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Essentials of Mgmt

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ESSENTIALS OF MANAGEMENT
Chapter 4 – Subject Review Questions 1. After reading the short excerpt “Custom Coffee & Chocolate”, the reader has a pretty good idea as to what their mission statement might be. In my opinion, the mission statement for “Custom Coffee & Chocolate” could be along the lines to provide a comfortable, convenient location for Students, Faculty, and local residents to come and indulge in their love of fair trade coffee and fine local chocolate. 2. SWOT Analysis for Custom Coffee and Chocolate is below.
Strengths – Quality Ingredients, Store Location, Stacy’s financial background, Bonnie’s marketing abilities, comfortable environment, both owners have experience in this market, good potential customer base.
Weaknesses – Lack of employees, lack of capital, amount of takeout orders, small shop, and unstable price points.
Opportunities – Delivery service, additional employees, wireless connection, expanding the menu, holding of events, creation of a website and blog, school affiliation
Threats – Competitor coffee shops in the area and the university cafeteria along with student meal plans
Both owners understand that a tactical plan is a set of procedures or steps used to translate their broad strategic goals into a specific plan with a timeline. * The first order of business is to hire two part-time employees; this should be done within 2-4 weeks, as this will free time for Bonnie and Stacy to implement the rest of the plan. * The second step should be to integrate technology into their business with the addition of a wireless internet connection, informative website and an interactive blog. It is my opinion that these tasks could be done in 2-3 weeks by either Bonnie or Stacy. By adding a wireless connection you are inviting patrons to linger in your establishment which should bring an increase in sales. *

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