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 step? Select an option from the choices below and click Submit.

Answer 1

Considering the situation above, the first step to analyze the market situation and formulate a strategy is to "assess the organization's strengths, weaknesses, opportunities, and threats."

This is because, by carrying out a SWOT analysis (strength, weakness, opportunities, and threats), one would be able to identify the current position of the firm and the extent to which they can expand.

This analysis would give the firm a clear picture of the potential future endeavors to pursue and maximize their strengths and opportunities.

Also, they would know where they need to work on or avoid relative to their weakness and threats.

Hence, in this case, it is concluded that the SWOT Analysis is one of the significant tools in business operation.

Learn more here: brainly.com/question/18068310