Fin 370 Week2 Team Assignment Starbucks Essay

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STARBUCKS PLANNING 1 To understand the relationship between strategic and financial planning we first need to determine both of their meanings. The definition of strategic planning states that it is a “systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.” Strategic planning is a management tool that helps an organization focuses its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization’s direction in response to a changing environment. In short, strategic planning is a disciplined effort to produce fundamental decisions and actions that…show more content…
In combination with a financial plan, the company could determine that they want to raise sales 4.5 percent with this new target market. By STARBUCKS PLANNING 2 raising sales they would increase their profits by 10 percent ultimately. From this example we can see that the relationship between both the financial and strategic plan is that they both are used to help a company reach their ultimate goals. Starbucks is an organization that is known for being one of the largest coffee chain stores in the United States. They focus on serving delicious coffee to the customers at affordable prices while giving them an amazing experience at their store. Recently the CEO of Starbucks has announced that he will be implementing a new strategic planning initiative to his company to ensure that the customers and employees are getting the full experience of Starbucks Coffee. In his annual report he mentioned these strategies, “A proprietary and revolutionary in-store Clover® brewing system that delivers the best cup of brewed coffee available anywhere; A complete reinvention of brewed coffee in-store, that will be brought to life by baristas across the U.S., who will scoop and grind a new unique coffee blend, connecting customers to the early days of Starbucks; The introduction of a new state-of-the-art espresso system that provides the perfect

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