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Strategic management is essential for the success of any business establishment. For the process to be achievable different practical aspects such as realization, analysis, and assessment are incorporated. The evaluation process provides a better understanding of the existing resources and methods that can be used to increase profitability while overcoming competition. In the fast-food industry, competition is a common factor since the market is filled with various options. For instance, in the US, there are over ten fast-food industries that are up and running. Starbucks has to incorporate better business strategies that offer significant benefits to the company. In this case, I would recommend the application of breakeven and forecasting strategic management methods. Therefore, both forecasting and breakeven are methods that Starbucks can use to maximize profits, improve performance, or overcome competition.

Breakeven

The breakeven approach is a measurement scale used to analyze the financial status of a company. An organization reaches a breakeven point once it establishes a sum of sales it has to make to balance its expense (Alnasser et al., 2014). The point is achieved when a company is operating with neither losses nor profits. Consequently, the tool uses the following elements in the calculation process;

  1. Fixed costs; These are expenses that remain constant despite the sales and expenses incurred in the production process. For Starbucks, the expenses will range from rent, salaries, wages, insurance to utilities.
  2. Variable costs; These are expenses that may be incurred during the sales or delivery process. For example, Starbucks may decide to hire more delivery personnel during the high season.
  3. Average price; This is the average price Starbucks can charge on its goods and services.

For Starbucks to calculate the breakeven point, the following formula is applicable;

Fixed Costs divided by (Average Cost-Variable price) = Breakeven Point

Hence, the formula is applicable in Starbucks since it provides a standard target to be achieved on a monthly or annual basis.

Forecasting

Forecasting is a strategy that focuses on projecting future market performances. For the approach to be reliable, a company must analyze its past, current performance while predicting future outcomes (Khan et al., 2020). In Starbucks, the company has made multiple steps in improving its performance. For instance, the introduction of environmentally friendly cups and community initiatives has improved its current performance. However, to guarantee future success, the executive department can analyze the existing resources, employees, personnel, and other underlying factors that may improve profitability (Khan et al., 2020). For Starbucks, the demand forecasting method is applicable. Demand forecasting is a strategic management method that uses current sales to predict future demand in the market. Thus, forecasting can be used to improve Starbucks ‘ performance.

Similarly, for the process to be successful, the following steps should be followed;

  1. The introduction of a training program. Before a machine learning program is introduced to the financial department, employees should be well-conversant with the technology.
  2. Purchase of machine learning equipment. For the program to be installed, the company has to possess the necessary technology.
  3. Implementation of the machine learning program within Starbucks. The program is only applied once employees are aware of the basic concepts.
  4. Continuous assessment of the benefits of the program. The assessment process offers an opportunity to improve the demand forecasting program.

Generally, breakeven and forecasting programs offer multiple benefits to Starbucks. First, they provide an opportunity to analyze future trends in the market. Once the management predicts future performances’ it is easier to make changes and create conditions aimed at achieving long-term goals. Secondly, the breakeven strategy ensures that the company operates without incurring any significant losses. Hence, strategic management can improve Starbucks ‘ performance once the organization understands and applies the two concepts.

 

Works Cited

Alnasser, N., Shaban, O. S., & Al-Zubi, Z. (2014). The effect of using break-even-point in planning, controlling, and decision making in the industrial Jordanian companies.International Journal of Academic Research in Business and Social Sciences,4(5), 626.

Khan, M. A., Saqib, S., Alyas, T., Rehman, A. U., Saeed, Y., Zeb, A., … & Mohamed, E. M. (2020). Effective demand forecasting model using business intelligence empowered with machine learning.IEEE Access,8, 116013-116023.

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