University of Phoenix
Finance for Business
October 09, 2010
Cultivating relationships with customers is one of the keys to the success of Starbucks. Starbucks understood the realization that in order to become a competitive organization in their market there had to be a change in how they did business, they way business was managed and improve the overall training and knowledge of organizational objectives. In order to accomplish their goals Starbucks had to develop a strategic and financial plan. These plans were to enforce the objectives of the company and ensure forecasted projections were met.
Starbucks witnessed a downturn back in 2008, because of their commitment and goal-oriented management team. Starbucks is presently seeing profit both domestically and internationally. Competitors in the retail industry would ask what their management did that ours have not. It is quite simple Starbucks has made a decision to transform, their transformation journey deals with better training, tools and products, focusing their attention to store-level economics and operating efficiently, reigniting their relationships with customers, and realigning their organization for the long-term (Starbucks Investor Relations, ). The initiative that stands out is their efforts to focus on their relationships with customers. Starbucks makes it a point to please their customers by remodeling and upgrading their store front, providing healthier foods, adding new technology such as social and digital media, makes it a point to provide seasonal beverages, and they are willing to give back by helping fight AIDS in Africa. An old rule of thumb is the customer comes first it is a beauty to see a retail chain as large as Starbucks still possess such an important value.
Affects Initiative has on Financial Planning
The initiative affects the... [continues]
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