Question

After discussing the options, the strategic management team has agreed that the pod coffee idea works well with the company's mission statement and decides that the company should move forward in exploring the pod coffee idea. In order to make sure that the pod coffee idea is a good one, and to see if there are other potential future endeavors to pursue, you must analyze the market situation and formulate a strategy. Your boss asks you to start working on the pod coffee idea. What is your first stepa. Your first step is to formulate a strategy for how to market the pod coffee concept. b. Your first step is to consult with your boss and find out what he thinks about the pod coffee idea. c. Your first step is to do some research to find out what your competitors are doing. d. Your first step is to analyze the organization's strengths, weaknesses, opportunities, and threats.

Answer 1

If I were in this position, I would start with a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats).

This will help us determine if we have the right strengths, and opportunities available to be successful. We would also discover weaknesses and threats that we will encounter throughout the process.