Essay: Strategy Formulation for Starbucks
The second step is that of setting a clear strategic direction by use of the mission and vision statements of Starbuck firm to determine its goals. This will help is formulating the strategy since the management of the firm will be able to determine the direction they have to follow. In the strategy formulation, the management will be concerned with setting out the action to follow to reach the already established goals. It is very easy for the management of Starbuck firm to determine if the goals are realized or not.
The third step will involve developing initiatives in sets. This will act as the catalyst to enable the strategy direction to be followed. The people who should be assigned to the small set projects should be experienced and well skilled to make sure that they succeed in the execution of these projects. Failure of the projects mostly will lead to the failure of the whole strategy.
The fourth step is that of establishing a detailed action plan for all the employees of Starbuck starting from the senior management to the low-level employees. The team leaders of each group should review this action plan weekly. The results after reviewing should be announced to everyone in the team and in the cases when the action taken is not the right one, corrective action should be taken. This should be done at times when it seems that the realization of the goals of Starbuck is at risk.
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