March 24, 2015
Strategic Management Process Paper
There are 5 key components of strategic management. The first is goal setting, its purpose is to clarify the vision for a business. Goal setting has three pieces to it, first, defining short and long-term objectives. Second, identifying the process of how to accomplish the objective, and finally, customizing the process for the staff. Analysis is the second key component. This component is the key stage, this is when information is gathered. The data and information gathered during this stage is relevant to accomplishing vision. The next three steps are formulating strategy, implementing strategy, and finally evaluating and controlling. Strategic management is important because it is critical to organizational development. It aligns the mission and vision with operations. Strategic management seeks to coordinate and integrate activities of various functional areas of a business in order to achieve long term organizational objectives.
The company I researched was Starbucks. Starbucks is all about atmosphere. One of its key strategic moves has been to bring luxury coffee experiences to Americans for a reasonable price. Starbucks emphasizes comfort over convenience or speed. Their product decisions are based on customer feedback and they are very successful in responding to customer demands. They also offer a customer loyalty program. These deals and discounts keep customers coming back for more. Starbucks has made innovative moves that has drawn customers to its related environment. Starbucks actively integrates new ways to differentiate its store experience. Starbucks leaders and workers have come together to make the experience at Starbuck enjoyable. They did this all by setting a goal of providing a convenient comfortable environment to enjoy luxurious coffee. They have