Running head: STRATEGIC MANAGEMENT
Establish Long-term Goals and Objectives
Formulation of the strategy involves the decision-making and planning that leads to the
development of the goals of the firm and the establishment of a strategic plan (David, 2011).
Strategy formulation involves the identification of external threats and opportunities into their
long-term goals and hence, generating, evaluating and selecting the strategies which best match
strategically for the organization.
Starbucks is a firm which is in the food industry and for this reason; all of its plans need
to be geared towards accomplishing the goals of the company that should be offering healthy and
quality foodstuff to its clients. The managers of Starbucks should evaluate the current situation
of their business entity (Ergazakis, Metaxiotis, Psarras, and Askounis, 2007). They must
understand where they are the moment of the formulation of strategy through the application of
SWOT analysis. All the strengths, weaknesses, opportunities and threats of the firm need to be
identified to enable the management to easily establish the current scenario of the company.
Indicate the markets that the company will pursue.
Starbucks has designed a globalization strategy to enable the firm to establish franchises
and stores in the nations across the world. Starbucks is employing market research as the core of
its market entry strategies. The market research has strengthened Starbucks pursue and entry into
the new Chinese markets (Grant, 2016). The entry into the developed as well as emerging
markets by Starbucks is informed by the market research. The company conducts market
research to enable the managers to deeply comprehend how capitalism works in the People’s
Republic of China (PRC) and the Chinese markets in general.
The unique value the company will offer in the selected markets.
The experience of Starbucks provides statues which are highly attractive an...