Bbq Restaurant Swot Analysis
Corky’s Barbecue Restaurants SWOT Analysis Louis Gladney MGT 450 Professor Darryl Jones July 30, 2012 Corky’Barbecue Restaurants SWOT Analysis Corky’s Barbecue (BBQ) is one of the oldest BBQ restaurants in the Memphis, Tennessee area who is well known for its great tasting and unique flavor. The BBQ business is one of the most competitive businesses in the South and with the complexity and ever changing environment we live in, competition is at its highest level ever.
Even when the economy fluctuates, they are generally able to sustain a positive cash flow and remain profitable because they provide a service that is in constant demand by the public. In today’s business world almost everyone can understand and relate to the principle of offering a better product than what their competitors can offer. According to Youssef (2012), SWOT is an acronym that stands for strengths, weaknesses, opportunities, and threats and it is an analysis of the internal strengths and weaknesses, as well as the external opportunities and threats, in an organization’s environment.
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This paper will outline the strengths, weaknesses, opportunities, and threats that could affect Corky’s Barbecue. Before conducting a SWOT analysis, you and your staff should compile a few questions to ask and then address them accordingly. Some of the questions are as followed: Strengths: 1) What sets you apart from your competitors; 2) what products do you offer; and 3) is the staff knowledgeable and skilled?
Weakness: 1) Do you have too much debt and adequate cash flow to sustain; 2) what areas need improving; 3) what expertise/manpower do you currently lack; Opportunities: 1) What external changes open up doors for interesting opportunities; 2) is there an unmet need or want you can target; and 3) what type of trends or technology can impact our industry; Threats: 1) Is there a better equipped competitor in your industry; 2) is the staff satisfied or could they be persuaded to work for the competition; and 3) what if there is a natural disaster, your website is hacked, or you are sued?
With a SWOT analysis it will help you see how your strengths stack up against your competitors’ weaknesses while suggesting ways to take advantage of the many opportunities in the marketplace. The quality of the match between the strengths and weaknesses helps managers determine the broad areas for business development and supports decisions regarding allocation of scarce business resources among segments (Sandler, 2012). With that being said, “Here is the SWOT analysis for Corky’s BBQ restaurant. |Strengths |Weaknesses | |- Employees are knowledgeable of job.