The importance of economic indicators to the strategic planning process in any organization is the ability to benchmark economic conditions that impart to improve profitability, contrast growth and commercialize size. Starbucks strategy is expanding market globally to provide high quality coffee in convenient and visibility locations. Starbucks continuing to innovate and extend the business with imaginative new ready-to-drink beverages and expanded packaged coffee offerings (Starbucks fiscal release, 2007). Starbucks Corporation has established an increasing amount of success by purchasing high quality coffee beans and selling the customers along with a variety a specialty drinks and food. ?Part of the strategic planning process involves monitoring specific trends, which are of pertain to a firm. A firm uses forecasting to predict the incoming of those trends and then sets organizational objectives in response to their forecasts? (Morrison, 1987). Next, the firm implements working(a) plans based upon their objectives, while monitoring the effects of their plans on those selected trends and issues. However, they must recognize the need to monitor continuously the external environs and adapt their strategy as necessary (White, Waddy, Santico, Snead and Jones, 2008).
Starbucks have succeeded some(prenominal) economic factors as well as price centering of demand. The company should consider household income that people are uncoerced to spend more on food and beverages when household income increases.
Starbucks innovation in joint ventures has opened new markets and opportunities increasing increase use among different demographics. Starbucks proves to be highly innovative in business culture that offers prepaid cards. Joint ventures with Pepsi Company, Dreyers Grand ice Cream Inc and inspiring entertainment with the launch of ?Hear unison? have developed Starbucks with much success. Starbucks has shown their values, leveraging market power, resources, and capabilities to acquire returns higher than their competition (Investment Group, 2001).
Social and CultureThe social factors that...
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