Thursday, February 20, 2020

Business Strategy Essay Example | Topics and Well Written Essays - 1750 words

Business Strategy - Essay Example The important part of the business strategy is to ensure that the resources and the competencies are evaluated and much more understood. The process is known as strategic audit of a business strategy (Government Commerce Office Great Britain, 2004) An example of strategy is like a situation where a business decides to start operating beyond the borders of its home country. Literature Review Phases of Strategy Execution Before embarking on the study, it is important to know what a business strategy entails and the steps of forming and implementing a business strategy. The prime steps in executing a strategy include, the formation and analysis, development, implementation and review of strategy as per the international marketing strategy book by Doole and Lowe say in their book. Basically, formation and analysis of strategy is the introduction of international operations of business in an international environment of trading. Considerations have to be considered with regards to cultura l and social environments of international marketing. Development of strategy focuses on the fact whether a business is medium or small sized. The world strategies of a business are considered and the entry to a given market alike. There is also the part of the international commodity management. While implementing a business strategy, there are functions involved with the likes of international way of contacting other businesses and basically the communication part of it. There is also the management of the international logistics and distribution. The prices are also set that suit the international market. Enabling technologies are put in place as well. Reviewing of a strategy as the last step is the reviewing of the implemented strategy to asses its performance. This involves evaluating performance and initiating adjustments meant for correcting long term direction, condition changes, new ideas and emerging opportunities. It aims at deciding on the continuity of the companyâ€⠄¢s vision, the objectives or the implementation methods of the strategy. (Doole and Lowe, 2008) This study is for the purpose of expounding on the issue of strategy and in terms of a specific case of Starbucks Company and it is going to consider the company in all fronts of a business strategy. That is, in terms of the four major steps of coming up with a business strategy; forming, developing, implementing, and reviewing of a strategy for an organization. One of the business strategies Starbucks has had in the recent past is the internationalization strategy. This strategy was done in the four steps aforementioned. These are going to be explained in the following write-out. Basically, Starbucks Company buys whole bean coffees and roasts them. It also makes offers of fine pastries, premium Tazo teas and other delicacies. It provides an entertainment environment as well for the visitors of their shops. (starbucks, 2011) Starbucks is a renown brands of those brands of coffee sold glo bally. It is now established in around 43 nations with about 15,000 franchises of coffee shops around the globe. This company was first set up in year 1971 as a small coffee retailer specialty and it was in Seattle. (Daft, Murphy and Willmott, 2010 p49) Starbucks has since 1971 had a change of direction by entering new markets such as Japan, Hawaii, Singapore, and since year

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