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Answer :
Final answer:
Starbucks introducing Starbucks Reserve, a line of luxurious coffees, is an example of product development, which strengthens brand image through product differentiation and targeted advertising.
Explanation:
Starbucks introducing its brand of rare and luxurious coffees under the name Starbucks Reserve and offering these new products at many of their retail stores is an example of product development. This strategy is a part of product differentiation, where a firm introduces new variants of products distinguished by quality, features, style, or additional services to attract consumers and maintain a competitive advantage. Firms like Starbucks commit to continued product differentiation with an investment in development and market research to create unique products that are valued by consumers and not easily replicated by competitors, thereby affording the opportunity for above-normal profits.
Through advertising and introducing new products, companies like Starbucks reinforce their brand image and create a higher perceived value among their consumer base, potentially commanding a price premium for these differentiated offerings. This strategy allows Starbucks to expand their product line while maintaining the same market, thus differentiating themselves further from competitors.
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