......STARBUCKS PLANNING 1 To understand the relationship between strategic and financial planning we first need to determine both of their meanings. The definition of strategic planning states that it is a “systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.” Strategic planning is a management tool that helps an organization focuses its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization’s direction in response to a changing environment. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. (Adapted from Bryson’s Strategic Planning in Public and Nonprofit Organizations) From these definitions and quotes we can understand that strategic planning allows a company to develop goals easily so that they can keep the company prospering. Financial planning is similar to strategic planning because both types of plans are used to help the company reach its overall goals. The definition of financial planning states that it is “a comprehensive evaluation of an investor’s current and future financial state by using currently known variable to predict future cash flows, asset values, and withdrawal plans.” This definition helps us to understand...
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...with continuous changes Starbucks Corporation has celebrated 40 years of success. Starbucks focuses on expanding to build a truly global consumer company “by harnessing a power portfolio of brands with a unique business model, combining a global retail footprint with a significant Consumer Products business, and leveraging direct customer engagement that drives growth across all channels globally” (Starbucks.com). Starbucks is constantly planning strategic initiatives on how to increase sales. According to Starbucks’ 2011 annual report, it has joined forces with popular companies in an effort to increase profit. Forming a relationship with well -known companies, such as Courtesy Products and Green Mountain Coffee Roasters will open the doors to other opportunities previously unavailable to Starbucks. Courtesy Products sells Tazo tea and provides other coffee services to hotels, which results in a logical working relationship with Starbucks. “The single-cup segment is already a $1.6 billion segment that represents a significant growth engine for the entire U.S. coffee category. We believe that over time we can generate K-Cup portion pack system sales in excess of $1 billion across all channels” (Starbucks.com). Starbucks and Courtesy Products plan on providing Starbucks products to 500,000 luxury and premium hotels in the United States by offering Starbucks coffee to the on-demand single cup brewing systems currently used in hotels. Starbucks also considers their shareholders...
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...Sample Starbucks Strategic Initiative In this paper, Team C will describe the relationship between strategic planning and financial planning for Starbucks Corporation. The first topic covers Starbucks strategic planning initiative and identifies a strategic initiative discussed in the organization’s annual report; from this report Team C will describe how this initiative affects Starbucks financial planning. Team C will break down and address how Starbucks initiative directly affects costs and the sales of the company’s financial plan. The final section will describe the risks associated with the initiative and the financial impact that these risks have on Starbucks. Strategic Planning Initiative Strategic initiatives are strategies outlined by an organization to achieve the goals and objectives outlined in the strategic plan. The Starbucks Corporation is one organization striving to improve the commitment of upholding and achieving organizational missions and goals. Starbucks is “committed to ethically sourcing and roasting the highest quality Arabica coffee in the world” (Starbucks Corporation, 2012, para.1). Starbucks’ mission is “to inspire and nurture the human spirit – one person, on cup, and one neighborhood at a time” ) Starbucks Corporation, 2012, para. 1). Guiding principles within the strategic plan of Starbucks ensure high quality products, ethical treatment of partners and customers, and inviting and positive neighborhood and store environment that will...
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...Strategic Initiative Paper FIN/370 Strategic Initiative Paper Starbucks Strategic Planning Initiative Strategic initiatives are a special set of strategies that an organization sets up to help that organization reach certain goals and achievements that are set up in that strategic plan. The platform in the strategic planning initiative of the Starbucks organization is to make certain they use only high quality goods, and they treat their customers and employees with respect. Starbucks is “committed to ethically sourcing and roasting the highest quality Arabica coffee in the world” (Starbucks Corporation, 2012). Starbucks’ mission is “to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time” (Starbucks Corporation, 2012). Starbucks Corporation uses this statement as a fulfillment to their success: Under ethical sourcing the company outlines the goal that by 2015 the organization will use coffee that is only produced and obtained through the use of ethical trading and responsible growing (Starbucks Company Profile, 2011). The initiative discussed in Starbucks Annual Report says “Blair Taylor, Starbucks Chief Community Office, announced the launch of a new nonprofit corporation with a $1 million seed grant to introduce job skills, leadership and apprenticeship programs to young people across the company’s multi-billion-dollar supply chain, and further expansion of the company’s support for U.S. manufacturing through an order...
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...Strategic Management Process Paper Nicole Graziano MGT/498 November 11, 2013 Amy Novoa Strategic Management Process * In an attempt to improve an organizations management plan and define strategies, often companies will develop a strategic management plan. This plan includes four basic steps, for a continuous process that will evaluate the business in its own industry against its competitors, and will challenge goals to meet the needs of the mission and vision while raising one up to the competitor. Starbucks has developed a very successful strategic planning process. The strategic management process that Starbucks uses will be described in this paper. * * Primary Components of a Strategic Management Process * According to Thomas Wheelan (2010) the four basic elements or the primary components of a strategic management process are “environmental scanning, strategy formulation, strategy implementation, and evaluation and control” (pg.14). * A strategic management process is needed for a company to succeed and achieve a better performance over the competitor. According to Kevin Blankinship, the idea and line behind strategic management is goal setting – to “combine purposeful planning with meaningful action” (Blankinship, 2013). * The first step in the planning process is to define the goals of the company. Performing a SWOT analysis is the best way to prepare for potential changes in a company. Then the leaders will need to come up with...
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...Research Proposal paper Binh Tran July 14, 2014 Research Proposal for Starbucks Strategic planning is the process of gathering information from stakeholders, market players, professional entity, and government agency. The purpose of gathering information is formulating a realistic and a workable framework that any organization can implement and work with. Evaluation of information is a key aspect in determine the kind of plans that the organization wish to a chive over certain a period. Strategic planning ensures the implementation is, crafted well, and parties involved be acquitted with it. Developing a good Strategic plan helps a company to implement its missions and visions effectively, and helps the company to evaluate its weakness and asset (Pearson & Robinson, 2011). Proposed Research Outline of Application 1. Executive summary, this should include brief and exact information on objectives and hypothesis of Strategic planning. 2. Purpose of the document the aim of this is to give the reader of the research the idea and aims of formulating this document. It should include the purpose intended to be use. 3. Specific goals for Strategic planning, the basic achievement of the Strategic planning and research intends to achieve. 4. Understanding Strategic planning, this should show how the cycle of Strategic planning works and how effective it should be. 5. Cycle of Strategic planning and development, is coming up this certain targets set in a way that facilitates...
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...Final Strategic Plan: Starbucks Debbie Pryer, MGT578 Strategy Formulation and Implementation University of Phoenix Table of Contents Executive Summary 3 Company Background 4 Vision Statement 4 Recommended Vision Statement 5 Mission Statement 5 Values Statement 7 Environmental Analysis 7 Long Term Objectives 14 Strategic Analysis and Choice 15 Plan Goals and Implementation 18 Financial Projections and Analysis 20 Critical Success Factors 24 Controls and Evaluation 25 Conclusion 26 References 28 Executive Summary Starbucks Coffee Company, Seattle, Washington, is in an enviable position – high growth, few competitors, strong financials, loyal customers, talented management and employees, and brand recognition – so why create a strategic plan? The company faces many threats and opportunities, and if Starbucks wants to continue its success story, a strategic plan will help them continue to achieve stellar results. Starbucks’ vision is to have coffeehouses in every neighborhood around the world, and will continue to grow by finding and delivering the world’s best coffee to the world’s best customers without compromising our world-class principles. An internal analysis shows Starbucks has more strengths than weaknesses, while an external analysis points to several threats and many obvious opportunities. The key is in choosing the right strategies to minimize threats and maximize opportunities. Starbucks should focus on the following three strategies:...
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...Frappuccinno, and Espresso Regalo all words related to the specialty coffee business. Chances are, if you've been to an airport, grocery store, mall, or the downtown area of a large city, you've been to or seen a Starbucks. Without a doubt, Starbucks is the de facto leader in the specialty coffee market, and not just in the United States. In 1999, Starbucks expanded into China. Today, their expansion continues in China and around the world. Starbucks now has stores in 47 countries. Their global expansion strategy and performance is stellar. Let's examine some possible components of Starbuck's global expansion strategy that enables them to determine how, why, and where they expand. According to their Annual Report, Starbucks opened up 2,571 new stores in 2007 (www.starbucks.com). They now operate over 15,000 stores around the globe. In China, their aggressive expansion continues. In 2006, Financial Times quoted Howard Schultz as saying "China has emerged as the strategic priority within the company today and in the long term. The opportunity we have in China is like no other" (17). To succeed globally, companies must analyze and choose from many strategic plans. One way they do this is by using a SWOT analysis a strategic planning tool used to evaluate Strengths, Weaknesses, Opportunities, and Threats. The goal of a SWOT analysis is to identify key internal and external factors that affect the desired outcome. Strengths and weaknesses are...
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...Strategic Planning for a Business MT:460 Management Policies and Strategies – Unit 1 Assignment Katie Bingaman For any company or business to be successful, they will need to have a strategic plan. There are many different components that a business needs to involve to have a strategic plan. The vision, mission and as they say out-of-the-box thinking are different ways to come up with the strategic plan. Without determining where you are headed with a company can be meaningless and by having this strategic planning in process can help you know where your company is heading. (Pirraglia, 2016) Using the SWOT analysis is a good way to prepare for when you are developing your strategic plan. The SWOT analysis determines the Strengths, Weaknesses, Opportunities and Threats that come with have a business or company. By understanding the SWOT analysis it is a good start block to determine what your strategic plan is for your company. (Pirraglia, 2016) The three-tier organizational structure is a hierarchical method used for a large, wide-spread organization and it helps to separate the top-level decision makers. The different top-level decision makers would be the board of directors, the chief officers of financial and the chief officer of operations. When referring to a three-tier it is generally saying that information is able to flow both ways; from between staff and managers and also between then the managers and the executive levels. When working with this structure, managers...
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...Strategic Planning Concepts 1 Running head: STRATEGIC PLANNING CONCEPTS Strategic Planning Concepts STAN R. KEY Bethel University Kathy Vest MOD 440 Strategic Planning 6/23/2011 Strategic Planning Concepts 2 Strategic Planning Concepts Organizations from all over the world have one thing in common: competition. In order for organizations to compete in today’s marketplace they have to have a plan of action or strategy. Strategic planning refers to a process which defines an organization’s plan to effectively allocate its available resources (Strategic Planning Performance, 2011). A strategic plan is not the same as a business plan. A business plan tells how and why the company’s products or services will garner revenues. A strategic plan identifies the objectives, goals, direction, and opportunities within an organization and how to go about executing them. Different Forms of Planning A strategic plan must be realistic, attainable, feasible, and flexible. A company’s strategy is the game plan management is using to stake out a market position, conduct its operations, attract and please customers, compete successfully, and achieve organizational objectives (Bethel College, 2005). Having a competitive advantage in the marketplace is crucial to an organization’s success. Just to create a strategic plan does not mean that all is complete, it is only the beginning. It cannot be treated as a “cure all” for an organization, but needs to be treated as a viable option...
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...walmart strategic plan × Advanced search Page 3 of about 476,000 results (0.10 seconds) Everything Images Videos News Shopping More Cambridge, MA Change location Search Options All results Related searches More search tools Search Results Strategic Planning Thoughts: Why Wal-Mart is not invincible simplifiedstrategicplanning.blogspot.com/.../why-wal-mart-is-not-in... - CachedFeb 7, 2011 – Labels: business strategic planning, commodity strategy, dollar stores, economics and strategy, retail strategy, Wal-Mart ... ► Wal Mart Hypothetical Strategic Marketing Plan - Daniel Millsap danielmillsap.com/.../wal-mart-hypothetical-strategic-marketing-pla... - CachedThe following is a hypothetical strategic marketing plan written from the point of view of executive management at Wal Mart. 60 Free Essays on Walmart Strategic Plan - AllFreeEssays.com www.allfreeessays.com/topics/walmart-strategic-plan/0 - CachedCheck out our top Free Essays on Walmart Strategic Plan to help you write your own Essay. walmart strategic plan - eBook Downloads www.bitlib.net/ebook/walmart+strategic+plan/ - Cachedwalmart strategic plan pdf, walmart strategic plan ebook, walmart strategic plan downloads. Strategic Vision www.au.af.mil/au/awc/awcgate/ndu/strat-ldr-dm/pt4ch18.html - CachedThat's where a strategic plan, discussed later in the chapter, comes in. .... Wal-Mart is very clear about their vision, and has focused on specific areas ... Sudden Impact | Wal-Mart's new strategic plan...
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...and Human Resources Planning If nothing else, my students should learn that… • It is important for HRM to align its policies and processes with the business strategy in order to provide value to the organization (external fit), and that the policies and processes are mutually reinforcing (internal fit). HR planning follows the same pattern as organizational strategic planning, and hence the two processes are complementary. • In order to evaluate the effectiveness of strategy, it is imperative to take the ‘people side’ into consideration. Sole reliance on financial documents (e.g., financial statements, cash flow statements, income statements) largely ignores investment in human capital. Learning objectives • Identify the advantages of integrating human resources planning and strategic planning. • Understand how an organization’s competitive environment influences its strategic planning. • Understand why it is important for an organization to do an internal resource analysis. • Describe the basic tools used for human resources forecasting. • Explain the linkages between competitive strategies and human resources. • Understand what is required for a firm to successfully implement a strategy. • Recognize the methods for assessing and measuring the effectiveness of a firm’s strategy. Why is this chapter important? The purpose of this chapter is to highlight the nexus of strategy and HR planning. It emphasizes the use...
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...Strategic Plan Part 1: Conceptualizing a Business Jojie Urrete BUS/475 September 12, 2011 Linda McKee Strategic Plan Part 1: Conceptualizing a Business A strategic business plan will help the organization define its mission and vision, giving the organization a sense of purpose and direction. In addition a strategic plan will help the organization asses its strengths and weaknesses, and develop short-term strategies that are compatible with long-term objectives. A strategic plan will balance the use of resources, people, structures, and technologies in order to achieve company goals with the least amount of risk. . Planning is used as a tool to help identify potential opportunities and threats as well as to reduce long-term risks. Planning is also used to more effectively establish goals and objectives for long-term success and ensure that the organization use all its resources toward achieving its goals. The small business that I would like to start would be a mixture of bookstore and coffee house. Coffee house, business mission Novel Beans is an exclusive bookstore plus coffee house mixture that is opening in the downtown area of Madison, Wisconsin. Novel Beans is situated on a fine trafficked street straight in the main shopping area of Madison, situated close to the capitol construction. The society is completed up of eclectic shops, restaurants, bars and companies that are geared in the direction of the ample university residents that...
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...Strategic Management Process Paper Miguel Valdez MGT/498 August 17, 2015 Paul Kramer Strategic Management Process Paper Describe the primary components of a strategic management process, and indicate why a strategic management process is needed for a company. Strategic Management is a set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. The study of strategic management, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of a corporation’s strengths and weaknesses. Environmental scanning is the monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation. Its purpose is to identify strategic factors those external and internal elements that will determine the future of the corporation. The simplest way to conduct environmental scanning is through SWOT analysis. Which, SWOT is an acronym used to describe the Strengths, Weaknesses, Opportunities, and Threats, that are strategic factors for a specific company. The external environment consists of variables that are outside the organization and not typically within the short-run control of top management. These variables form the context within which the corporation exists. However, the internal environment of a corporation consists...
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...Management Part 3: Formulating Strategy Part 4: Global Human Resources Management The University of Western Australia Strategic Planning and Strategy Strategic Planning • The process by which a firm’s managers evaluate the future prospects of the firma and decide on appropriate strategies to achieve long-term objectives Strategy • The basic means by which the firm competes., that is, its choice of business or businesses in which to operate and the ways in which it differentiates itself from its competitors 63 How does globalisation, risk, political-legal-ethical and culture affect the value chain that a firm manages and operates to create ‘value’ = strategic planning +strategy = STRATEGIC FIT between ‘inputs’ and ‘outputs’ Porter, M (1985) Competitive Advantage: creating and sustaining superior performance. NY: Free Press The University of Western Australia Steps in Developing International and Global Strategies Mission and Objectives Environmental Assessment and Scanning (PEST, PESTEL, Risk) Internal and Competitive Analysis (SWOT) Global Integrative and Entry Strategy Alternatives (Export, JV, Strategic Alliance, CAGE) Strategic Choice, Implementation, Feedback, and Control (Governance) Copyright ©2014 Pearson Education Realize that much of international business is conducted through strategic alliances. Understand the reasons that firms seek international business allies and the benefits they bring. Become...
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