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Bachelor of Management Studies Honors Degree in Accounting and Finance

OSU3401: PRINCIPLES OF MANAGEMENT

Assignment No – 1
Name: Dhanaraj Praveena

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Question 01.

Sweet Bite is a one-of-a-kind bakery, specializing in creating beautiful and visually stunning
custom cakes to celebrate a special event. Through the art of cake design, our goal is to bring
happiness and special moments to people through the art of cake decorating.

At Sweet Bite, we understand that each celebration is unique and deserves a personalized touch.
Whether it’s a birthday, wedding, anniversary, or any other special event, I will work closely with
our clients to bring their vision to life. We make an effort to increase our clients’expectactions.

Apart from making customized cakes, we additionally offer a variety of prepared cakes for
individuals looking a faster solution without sacrificing flavor and quality. For their special
occasions, we think everyone should be able to enjoy a delectable exquisitely made cake.

SWOT ANALYSIS

SWOT stands for: Strength, Weakness, Opportunity, Threat. A SWOT analysis guides us to
identify our organization’s strengths and weakness as well as broader opportunities and threat.
Developing a fuller awareness of the situation helps with both strategic planning and decision
making.

Strengths:

1. Quality Ingredients: My bakery stands out for using high-quality, fresh ingredients, which
guarantees that cakes will taste amazing and be of the highest caliber overall.

2. Variety in Cake menu: Customers can choose from a broad range of cakes to fit their
preferences and events, such as chocolate, vanilla, red velvet, cupcakes, tiny cakes, and mug
cakes.

3. Creative and Unique Designs: The ability to create innovative cake designs showcases my
bakery’s creativity, attracting customers looking for unique and personalized cake design

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4. Online Presence and Ordering: Having a user-friendly website for online orders and a strong
social media presence helps in reaching a broader audience, attracting new customers.

5. Excellent Customer Service: Providing friendly and efficient customer service contributes to
positive reviews and overall customer satisfaction

Weakness:

1. insufficient Staff: A shortage of staff, including bakers and support personnel, may lead to
overworking employees and a decline in overall productivity.

2. Limited Marketing Budget: A small marketing budget may restrict the bakery's ability to
reach a wider audience and compete with larger business

3. Equipment Maintenance Costs: The specialized baking equipment can be expensive and
may lead to downtime if not properly maintained.

4. Single baker Dependency: I am currently the only baker on staff, and I am experiencing a
shortage of additional personnel at the movement.

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Opportunities:

1. Gift Packages and Hampers: Provide clients easy ways to give gifts by introducing cake
hampers or gift packages for particular occasions.
2. Diversification of Product Offerings: Explore the introduction of new and trendy cake
flavors, unique designs, or specialty items to attract a larger customer base
3. Catering and Events: Profits from chances to provide cakes for wedding, birthdays, other
occasions, as well as collaborations with event planners offer catering services.
4. Online Sales and Delivery: Increase online presence and delivery services to reach wider
audience, including those who prefer the convenience of ordering form home.

Threats:

1) Negative Online Reviews: Negative reviews or feedback on social media platforms can
harm the bakery's reputation and deter potential consumers.
2) Changing Consumer Preferences: The market for classic cakes may be impacted by
changing consumer attitudes toward healthier or non-traditional dessert options.
3) Fluctuating Ingredient Costs: Price volatility for essential commodities, such dairy, sugar,
and flour, can affect overall costs and profit margins.
4) Competition from established Bakeries – The presence of well-established bakeries in the
area may pose a challenge, requiring strategic differentiation to stand out.
5) Limited operating hours – Bakery has restricted operating hours; it may miss out on
potential customers during evening or early mornings.

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Without a doubt, before launching a new business, a person must carefully evaluate their
strengths, weaknesses, opportunities, and threats (SWOT analysis). Making decisions,
creating achievable goals, and increasing the likelihood of success are all aided by this self-
evaluation.

1. Performance Evaluation: Organizations can evaluate their performance over time by

conducting regular SWOT analyses. By a comparative analysis of strengths, weaknesses,
opportunities, and threats across time, companies may monitor their development and make
necessary modifications to stay on course.

2. Making Decisions: The SWOT analysis offers an organized framework for making
decisions. By taking into consideration every factor that could affect the decision, it helps
decision-makers make well-informed decisions. This makes it easier to choose tactics that
are more appropriate for the circumstances at hand.

3. Competitive Advantages: SWOT analysis is a useful tool to identify advantages over

competition and special selling points. Organizations can stand out from opponents by
utilizing their advantages and strengths.it offers perceptions on what makes a company
unique in the marketplace.

4. Strategic Planning – An essential part of strategic planning is the SWOT analysis.

Organizations can create strategies that maximize their strengths, address weakness,
opportunities and reduce dangers by evaluating internal and external elements.it facilitates
the communications of company goals with the outside world.

5. Organizations can lessen the impact of unfavorable events by taking preventive measures
by identifying probable barriers. It also helps creating backup plans in case of unexpected
events.

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Question 02.

Business management landscape is ever evolving at an unpredictable rate. As

prospective managers and leaders of business, explain what types of challenges
will be faced by the managers in the contemporary business environment and
what types of new skills are needed by them to face and win those novel
challenges

1. The rise of the Machines: Mangers face both possibilities and challenges as artificial
intelligence (AI) is increasingly integrated into many sectors. Here’s an explanation of why
AI threats can be significant challenges:

• The implementations of the Ai technologies, particularly automation, may lead to job

displacement in certain sectors. Managers must navigate the ethical and social implications
of workforce transitions, including potential job losses and the need for upskilling or
reskilling programs

2. Globalization: Globalization presents significant challenges for managers across

various industries due to the increased interconnectedness and interdependence of
economies, markets, and cultures around the world.

• Global teams often face communications challenges due to languages barriers, time zone
variations, and different communication styles. Managers must execute effective
communications strategies to overcome these barriers and ensure clear understanding
among team members
• Implementing and integrating technology solutions across global operations can be
challenging. Managers must ensure that technology are scalable, flexible, and compatible
with local infrastructure and regulations.

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3. Ethical dilemmas: In the context of business, morally challenging situations requiring

managers or organizations to make decisions that go against moral principles or values are
referred to as ethical dilemmas.

• Ethical dilemmas are rarely straightforward, and the situations managers face often involve
multiple variables, perspectives, and potential consequences.

• Sometimes moral dilemmas involve actions that may be legal but otherwise give rise to
ethical questions. Keeping in mind possible legal consequences, managers must balance
the need for ethical responsibility with legal compliance

4. Cybersecurity: For managers in a variety of business, Cybersecurity concerns pose

serious difficulties.
• Cybersecurity risks that threaten the confidentiality integrity and accessibility of
sensitive data include hacking and illegal access. To protect organizational data,
managers need to put strong procedures in place.

• Financial consequences of cybersecurity disasters can be significant and include

incident response costs, system restoration cost, legal fees, and possible fines for
violating data protection laws.

• A cybersecurity breach can lead to reputational damage eroding trust among

customers, partners, and stakeholders.

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5. Interruption of technology: The interruption of technology, whether due to system

failures, cyberattacks, or other technological disruptions, present significant challenges for
managers across various industries

• Downtime resulting from technology interruptions can lead to financial losses.

Technology interruptions can damage an organization’s reputation, especially if
customer trust is compromised

• Managers must respond promptly, transparently, and effectively to mitigate

reputational damage and rebuild trust among stakeholders.

To effectively face and overcome the novel challenges presented by factors like
globalization, technological advancements, and the rise of machines managers
need a diverse set of skills.

➢ Knowledge of the digital world: Managers needs to be familiar width digital technologies,
data analytics, and emerging tools. Digital literacy is essential for making informed
decisions, drive innovation, and navigating the evolving digital landscape.

➢ Innovative Thinking- Maintaining a competitive edge requires cultivating an innovative

culture. Supervisors need to promote innovative ideas, welcome new ideas, and assist with
projects that stimulate creatively inside the company.

➢ Agile Leadership – Agile leadership being responsive, adaptable and able to lead in
rapidly changing environments. Managers should embrace agile methodologies to enhance
organizational flexibility and responsiveness.

➢ Constant Learning Attitude – With the pace of change, it is essential to make a

commitment to lifelong learning. To remain effective in their positions, managers, should

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keep up to current on developing technologies, industry trends and best practices for
leadership

➢ Cybersecurity Awareness – Managers need to be aware of cybersecurity threats and

remedies in a world going digital. Protecting organizational assets requires an
understanding of cybersecurity risks and making sure that strong security procedures are
put in place.

➢ Adaptability - It is essential to have the ability to quickly adapt to change and uncertainty.
It is important for managers to be flexible, sensitive to fresh perspectives and able to modify
plans in response to changing market conditions.

➢ Conflict Resolution – Conflict resolution is a critical skill for managers to navigate

challenges successfully and maintain a positive work environment.

➢ Forward planning and strategic thinking – These are critical skills for managers as they
enable effective preparation for the future, navigate challenges successfully, and maintain
a positive work environment.