Week 3 Assignment - Company Description and SWOT Analysis
Overview
In this first course assignment, you will create a description of your selected company and a SWOT matrix that includes trends, strategic positioning, distribution channels, and risks. You've already begun this assignment in your discussions.
In the Week 1 discussion, you chose a company (whether your own or the snack food company scenario) and created a description and mission statement for it. In this assignment, you will need to revise your selected company's description and mission statement based on the feedback you received in the discussion thread. You will also include a brief narrative that provides the rationale for including each component of the mission statement.
In the Week 1 discussion, you chose a company (C&G’s Spices).
created a company and product description:
The company I have chosen is C&G's spices, a startup that produces and sells dried powder spices and mixtures for various dishes, including chicken, beef, fish, and other seasonings such as pepper, onion, and garlic. The company name, C&G, stands for "Chopped and Ground," which reflects the way the spices are processed before being sold.
Product:
The company's primary product is dried powder spices and mixtures for cooking. These will include various flavors such as barbecue, garlic and herb, Cajun, and curry. The company will also offer dried powder pepper, onion, and garlic for use as seasonings.
Professor feedback about description: Explain the significance of the company name: what it means, why you chose this name, and why you think it is a good name for the business. You are missing why you think it is a good name for the business.
Response: it’s a business that I am starting with my friend C stands for Catherine and G stands for my second Gabriella. I chose C&G’s Spices because its short, simple, sounds cool and it clearly lets customers know what is our products (spices) its our initials in the name without necessarily putting us front and center. We remain in the shadow will choose a face of our company which is what we both want.
Created a mission statement for it:
Mission Statement:
"Our mission at C&G's spices is to provide our customers with high-quality, flavorful, and affordable dried powder spices and mixtures. We strive to make cooking an enjoyable experience by offering a variety of flavors and options that cater to a diverse range of taste preferences. Our commitment to using only the freshest ingredients and sustainable production practices ensures that our products are not only delicious but also healthy and environmentally responsible."
Professor feedback on mission statement:
The mission statement needs adjustments. It should not sound like a slogan. The mission should include these 3 components: what you do, what makes you unique, and your core values. See the example below.
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"The mission of Trader Joe's is to give our customers the best food and beverage values that they can find anywhere and to provide them with the information required to make informed buying decisions. We provide these with a dedication to the highest quality of customer satisfaction delivered with a sense of warmth, friendliness, fun, individual pride, and company spirit."
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This example illustrates the 3 components needed for an effective mission:
1.
what the company does: "to give our customers .... food, and beverage"
2.
how you stand out:" the best .....values that they can find anywhere and to provide them with the information required to make informed buying decisions"
3.
the core values (what you believe in, how you plan to run your business)-"We provide these with a dedication to thehighest quality of customer satisfactiondelivered with a sense ofwarmth, friendliness, fun, individual pride, and company spirit."
Examples of Core values
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https://www.indeed.com/hire/c/info/company-values?gclid=CjwKCAiA8OmdBhAgEiwAShr40-XtSOCgbGJVdIapO_l59cbatrCOIoF2RJUUXzld7RZj3373PEN9lhoCxjEQAvD_BwE&aceid=&gclsrc=aw.dsLinks to an external site.
Likewise, in the Week 2 discussion, you began work on your SWOT (strength, weakness, opportunity, threat) matrix. Your task in this assignment is to revise your SWOT matrix based on the feedback you received in the discussion thread. You will also summarize the key learnings from your SWOT matrix.
SWOT analysis week 2:
Strengths
1. C&G's Spices likely strengths include offering high-quality and affordable dried powder spices and mixtures.
2. The industry is growing and there may not be an entrenched competitor.
3. The company operates in a niche market with great potential.
4. The team brings diverse language skills and educational backgrounds in business management for development of a comprehensive business plan.
Weaknesses
1. C&G's spices includes weaknesses that could include limited brand recognition and potential fluctuations in the cost of ingredients.
2. The spice industry is highly competitive, but C&G's spices may be able to differentiate itself through its unique product offerings.
3. It is unclear from the given information whether the management team has prior experience in the spice industry.
4. The production of high-quality spices can be challenging and this requires strict quality control measures to ensure consistency and freshness.
Opportunities
1. The opportunities include catering to the growing demand for high-quality and affordable dried powder spices and mixtures.
2. The spice industry is competitive and there is still room for the growth and innovation in the market.
3. C&G's spices may have the advantage of being nimbler and more responsive to changing consumer trends than larger corporations.
4. The emerging market for healthy and sustainable food options presents an opportunity for C&G's spices to differentiate itself and meet the changing tastes and preferences of consumers.
Threats
1.The company's opportunities include catering to the increasing demand for high-quality and sustainable food products.
2.The spice industry is expected to continue growing and the company's unique product offerings could help it stand out in the market.
3.The market for dried spices is highly competitive, with numerous established players and company should focus on high-quality and sustainable production.
4.The increasing interest in diverse and international cuisine and growing popularity of home cooking, could create new opportunities for the company to expand the production offerings and entering new markets.
Professor feedback on SWOT analysis:
Naomie,
Thank you for your response. Good observations!
You are missing a brief description of your company.
Revise strengths 2. Strengths are internal to the company, under your control, that you do well.
Revise weaknesses 2. Customer service cannot be a strength and a weakness. Weaknesses are internal to the company, under your control, and those aspects you can improve on. Think of your financial situation, customer relationship, product or service, growth and development and see if there are some specific aspects you can improve on. Examples would be: a weak brand, inexperienced staff, quality issues, etc.
Revise opportunities 3. Opportunities are external, not under your control and cannot be created, you can just take advantage of the opportunities to grow the business. The opportunity should highlight the external factors you plan to take advantage of to grow the business: events, trends (specify the trend), etc. Check the examples provided in the discussion under the second post (to help with week 2 discussion). Example of an opportunity: "an increase in the customers' preferences for online shopping". This is the external factor you observed and you plan to take advantage of to grow your business. This is the opportunity. How do you take advantage of this? Your business will offer online shopping or expand on this to reach these customers, therefore increasing sales and growing the business.
Revise threat 1, 2 and 4, both are talking about entry into the market, combine and add another threat. Threats are external to the company and not under your control, but they can impact the business. Examples would be competition, the weather, an increase in supplier prices, etc.
You will revise the matrix in Assignment 1 where you will also include a discussion under the matrix about the takeaways from this analysis.
Keep up the good work!
Dr. Bassett
Reminders and Notes
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Before beginning this assignment, you may find it helpful to review textbook Chapter 3, "Making Your Plan Compelling." This chapter provides useful information about how to organize the information in your business plan.
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Your chosen company will operate in a 100-mile radius from your home address. Your goal is to reach $1 million in sales by the end of the second year.
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Be sure to follow the guidelines, whether you are using the snack food company or the company of your choice.
3-5 pages (not including cover page and reference page)