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FIN370 Strategic Initiative Paper

FIN370 Strategic Initiative Paper - Strategic Initiative...

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Strategic Initiative Paper 1 Running Header: Strategic Initiative Paper: Starbucks Strategic Initiative Paper: Starbucks FIN/370 Strategic Initiative Paper: Starbucks Starbucks Corporation (Starbucks) is known as one of the selling leaders of roasted and specialty coffee in the retail industry. Starbucks has been focusing on creating a detailed strategic and financial plan that will aid the company in surpassing its competitors. The purpose of this paper is to investigate Starbuck’s actions upon creation of strategic and financial plans,
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Strategic Initiative Paper 2 the strategic initiatives associated with this plans, and the impact initiatives have on cost and sales as well as associated risks. Strategic Planning Process and Strategic Initiative In 1971 the birth of Starbucks began, three partners Jerry Baldwin, Zev Siegel and Gordon Bowker opened the first location in Pikes Place Market in Seattle with $1350 a piece and an additional $5,000 borrowed from a bank making their initial investment $9,050. In 1981 Howard Schultz joined the team during their first encounter Baldwin told Schultz, “We don’t manage to business to maximize anything other than the bean” the Part of Starbucks Strategic plan was once it turned public in 1992 was to grown the number of locations from 165 in 1992 to 1,381 by 1997. Part of Starbucks strategy was to place the first location a large city and then branch out from there until eventually now where there are Starbucks everywhere. The rapid growth Starbucks created a new position of zone vice presidents, the zone vice presidents became responsible for the overall operations of the area, it recruit had prior experience in operating and marketing experience within the retail chain industry. Currently Starbucks is seeing a decline in the market share due to decline in patronage in their locations and a slowing economy. They have developed new strategy and revisited things that have worked in the past like: improving the state of the business through better training, tools and products: renewing their attention to store-level economics and operating efficiency; reigniting our emotional attachment with customers; and realigning Starbucks organization for the long term (Starbucks 2010). Starbucks is working to regain the market share they lost the last two years by creating more disciplined operations, which will resulted in the removal of $580 million in cost from the business in 2009.Creating a better customer experience by creating
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