External and Internal Factors Related to Management.
The rate of success or deficiency that an organization realizes primarily reflects upon the performance and competence of its managers. There are multiple factors that would deem an organization as prosperous; although the steady increase of revenue would justify success, other numerous elements are vital as well in order for a company thrive. For example, the world-renowned coffee corporation, "Starbucks," generates enough revenue from a newly opened coffee bar in three months to restore the finances used in the construction of that same store. However, Starbuck's managers and employees measure the degree of their success not only by financial profit, but also by focusing on the corporation's mission statement and ensuring that it is persistently embraced.
Managers within the Starbucks Corporation are will aware of the reality of rapid change, for they have reacted to, as well as initiated many changes that have redefined and raised the standards in the coffee industry. Rapid changing requires rapid learning, which the company prides itself on by educating as well as empowering their employees via monthly meeting to provide the latest information pertaining to the business in addition to offering incentive packages to motivate employees. As a result, employees view themselves as partners rather than the average worker and this in turn motivates active attention towards innovation and trends, both of which evolve at a high speed and contribute significantly to the success of the company.
Rapid change also requires the utilization of modern tools, techniques and technologies, all of which Starbucks manager must be involved with in order to sustain competitiveness and profitability; this also helps in being informed of what the consumer wants as well as potential demands. .
America's addict-like passions have evolved throughout the years; steadily, the Internet and caffeine craze has affected much of the population today because of fast-paced lifestyles that often leave little time for sleep.
