4. Increasing market share -- Starbucks continues to be the leader of its industry but has suffered a loss in market share due to reduced demand in the context of the global financial crisis. In order to restore demand and interest for their products, they could introduce new products, cut retail prices or expand to new regions.
5. Developing joint ventures -- this endeavor could for once revolve around the identification of new coffee beans purveyors which sell high quality products and more cost effective rates. Additionally, it is possible to sign contracts with other business partners for purposes such as wireless internet connections or more contracts for franchises.
6. Overcoming the growing competition -- this is imperative for sustained success in both national as well as international markets and could be achieved through a series of strategic approaches focusing on product quality, retail prices, store ambiance...
Unifying the workforce in a team that works together to sustain organizational goals -- this is also necessary as the human resource represents the liaison between organization and customers and has the ability to influence customer satisfaction and future revenues. The unification of the workforce could be achieve through the offering of numerous financial and non-financial incentives, such as merit pays, premiums and bonuses, flexible schedules or training programs.
8. The last objective is a marketing one and sees that the company conducts adequate and efficient market segmentation operations. Starbucks has always excelled in this field, but given the current context of growing challenges, it could be advisable to readdress the issue of selective market segmentation.
Reference:
Starbucks Website, http://www.starbucks.com / last accessed on July 15, 2009
