Entrepreneurship_Planning_Essentials_of_Starbuck's

ENTREPRENEURSHIP For Starbucks, its management activities regarding entrepreneurship must always be into finding innovations so that their products and services meet the demanding request of their customers, thus going over and beyond their expectations. The company understands that because of the powerful competition in the restaurant industry, particularly in the coffee and tea segments, they have to be able to consistently come up with creative and innovative products or services that can keep their customers happy and content (Moore 62). When their customers are pleased, then it becomes easier for Starbucks to accomplish success and production for a sustained period of time. True enough, the innovations being launched by Starbucks are always well appreciated by their customers all over the world, and this in turn allows the company to strengthen their customer base. These innovations are also sources of competitive advantage for Starbucks that always keep them ahead of the tough competition in the restaurant industry. PLANNING ESSENTIALS There is no doubt that Starbucks gives tremendous priority to the importance of planning its activities and decisions before implementing them. The management behavior of the company in this matter is engaging in strategic planning, wherein the current goals and problems of Starbucks are first being determined so that the right strategies can be formulated. The strategic planning process involves the cooperation of the leaders and employees of Starbucks so that all of their ideas and suggestions can be incorporated in the planning process (Michelli 53). The ideas and feedbacks from their customers are also seriously taken into consideration by the company because they are the people that regularly consume their products. Thus, the customers always have suggestions on ways to further improve certain aspects of the products. Because of this critical information that is involved in the strategic planning process of Starbucks, they are able to formulate the best strategies that will address their current needs and problems. The strategic planning process of Starbucks helps the company to always perform well in terms of productivity and profitability. The strategic plans being developed as a result of the intensive planning process within the company are able to be executed to perfection and produce the expected results. This consistent process helps to secure the dominance of Starbucks in the restaurant industry.