CompanyThere are the following question that cover the requirement of the brief that is given below:
- Plan a new start-up to sell fresh fruits through vending machines and the data is related to the competitive and economic sustainability.
Competitive and Economic Sustainability
Since a new start-up is taking place where entrepreneurs is going to sell products like fresh bio fruits with the help of vending machines. Here, it is being found that both competitive and economic sustainability factors play a crucial role for a start-up because they are the two major factors based on which the businessman invests in the start-up. There is a peak period in the year between 2008 and 2009 when the growth rate is 6.0% which is much more than from its initial stage which will benefit entrepreneurs in their economic sustainability (Epstein, 2018).
A detailed study of the competitive market needs to be done as it is a new product line being launched in the category of vending machines, also many changes or alterations may have to be done to support its existence in the market. Both the competitive factors and economic stability are further explained in detail:
Competitive Factors For Present Start-Up:
The vending business is expected to grow with a diverse range of products in the upcoming time, especially in the field of high-quality coffee, beverages, snacks, bio-fruits etc.
Promotion of New Products:
In the UK, with the growing technological advancement vending machines are likely to be used at an increasing rate for product launches and marketing in the coming time. In the present context, the new start-up is likely to be launching a number of vending machines which will be supplying bio-fruits in travel locations and bars in the near future. One additional feature present in them will be that they will be socially activated.
Strong Growth in Semi-Captive Locations:
Semi-captive locations are receiving a strong growth rate for sales in the field of vending involving travel locations and shopping malls. Vending machines located in convenience stores dealing in bio-fruits are also expected to receive a great amount of profits and are also developing very quickly (Schaltegger and Wagner, 2017).
Competitive Landscape:
Pelican Rouge Coffee Solutions is a strong leader in this particular category because the company offers the best techniques for innovative and attractive vending machines. It has features like leading technology and efficiency in the amount of energy used. So, start-up people can also use such techniques for new innovations and attracting customers.
Technological Advancement:
Vending operators are increasingly investing in technology, for example, the growing trend for telemetry capability, enabling the checking and evaluation of stock and vending figures from network machines all over the UK. These machines even provide the facility for cashless and contactless payments. The leading companies launching vending machines include Nayax, Counter Solutions, and Crane Payment Solutions (Franzoni, 2015).
As technological advancement compared in different consecutive years in the UK, it has been seen that the business industry of digital marketing sector is booming in all years, in the initial year 2011 growth of the digital market was more than 5% as compared to other SMEs, in the year 2013 rate is slightly raised from more than 10%, and if 2014 is the measure growth rate of the digital market jumped from more than 25% which is very high as compared to competitive SME's.
Henceforth, the new start-up should focus on the above-mentioned factors for steady growth of the start-up.
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Economic Sustainability:
Sustainable economic growth refers to the economic development that helps to satisfy the needs of humans but in such a way that the natural resources and environment remain sustained for future generations. It is the use of various strategies that can be used for employing existing resources in an optimal manner. Hence, it means that the people involved in the new start-up should use the resources in such a way that it does not affect the environmental, social and cultural aspects of the community.
As per the above data, the UK's economic sustainability growth rate in the year 2016 increased by 1.8% as compared in year 2015. In the year 2017 growth is slightly increase by 0.5%. There is a high increase in economic growth in the years 2008 and 2009 which is 6.0%.
The ways of maintaining economic sustainability are:
Effective Policies:
The new start-up should adopt effective policies, rules etc which help in enhancing economic growth. It includes efficient fiscal management and resource allocation, and appropriate regulatory systems. These help in making an economy sustainable over time (Santoyo-Castelazo and Azapagic, 2014).
Infrastructure:
It is a key component which the new start-up should keep in mind during its establishment. Enterprises need adequate transportation systems from rural roads to airports to easily access markets for their goods and services. The availability of reliable energy and communication technologies makes enterprises more productive and innovative. Developing countries can many a times face problems in these facility arrangements and the absence of such basic needs is a chronic barrier that leads to poor economic performance.
Skilled Workforce:
A skilled workforce is an asset of an organisation. It is an important foundation of sustainable economic growth. Companies that invest a proper amount of funds in human capital usually demonstrate the strongest growth rate. In developing countries, many working-age adults lack the literacy and numeracy required for employment, they lack the accurate skills for performing the work. Hence, it is necessary for the new start up company to invest accurately for the growth of skilled workforce (Santoyo-Castelazo and Azapagic, 2014).
Also read:- The Implications Of Digital Technologies On SMEs
As per the above-mentioned skilled data it has been seen that the number of managers directors and senior officials is 26,15,600, the number of professional and technical occupations is 37,71,600, and if skilled trades occupation is measured their number is 28,97,200, the number of professional occupation workforce 49,73,200 is very large as compared to another skilled workforce.
These are the factors which help in maintaining overall economic stability for the new start-up and help in growth. To get more details about assignment help UK connect with our experts online.
REFERENCES
- Epstein, M.J., 2018.Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
- Schaltegger, S. and Wagner, M., 2017.Managing the business case for sustainability: The integration of social, environmental and economic performance. Routledge.
- Franzoni, S., 2015. Measuring the sustainability performance of the tourism sector.Tourism Management Perspectives,16, pp.22-27.
- Santoyo-Castelazo, E. and Azapagic, A., 2014. Sustainability assessment of energy systems: integrating environmental, economic and social aspects.Journal of Cleaner Production,80, pp.119-138.
- Santoyo-Castelazo, E. and Azapagic, A., 2014. Sustainability assessment of energy systems: integrating environmental, economic and social aspects.Journal of Cleaner Production,80, pp.119-138.
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