Question

The managers of a small bakery, Butter & Batter, decided to do a SWOT analysis to study the strengths and weaknesses within the organization and the external environment. A key benefit of conducting a SWOT analysis is being able to better formulate strategies in pursuit of the firm's mission.

Answer 1

Answer:

SWOT means;

S- Strength

W- Weakness

O- Opportunity

T -Threat

SWOT analysis is done to determine the strengths and weaknesses as well as opportunities and threats in business. Identifying the strength of your business like what business strategy is feasible and productive, what advantage does your business have over its competitors? Then the weakness like customer complaints and where you need to improve opportunities like strategies to make your business grow as a result of a new law and by also identifying threats and ways to reduce them to the barest minimum.

To use the SWOT analysis, you have to be an active part of the business and understand how the business works.

Given the above, the managers of the small bakery, Butter & Batter are expected to follow the analysis.