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Starbucks CEO discusses business strategy in video interview
October 6, 2009
Business journalist Jill Bennett interviews Howard Schultz, chairman, president and CEO of Starbucks Coffee, to discuss the company's industry, strategy, financials and positioning. The video is posted as part of Nasdaq's CEO Signature Series.Click hereto view the video (registration is required).
In the video, Schultz discusses Starbucks' recent launch of its instant coffee product, Via.
"It's hard for me to believe that almost after a 20-year journey of literally trying to crack the technology code of replicating the taste of Starbucks coffee, that we have literally done that," he said in the interview. "Believe it or not, you put this powder in a cup of coffee and we believe that most people will not be able to tell the difference."
Schultz said the company will need to change consumer behavior in regard to instant coffee because the quality of most is "pretty bad." However, the product will increase buying behavior among current Starbucks customers and even non-Starbucks customers who can't get quality coffee where they live, he said.
In North America, Via will be sold at Starbucks locations and at specialty retail chains such as REI and Target.
He also goes on to discuss the company's iPhone app and other business strategies the chain is looking to implement such as mobile payments, which he said the company is currently testing.
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