Business Forecasting and Data Analysis

Question: Discuss about the Business Forecasting and Data Analysis. Answer: Introduction: Making smart and efficient choices is necessary for every individual whether a business person, a lawyer, a student or an old person. Smart choices are necessary for an organization to achieve goals. Management tries to suggest efficient solution for the problem they come across during planning. The complexities related to a problem make it a different choice to reach out for the conclusion. Executives are hereby implementing different management model in order to achieve a desired result. Effective planning and decision making are necessary to attain a competitive advantage against others (Porter, 2008). Planning is the foremost need of every business organization which is carried at all management level. The process of planning is carried out by the managers in order to deliver efficient results. Starbucks is operating in more than 37 countries with 30,000 stores. Starbucks is considered as one of the dynamic brand which has reinvented the coffee experience. It has given an unusual Coffee experience to US which never existed before (Need 2006). The brand has changed the taste, lifestyle and penetrated deep inside root covering consumer from every background. It has found a unique way to make an appeal to its customer despite of its high prices. Starbucks follow a broad strategy in order to grow under a global competitive environment with systematic planning. Growth strategies are used to exploit customer connection. It sells lot of product apart from coffee and they do it by developing products with other companies. They have launched a prepaid card that is used to make easy purchases. They are trying to find an innovative way to grab potential customers (Spulber, 2009). Companies another successful expansion is in music. According to Schultz music is a part of caf culture and this will help in adding value to the brand image. For this purpose Starbucks has launched a music caf at Santa Monica, California. Customers are allowed to burn their own compilation. Starbucks has kept their brand quality by managing all the production process under one head. They have undertaken the activity of growing coffee, selecting the coffee nut, roasting the coffee and grinding it to get the best coffee. They believe in undertaking each activity concerned with manufacturing of coffee so that they dont have to share profits. They do have core competency in the coffee industry that provides them with a cutting edge over others. Starbucks has cut off unnecessary expenditure over working process in order to create a place in a competitive marker. Moreover they provide a proper training to their staff so that they can provide an excellent coffee experience (Michelli, 2006). The legal compliance of Starbucks are organized in sync in order to avoid future disputes. They are taking proper precautionary measures while planning their strategies according to supervision authority. This has helped them to coordinate with the local market needs and to fulfill the visi on of the company. Starbucks around the world is known for the corporate social responsibility projects. They have committed to carry out business in a responsible manner. They build a healthy relation with farmers all over the world while providing a high quality coffee which their customers are expecting. Starbucks believes in providing a healthy environment to the customers by encouraging them to take care of environment (York, 2010). Their target is to make 100% reusable and recyclable cups to ensure proper usage of goods. Unlike other companies Starbucks is planning to reduce their carbon footprint in order to promote usage of water and energy to encourage usage of effective resources. There planning and decision making program regarding protection of environment has helped them to achieve sustainable growth (Simon, 2009). Starbucks competitive strategy is to conquer every local market in the world and to create customized goods according to countrys preferences. Starbucks encourages community involvement which will create a sense of responsibility in the mind of the consumers. They believe that being involved in the community services creates a sense of belongingness. It helps in getting people together in order to inspire and make a change while creating a difference in people lives (Kotabe and Helsen, 1998). They believe in creating a competitive advantage by creating innovative ideas, providing new experiences to the guest and consistently creating adding new products in their menu. There strategy is to saturate the market by spreading out the locations of outlets so that one store doesnt cut the profit of other. They have established stores looking after the demography, traffic pattern, and location of the competitive restaurant (Lovelock, 2011). There strategy is to blanket the whole area to cut the profits of the other stores in the same locality. Starbucks is completely focusing on increasing the foot traffic in a particular part of t he town. Starbucks has achieved market dominance with millions of customers visiting their store per week. Starbucks is using licensing to enter Middle East market because it allows them to minimize capital outlay for making marketing research and decreases the local market expertise. In case of expanding through wholly owned subsidiary Starbucks offers technology protection which provides engagement in the global strategic coordination (Doole and Lowe, 2008). They care about the quality of their employees that is providing them with a cutting edge against various other coffee chains. Effective employment policies have helped them to take full advantage against other brands. Employees across the globe are taught in a manner to retrieve maximum output (Graham, 2008). Starbucks is known worldwide for the services it is providing to the customers. It has created a competitive advantage against others. Starbucks is constantly focusing on the competitive strategies by adding innovative ideas. Howard Schultz believes in improvising according the market needs. Growth is essential for an organization in order to create a difference. Marketer is looking for new techniques in order to succeed. Starbucks strategies are well aligned with the market needs. They are currently operating in more than countries. Moreover they have incorporated the local culture in their caf to give a strict competition to the local coffee shops. Customers are ready to pay heavy prices for their cup of coffee at Starbucks which is an advantage for the company. There global competitive strategy is promoting the vision of Howad Schultz while achieving a sustainable growth. Competitive advantage is necessary for an organization to sustain against other companies. This has become evident that effective planning and decision-making helps in providing a competitive edge. References Doole, I. and Lowe, R., 2008.International marketing strategy: analysis, development and implementation. Cengage Learning EMEA. Graham, H., 2008.Marketing strategy and competitive positioning. Pearson Education India. Kotabe, M. and Helsen, K., 1998. Global marketing management.New York. Lovelock, C., 2011.Services marketing: People, technology, strategy. Pearson Education India. Michelli, J.A., 2006.Starbucks experience. Tata McGraw-Hill Education. Need, W.C.D.H.P., 2006. Human resource management: Gaining a competitive advantage. Porter, M.E., 2008.Competitive strategy: Techniques for analyzing industries and competitors. Simon and Schuster. Simon, B., 2009.Everything but the coffee: Learning about America from Starbucks. Univ of California Press. Spulber, D.F., 2009.Economics and management of competitive strategy. World Scientific. York, E.B., 2010. Starbucks gets its business brewing again with social media.Advertising Age,81(8), p.34.