Posted: February 15th, 2022
Starbucks is an American-based company that runs a multinational chain of roastery reserves and coffeehouses. Starbucks management can apply the SMART goal strategy to design its marketing plan for a new product, e.g. sugarcane juice. SMART stands for specific, measurable, achievable, relevant and timely.
Specific– Starbucks management should clarify what is required to be achieved within the specified period. For instance, it can plan to attain a particular amount of sales within half a year. The company should identify the parties required to achieve the goal, including customers and the marketing team.
Measurable- Starbucks strategic managers should put in place a mechanism to measure the progress of the product’s processes, including manufacturing, marketing, supplying and sales. The progress can be assessed quarterly, mid-yearly, or annually to identify loopholes and rectify them accordingly.
Achievable– The Company’s management needs to measure the workforce’s capacity to attain the goal within the specified period. This assessment can focus on the employee’s skills and the aspects that are required to reshape the employee’s skills based on the demand of the new product.
Relevant– the marketing planning team need to clarify why it is vital to achieving this goal. Notably, the company can introduce sugarcane juice strategically to improve product diversification where customers can make a wide range of choices.
Timely- the company need to execute the management plan swiftly, professionally, competently and comprehensively based on the proposed deadlines. The company need to fix the issues that can hinder the process of producing, marketing and selling sugarcane juice.
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