Strategic Planning of Starbuck Company

Strategic Planning of Starbuck Company LECTURE: Msc. Huong Giang Group 3 Leader: Le Thi Thao Van_22A4020040 Vu Quynh Chi_22A4020017 Ngo Thi Hoai_22A4020157 Dang Le An Khanh_22A4020101 1. Introduction 2. Contents Analysis and evaluate the strategic planning 2.1. Analysis the strategic planning 1 2 2 Vision & Mission statement of Starbuck analysis 2 Porter’s five forces analysis 3 Porter’s original generic strategy analysis 5 Strategy plan formulation and Implementation 7 Swot matrix analysis 7 Forecasting 2.2. Evaluate the strategic planning of Starbucks company 11 11 3. Recommendations for future action 13 4. Conclusion 14 References 15 1. Introduction Strategic planning is a process of defining the strategies of a company and how they can be used to promote the attainment of competitive advantages. (Erica, 2012) Strategic planning analysis is identified as a practice of researching the business environment where an organization has based its operations. (Downey, 2005) Such strategic planning helps the organization prepare for the future enabling it to prepare to take the opportunities and manage the risks before they occur or absorb them in the case where the risks are not avoidable. The company in focus is Starbucks company, which is one of the most famous coffee brands. Starbucks was founded on March 30, 1971, in Seattle with the purpose to maintain the image of a famous and expected leading brand in the world. Starbucks is considered to be a company with an effective business strategy and has been considered a successful coffee brand throughout the past decade. The share market of Starbucks company is high, from 1971, after 40 years of establishment and development, Starbucks coffee brand 2020 has 16,637 stores in 61 countries around the world with 150,000 employees. However, under the strong competitive pressure of the coffee industry, Starbucks faces numerous threats, such as health concerns because of high amounts of caffeine in products, which will be specifically examined using SWOT theory in the following passage. In addition, the COVID-19 pandemic also has negatively impacted Starbucks 'business in the last two years. It changed the strategic plans that the company has taken since the onset of the COVID-19 pandemic, which will be discussed later. The first purpose of this study is to analyze the current situation of Starbucks, including the competitive factors of the industry, strengths, weaknesses, opportunities, and threats to the group. Through analysis, we will have an overview of how these forces influence Starbucks' strategic planning. Secondly, using some strategic theories to evaluate the strategic planning situation of Starbucks including gains and restrictions. Finally, offering 3 alternative strategies and recommendations for future strategies based on all analyzes and evaluations. 2. Analysis and evaluate the strategic planning 2.1. Analysis the strategic planning Vision & Mission statement of Starbuck analysis An organization’s reason for being is expressed in a mission statement, whereas what the organization wishes to become is expressed in a vision statement. It is necessary to formulate a proper mission and vision statement; with these statements, managers can view them as principles that can guide the entire organization. (Angelo et al, 2017. pp150) The mission statement of Starbucks Coffee is – “to inspire and nurture the human spirit- one person, one cup, and one neighborhood at a time.” Starbucks Coffee “inspires and nurtures the human spirit,” starting with its employees. To address this component of its mission statement, the company maintains a small company culture, where rapport and warmth are important. In this way, the corporate mission is a direct determinant of Starbucks Coffee’s corporate culture. In addition, the same component of the company’s mission statement pertains to customers’ experience. The business extends its warm and small company culture to its customers. The vision statement of Starbucks is “to establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles while we grow.” Aiming to be the premier purveyor means that Starbucks Coffee wants to achieve leadership in providing its products, especially coffee of the best quality. The company goes on its multinational expansion as one of the largest coffeehouses and coffee companies in the world. Starbucks mentions the “uncompromising principles” component of its corporate vision statement. These principles include ethical conduct and a warm culture. Also, the company satisfies the “growth” component of its vision statement, as manifested in the continuing global expansion of the business through new Starbucks locations. 4 To achieve the above strategic vision and mission. Starbucks company utilizes the differentiation strategy. The first part concentrates on Porter’s Five Forces theory, to identify the company’s competitive environment, and then introduce the business strategy that Starbuck used. Porter’s five forces analysis This theory was first published in 1979 by Harvard Business School professor Michael Porter (Porter 1979), which proposed five forces that influence an industry; this model, which is a strategic business tool, can assist a company in identifying its competitive environment and better understanding the business. The application of Michael Porter's five forces model to the specialty coffee industry in which Starbucks currently competes has resulted in a better understanding of the relative magnitude of each of the five competitive forces. Potential entrants Coffee is one of the most consumed beverages in the world. The increase in coffee consumption is causing many new corporations to enter the coffee industry as retails or stores. Moreover, the cost of operating a coffeehouse is relatively lower than other businesses because smaller Cafes’ can easily start businesses at a local level and attract customers (Greenspan, 2019), which may act as a threat to Starbucks. However, setting up an organized business-like Starbucks has many obstacles, because the coffee market is highly saturated and has a substantial number of financial resources. New entrants may not be able to compete with Starbucks at the global level in decades to have high brand strength. Buyers Starbucks customers possess a large amount of bargaining power due to minimal switching costs for customers when they shift from one coffeehouse to another. They tend to substitute coffee and other products which are available at lower prices. However, the small size of individual customers cannot affect the company’s revenues. Starbucks can manage to overshadow this competitive force through its marketing mix. There is an abundance of offers available for customers. Besides, customers who are not available at 5 other coffee shops are attracted by the unique value proposition provided by customized services such as drink customization, names inscribed on drink cups, and so on. Suppliers The corporation has simple access to a big supply of high-quality coffee. Starbucks has around 4,00,000 suppliers in its supply chain where it directly procures coffee from farmers which involves suppliers from countries such as Africa, the US, Brazil, Asia-Pacific, Canada, France, Mexico, etc. (Wills, 2021). In addition, the firms' support for farmers improves connections with suppliers while weakening their bargaining power. Bargaining strength is also limited because Starbucks has combined with many suppliers, including Coven Limited, a coffee equipment manufacturer that provides quick access to new supplies. In addition, the firms' support for farmers improves connections with suppliers while weakening their bargaining power. Substitutes Starbucks faces a significant challenge from substitute products and services because there is a wide range of substitutes available in the market, allowing customers to easily switch from one product to another based on their needs. The high availability of instant beverages and caffeinated soft drinks offered by Coca-Cola, Pepsi, etc in retail markets, convenience stores, even fast-food stores, etc., impact the sales of Starbucks. Furthermore, according to (TBS Report, 2021-22), the customer prefers in-house coffee as a substitute which is provided by brands such as Nescafe, Bru, Costa Coffee, etc. Although Starbucks has a selection of coffees, iced teas, smoothies, juices, and snacks, among other things, people prefer instant products since they are more affordable, convenient and, which is the company's biggest danger. Industry competitors (Strong) The specialty coffee market is intensely competitive, including product quality, innovation, service, convenience, such as delivery service and mobile ordering, and price, 6 etc. Starbucks faces high competition directly and indirectly from national and international companies such as McDonald’s, Dunkin Donuts, NC Cafe, Costa Coffee, etc. (IBISWorld, 2021). There are many coffees and food retail companies, which increases competition. Due to price differences, customers can easily switch from one coffeehouse to another. Furthermore, the coffee served by local or other coffee shops is generally less expensive. Starbucks maintains its position as a global brand by employing a generic competitive strategy of differentiation via unique value propositions. Starbucks' expansion and growth plan also allows the company to keep ahead of the competition. Porter’s original generic strategy analysis In Michael Porter's four generic strategies: cost leadership, differentiation, cost-focus and focus-differentiation, which can be applied to products or services for almost all industries. Over the past year, Starbucks had focused on differentiation strategy and the cost-leadership strategy. Differentiation strategy is to offer products or services that are of unique and superior value compared with those of competitors but to target a wide, the cost-leadership strategy is to keep the cost, and hence prices, of a product or service below those of competitors and to target a wide market. (Angelo et al, 2017. pp188) Starbucks’ main focus is that of product differentiation to make a difference in the quality and uniqueness of its products and service environment. According to the above analysis of Potential entrants and industry competitors, rivalry among existing competitors is high within the coffee industry. Starbucks focuses on sourcing quality coffee, being responsible for the suppliers, and Starbucks only takes good coffee. Focusing on the quality of the product makes Starbucks products stand out from the competitors. On top of that, in order not to lose the differentiation strategy’s strength and difference in the long term, Starbucks also continuously innovates. In addition to regularly introducing new products and innovating product mixes, Starbucks also innovates its supply chain to create uniqueness and a competitive advantage for the company. In August, Starbucks is kicking off autumn with the apple crisp macchiato, the latest limited-time addition to its seasonal lineup. The espresso drink will be joining pumpkin spice latte and pumpkin cream cold brew on the coffee chain’s fall menu this year, which returns to cafes in the U.S and Canada. In Vietnam, to celebrate the 7 upcoming Halloween festival, Starbucks has just come out with their own costume concept "Timid Ghost Collection" on October 5, 2021. As competitors emphasize pricing strategy, Starbucks also emphasizes a warm, friendly service environment for customers. "Our coffee houses have become a beacon for coffee lovers everywhere. Why do they insist on Starbucks? Because they know they can count on genuine service, an inviting atmosphere, and a superb cup of expertly roasted and richly brewed coffee every time". (Starbucks company coffee, 2019) All of that is used by Starbucks to maintain their common differentiation strategy and keep a position in the hearts of customers. Although Starbucks' primary business strategy is product differentiation, they have also implemented cost-saving strategies in order to maximize profitability. Starbucks has a unique form of cost-leadership strategy (Glazer. R 1999). Starbucks’s cost-saving strategy could be identified years ago. From 2008, they began trying to renegotiate these outsourcing agreements in an effort to reduce costs because distribution outsourcing accounted for 70% of Starbucks' operating expenses. In 2012, Starbucks acquired Teavana- a fast-growing premium teahouse - and replaced its current Tazo tea offerings with premium Teavana tea choices. By this way, it not only reduces hurt in its tea revenue but also introduces new products into its main Starbucks locations at any time without incurring any new or unnecessary costs. Today, to relieve unnecessary costs, the company consistently expands its scope of operations. Starbucks is present in more than 78 countries and territories (2019). Besides, Starbucks is going to have the best available equipment and resources that many smaller coffee shops cannot afford. Because of the high volume of products produced the per-unit overhead costs start to decrease. As can be seen, Starbucks' differentiation strategy has been quite successful when they are already one of the world's leading coffee brands and marking their uniqueness in the hearts of customers. This Strategy is also appropriate for the image of a high-quality coffee brand- the maintained purpose of Starbucks. However, the generic cost leadership strategy may not be less effective. Although Starbucks applies the Cost-leadership strategy, the price of its products is still too high when compared with other brands such as Dunkin' Donuts- a successful company with the main focus on being a cost leader in the U.S. coffee and snack shop industry. Furthermore, being the best-cost supplier runs 8 counter to the premium brand image of the company's cafes and merchandise configuration of governance structure, overall strategy, and company size. Strategy plan formulation and Implementation Porter's model has analyzed several points of Starbucks company. According to this, we can learn that this company’s main focus is product differentiation for a long time. These methods, however, are only an explanation of the industry environment based on past occurrences, whereas society changes with each passing day. Furthermore, the emergence of covid-19 has brought a tremendous impact on people's lives and it has heavily affected labor markets, economies, and businesses, leading to the global financial recession. (ILO, 2021) All enterprises underwent a certain extent of recession, including the Starbucks company. “The further spread of COVID-19, and the requirements to take action to mitigate the spread of the pandemic, will impact our ability to carry out our business as usual and may materially adversely impact our business”. (Starbucks-Annual report 2020) Facing the sudden affair of coronavirus, an increasing number of enterprises realize how changing society is bringing tremendous impacts on businesses. Thus, it is vital to determine factors that impact a company's functioning to more careful and informed decision-making. Swot matrix analysis SWOT analysis—also known as a situational analysis—is a search for the Strengths, Weaknesses, Opportunities, and Threats affecting the organization. A SWOT analysis provides a realistic understanding of the organization in relation to its internal and external environments so the planners can better formulate strategy in pursuit of its mission. (Angelo et al, 2017. pp180) The four factors mentioned in a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) Strengths S1-Brand value- One of the most outstanding characteristics of Starbucks is its brand value. Starbucks is the most well-known and powerful brand in the food and beverage business. It has steadily grown scale, and many committed customers over time. In this year, Starbucks has a brand worth of $38,440 million, ranking 37th in the world 9 (Brand Finance, 2021). A good brand leaves a lasting impression on customers and establishes a sense of a company's worth and repute. S2- Finance- Starbucks' financial performance is high due to its great brand value, with total net revenue of $23,518 million in the fiscal year 2020. Between 2019 and 2020, it also increased the number of stores from 15,886 to 16,837 (Starbucks fiscal 2020 annual report). Starbucks is a market leader in terms of financial strength. Furthermore, Starbucks is known to have a large global supplier network. Starbucks obtains its coffee beans from three coffee-growing regions: Latin America, Africa, and Asia-Pacific. (Business strategy hub, 2020) S3-Quality- The company is always concerned about quality, taste, and standardization. Starbucks has expanded globally as a result of its premium blends and delicious coffees. Starbucks claimed that exceptional coffee quality can only come from exceptional beans. At every step, they go to great lengths to make sure their beans meet the highest standard of quality. They travel to where the best beans are found. To that end, Starbucks has farmer support centers on four continents where agronomists test soils, examine samples, and offer free advice to any coffee farmer who asks. Furthermore, they are extremely picky when it comes to harvest. Starbucks only chooses coffee cherries when they are at their ripest (red, ripe, and perfect). Then they sort them again and again according to size, color, and density. Starbucks’s staff have to taste over 1000 cups of coffee per day to ensure the superior taste that customers have all come to expect. Before a batch of coffee is approved, it is tasted at least three times. So, it can be said that Starbucks provides high-quality, consistently standardized products in all of its locations. S4- Motivated Staff- Starbucks, widely regarded as the best coffee brand, is also a sought-after employer. Starbucks invests in its employees for them to provide a better customer experience. Furthermore, the people who work here are passionate about coffee and its history. Starbucks' stores are designed to be places where everyone is welcome to spend their time while enjoying excellent service and exceptional beverages, so Starbucks employees are always learning to meet customers' needs and don't mind leaving late or arriving early. 10 Starbucks has maintained a great culture focused on ethics and equality from its early days to the present. Along with having a strong brand, the company makes a memorable impression on customers and creates a perception of the company's values and reputation. Weakness W1-Cheaper Alternatives- Starbucks's first flaw is its price. Starbucks' target customers are middle-to-upper-income individuals. Its service is more expensive than that of most other coffee shops for many middle-class and working-class customers. Starbucks is distinguished by the high quality of its products; however, during an economic downturn, consumers may be forced to shift costs to competitor products whose prices are low. Premium prices can not only reduce the number of customers but also be detrimental to a company's ability to succeed in less developed countries. W2- Product imitability - Starbucks goods are still thought to be lacking in creativity, despite having been introduced to the public for a long period with a diversified drink selection. Starbucks' goods aren't the most distinctive on the market. This makes it very easy for other firms to copy the product, and other coffee shops and food chains provide services that are nearly comparable to Starbucks'. Starbucks isn't the only coffee shop with a unique design. More buyers are likely to seek out establishments that provide similar products at lower pricing. W3- Unhealthy choices- Starbucks’s main products are tea and coffee which are considered to be mild stimulants. If the amount of caffeine in coffee exceeds the safe level, or if we consume too much caffeine-containing drink, it can damage the liver, cause us to lose sleep, become irritable, and raise our blood pressure. This can reduce the company's customer base since consumers now are paying more and more attention to health issues. Opportunities O1-International Markets- Starbucks is primarily a coffee shop company based in the United States. The corporation has a large coffee supply chain, which helps to enhance the brand when Starbucks' trade and production activities in terms of coffee 11 inputs and product output are robust and steady. Furthermore, Starbucks' ingredient suppliers are carefully chosen based on a set of quality-related criteria. As a result, the organization's global expansion in developing economies such as India, China, and several African countries may present considerable potential. O2- -Diversity of business & products -Moreover, Starbucks has a wide range of products and distribution channels. Starbucks' menu is constantly evolving and expanding. It serves a wide range of teas and coffees, as well as snacks such as cakes. Therefore, it can meet the different needs of customers. Starbucks also alters its items with the seasons or decorates them for the holidays, so it can attract a huge number of customers. It can diversify its business operations even further to boost total revenue growth prospects. Developing products based on the preferences of customers in a certain target market is also a lucrative possibility. O3-Partnerships-Starbucks has the opportunity to develop strategic alliances and collaborations with significant organizations as a result of the high brand value it provides and the accomplishments it has made over the years. Co-branding is generally advantageous to firms and aids in the generation of higher revenues. This will improve the company's market share and visibility. O4- Innovation- Even though Starbucks is at the cutting edge of coffee technology, there is still room for growth. There are endless possibilities presented by the latest coffee trends and innovations, from best foam technology to snap-chilling, back to black, and RSI-reducing gizmos. Starbucks can take its advantage to exploit the latest coffee trends and technologies Threat: T1- Competitors- Despite being a well-known brand, Starbucks has had difficulty breaking into various areas since its drinks do not correspond to local consumption norms. Besides, many local coffee shops offer products at an affordable rate. This can threaten the future’s stability of Starbucks which offers higher prices. Its market position may also be threatened by aggressive rivalry from multinational corporations such as Dunkin Donuts and McDonald's. 12 T2- Movements for independent coffee shops- Starbucks also faces societal threats from the independent coffeehouse movement. Small independent and local coffeehouses are favored by these sociocultural forces, who resist the spread of giant international conglomerates. T3- Epidemic- Starbucks' business has been severely impacted by the recent Covid-19 epidemic. Due to the coronavirus outbreak, Starbucks has temporarily closed over 2000 stores in China. In China, there are 4123 outlets, with more than half of them shuttered, putting their finances in jeopardy in 2020(CNBC, 2020). Starbucks frequently chooses store locations in pricey central locations, requiring it to pay high space rent. The prolonged epidemic produces a significant drop in business revenue and may result in significant challenges following the pandemic. Forecasting According to the SWOT matrix analysis above, Starbucks mainly faces difficulty in high prices and different cultures when expanding into international markets. Because of these reasons, Starbucks should change a little in its strategies. To reach more people, the company needs to provide additional products with varying costs. It should also research the cultural climate in various markets to tailor the product to each one. Additionally, the Covid-19 outbreak is complex, and the issue could worsen in the future. This disadvantage will undoubtedly have an impact on the company's financial status. After all, Starbucks should have a contingency plan ahead of time in the event of a terrible circumstance, such as focusing more on online services or downsizing to save money. If a risk occurs, scenario planning can help ensure that a company stays in compliance with its commitments or maintains an acceptable level of service performance. 2.2. Evaluate the strategic planning of Starbucks company Overview, Starbucks has a strategic planning efficiency in taking advantage of its strengths and opportunities: Firstly, strategies align with Starbucks’s vision and support its mission. Starbucks' leadership team underlined the importance of caring for partners (workers) as a critical 13 component of the company's strategy, as well as a sustained focus on providing great experiences for customers while contributing to communities and neighborhoods throughout the world. Now, Starbucks is offering full support with comprehensive care to our partners impacted by COVID-19, including catastrophe pay, mental health and sick pay benefits, childcare support and more. Secondly, Starbucks’s strategy is realistic and has a good balance between financial and internal business processes. It has a strong financial position in the market and gained a brand value of $11.7 Billion in 2019. (Interbrand ranking) Starbuck reinvests its profits in expanding its business in different locations - an aggressive expansion and growth strategy, which is assisting it in increasing its global market share and customer base as demand for coffee products rises. Finally, that specific understanding of the competitive environment helps Starbuck succeed in creating a powerful global brand image and Starbuck is doing well in its business. Starbucks keeps using a broad differentiation generic strategy for competitive advantage. It is found that the company’s growth is demonstrated by the diversification of its products such as coffee drinks, fruit juices, cakes, salads, wine, to preparation equipment. coffee or music-related products, etc. Each year, Starbucks introduces innovative merchandise and food items, all Starbucks coffee products have been highly profitable for many years. Which results in a strong financial position in the market. However, Covid19 has brought many negative effects on Starbucks’s business. In 2020, the firm would have hoped to see an increase in comprehensive income from 2018 ($4,343.6 million), to 2019, and on into 2020 and 2021. (Lucas, 2020) It is found that the company still has restrictions in strategy planning over the past two years. The respondents of Starbucks are quite passive to Covid 19. One of the reasons is Starbucks did not have contingency plans. Most of the Starbucks' revenue has been from traditional coffees. While Starbucks Coffee was one of the first US chains to restrict dinein service (Haddon, 2020) Starbucks had to convert the vast majority of its sales to drivethrough and delivery mediums, and meet many difficulties although Starbucks had strategies to invest in the technology process before. 14 One of the most problems from the strategy of Starbucks is high price strategy, it is not balance between expanding its business planning and Starbucks’s target market where Starbucks is focusing on. Starbucks is distinguished by the high quality of its products so that high price is one strategy to build a famous and unique coffee. However, in some countries that have a long-standing tradition such as China, India, Vietnam, etc, price high strategy can create uncertainties in society. Because of the belief that "the greater the price people pay, the more it will increase their prestige and position compared to others”, this strategy may generate rich-poor prejudice in the minds of customers. This will negatively affect the company's reputation, as Starbucks has strived to build a culture based on ethics and equality from the beginning. 3. Recommendations for future action According to all the analysis on Starbucks, we have several recommendations for its future action: The Starbucks company is respectfully recommended to make modifications to its price strategy, including the provision of some products at a low cost so that it can target middle-income customers as well. The dynamic pricing strategy in different countries will help companies to enhance their customer base because Starbucks must lower its prices if it wants to expand business in developing countries like India where most of the consumers belong to the middle-income group. This will also help the venture to compete better with other major companies which have global outlets. Furthermore, Starbucks should also focus on upscaling technological innovation in its internal supply chain operations where the use of blockchain technology and inventory management software can help in cost reduction and enhance the efficiency of the supply chain. Further, the use of Artificial intelligence in stores for order processing and payments, etc. will not only help in saving the cost of new stores to be opened by companies but also enhance the consumer experience in new markets. The company is also recommended that it should focus on building contingency and alternative plans, although the company has been quite successful in navigating it through the Covid pandemic. The prospect of Covid may happen in the future, it would 15 be better if the company was proactive in responding to such emergencies instead of being a passive reactor. As online purchasing is becoming popular after the global COVID-19 pandemic thus, Starbucks must start online ordering and delivery services through the Starbucks app so that more and more customers can be attracted. It can provide different offers for consumers to get this series which involve discounts on purchases of more than two or more drinks etc. 4. Conclusion After analyzing the strategic plans of Starbucks, we can have a specific overview of the efficiency in business and management that the company has done although there are still some limitations. Making reasonable strategic plans helps Starbucks achieve its goal of maintaining the image of a famous and expected leading brand in the world. Making efforts in commercial activities and actively extending to exploit foreign markets, with a focus on growth targets in promising emerging countries, is a good way to assist the company to establish a firm foothold in the global market. While focusing on growth through business expansion in new markets, Starbucks has not forgotten its goal of maintaining its brand identity by preserving traditional products, maintaining a differentiated experience that its stores provide, and maintaining the brand identity it has been bringing to customers. This can be used as a reference for other firms to use for developing plans that are appropriate for them, based on Starbucks' accomplishments and limits. 16 References [1] Erica. O. (2012) Strategic planning kit for Dummies. (2nd. Ed). New York. Routledge [2] Downey, J. (2005). Strategic Analysis Tools: Topic Gateway Series No. 34. London: CIMA [3] Angelo Kinicki & Brian Williams. (2017) Management: A practical introduction. (8th. Ed). New York. p.150-176-180 [4] Starbucks. (2020). FY20 Annual Report. From: https://investor.starbucks.com/financial-data/annual-reports/default.aspx -2020.pff [5] Brand Finance. 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