Good management is critical when running any sort of business. Many companies management can either make or break them. So what separates the management of the elite companies to the management of struggling ones, a solid strategic management process. The strategic management process is broken up into four basic components, environmental scanning, strategy formulation, strategy implementation and strategy evaluation. Environmental Scanning consists of scanning the environment and analyzing factors that could influence your organization.
This part of the process never rests because the environment is ever changing and management should always be scanning the environment and looking for ways to improve. Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose (???Strategic management process,???2012). After the strategy is formulated
...you then move onto implementation. Strategy implementation is putting what was formulated in place.During this stage you would design the structure of your organization, develop processes and overseeing the human resources. The final step of the process is strategy evaluation.
Once everything is in place and working it is critical to take a step back and evaluate the total process. Looking at how everything flows and observing if employees are following the process put in place are a few things to watch for. There are many successful companies and all of them have some sort of strategic management process.Starbucks is a global presence in the ever growing coffee industry. The company operates in approximately 8500 locations and is spanned across 32 countries. Starbucks also has one of the most loyal customer bases of any corporation.
Starbucks also has a competitive advantage over other companies because of its innovative new
products that it continuously puts out to its loyal customers. From 2002 through 2004 the company introduced 3 new revolutionary beverages to the coffee industry, the Frappuccino, Ice Shaken Beverages and the Light Frappuccino.With these new beverages came major profit gain and annual growth of about 25% from 2000 through 2004. With an innovative company such as Starbucks comes a huge responsibility. This responsibility relies on strong management and focus. The strategy of this company is to establish itself as the premier purveyor of the finest coffee in the world, while maintaining their uncompromised principles as they grow (???Strategic Management of,???2009).
A positive work environment for every staff member and diversity is also noted as a key value to the Starbucks Company.Customer satisfaction and obtaining and selling the highest quality ingredients to its customers is one of many more values Starbucks ingrains in its management. The strategic management process is a guideline of how to start a business or revamp your current management process. Every company has a slightly different process. With so many different processes there are some better than others.
What we do know is a major corporation such as Starbucks is doing it right.Referenceshttp://www.managementstudyguide.com/strategic-management-process.htm
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