Strategic Planning

Topics: Management, Mission statement, Strategic management Pages: 3 (988 words) Published: October 26, 2008
Java on the Go
With the hustle and bustle of everyday life, more and more people are taking advantage of stopping at the nearest coffee shop for a pick-me-up. Coffee shops are on the rise in many local communities. These stores are popping up everywhere, from the local Starbucks or Einstein chains, to the small local coffee shop opened by the couple down the street. This paper will discuss the strategy planning management must go through when opening up a new coffee shop. It will define the strategic plan and identify the critical information that must be defined and analyzed by management. It will then discuss the importance of a solid strategic management plan. Lastly, it will define the four functions of management and explain how they are relative to creating and implementing a strategic management plan. Strategic Plan

John A. Pearce II and Richard B. Robinson, Jr. authors of the book Strategic Management Formulation, Implementation, and Control define strategic management “as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives” (Pearce & Robinson, pg 3). There are many tasks management must define and analyze when creating a strategic plan. The strategic plan can be completed in a nine-step process. The first task is defining the company mission statement. The mission statement should identify the company’s goals and objectives. It is essentially the backbone for the strategic plan. For example, Starbucks has identified their mission as, “Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow” (Starbucks, ¶ 1). The second and third tasks should analyze the company’s internal conditions, while analyzing the external environment of the future company. Identifying competitors and general factors of the surrounding environment are important. For example, due to the rise of coffee shops it is...

References: Starbucks. (2008). Starbucks Mission Statement. Retrieved April 13, 2008 from http://www.starbucks.com/aboutus/environment.asp
Pearce, J. & Robinson, R. (2005). Strategic Management 9th ed. Boston, MA: McGraw-Hill.
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