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FinalStrategicPlanStarbucks.doc
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: (1) expand the U.S. market, (2) broaden the product line, and (3) expand the China and Eastern Europe markets. Dedicating resources to the three recommended strategies will require significant financial commitments that will put a strain on the company’s cash position, but the rewards will be phenomenal.
Implementing the strategic plan will take a Herculean effort, but we have the right team and capital in place. Measuring and monitoring results will be instrumental in reaching our strategic goals. You will find Sta
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