customers, made up of men and women aged 25 to 40, constitute Starbuck's main market segment and represent 50% of total revenue. This group of customers has a professional career, relatively high income and prefers the urban lifestyle. Starbucks offers specialized products and spaces where this group of customers can socialize and spend time with friends and family. Adult customers mainly prefer coffee and other caffeinated drinks, while younger customers prefer non-caffeinated drinks and confectionery. The young adult group, made up of customers aged 18 and 24, accounts for 40% of Starbucks' total sales. Starbucks offers attractive retail stores and cafes where young adults can meet people, hang out with friends, and complete homework. Additionally, retail stores have Wi-Fi access and good music to attract and retain young adults. These customer groups are also attracted to customer service and highly knowledgeable employees who educate customers about Starbucks products (Latif et al..,