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LCBS5002 Business Creation and Innovation For Revolutionary Changes

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Questions:

1. Examine and synthesise aspects of Creativity and Innovation from an academic perspective.

2. Explore the importance of building creative climates to stimulate business growth.

3. Relate and appreciate the building blocks needed for a successful venture, including the risks and rewards.

4. Demonstrate the ability to create forecasts for a new business and where and how early-stage businesses find capital.

5. Navigate the detailed process of business plan preparation and presentation.

6.  Appreciate the value of the creative problem solving in organisations.

7. Critically understand the potential value of embracing the entrepreneurial process within organisations to further positive economic health and competitiveness.

8. Explore within to best understand personal capabilities in order to maximise strengths and manage weaknesses.

Answers:

Introduction:

Edible water ball has brought revolutionary changes in the society. In this modern era, where the whole world is experiencing various obstacles due to the rise of global warming and environmental pollution, edible water ball can be the answer to protect the world to meet a deadly conclusion (Reddy et al. 2015). This is used as a substitute of water and protect environment from the pollution caused by plastic bottles. It is evident that in UK 16 millions plastic bottles are dumped every year. This could be a great business idea for any entrepreneur.


The following article has concentrated on feasibility analysis. It has presented overview of edible water balls industry of United Kingdom and identified key competitors of the edible water balls.

Industry Overview:

Organizational structure:

According to many reports, a large number of people of United Kingdom spend a huge amount to buy plastic water bottles. Many analysts have claimed that rate of buying plastic water bottles have decreased in past few years due to the rapid growth of the edible water ball industry. Although, according to some analysts this idea of edible water ball is pointless, this concept has put a significant impact on the UK market (Stillwell, Geertman and Openshaw 2013).

Market Value:

According to many reports, plastics are one of the key villains of the environmental pollution, to heal the damages caused by plastics edible water balls can be the best answer. The idea of edible water ball is rapidly growing day by day. The growth of the idea of edible water balls have been influenced in last few years. As opined by Kuhn (2009), the market share of the edible water ball industry is growing high and this innovative idea has put a strong foot print in the European market as well as in the whole world (Rothaermel 2015).

Market Trends:

Some analysts have stated that the demand of edible water balls in UK has been increased up to 3.5%. Due to the rise of many other mineral water companies and other beverage companies the competition in the beverages industry has grown in past few years. Every beverage company is incorporating new and innovative strategies to defeat rival organizations and put a strong foot print in the beverage industry. Due to the rise in the population rate, the market demand of the fast food centers is also increasing day by day (Reddy et al. 2015).

Stage of Lifecycle and Implication:

It is important to identify the life cycle stage of the product to control the organizational function. Product life cycle has four stages, such as-

Introduction:

Introduction is a stage where edible water balls will be launched by its company. It is the initial stage of every product (Peteraf, Gamble and Thompson 2014).

Growth:

While the products have been introduced among its potential consumers and the sales ratio starts increasing the stage Growth occur. It is considered as the second stage of the product life cycle. In case of edible water balls, when the industry will start operating in an appropriate manner that will be considered as growth stage.

Maturity Stage:

While the edible water ball industry will reach to the peak point of popularity and sales rate will be at the highest point that will be considered as maturity stage.

Decline Stage:

It is the last and final stage of life cycle of every product. In this stage profit margin as well as the popularity starts declining. During this period the product reaches to its conclusion (Morecroft 2015).

The organizational management must consider the different stage of life cycle while designing organizational strategy to establish Royal Club.

There is always a threat of new entry. The rise of several beverage companies has increased the competitiveness of the industry.Threat of New Entrants:

Threat of Substitute:

There are many beverage options for the buyers to have drink. Thus, there is always a threat of substitute for edible water balls (Johnston and Bate 2013).

Bargaining Power of the Suppliers:

It has become very important for every business organization to provide quality products to its consumers as people in these days have become highly concerned about their health. This has increased the power of the raw material suppliers. It is hard to find a loyal and high quality product supplier who will supply quality ingredients in an affordable price.

Bargaining Power of the Consumers:

Consumers always have bargaining power. They do not want to compromise on the product quality while they are paying price to have it.

Rival Companies:

Rival companies are one of the major threats for the edible water balls. There are many rival companies that are giving tough competition to the organization, such as- AMP Energy, Duke’s, Mountain Dew and Pepsi.

Customers Oriented Evaluation:

Primary and Secondary Data Analysis:     

The organizational management of edible water balls companies must conduct some market research to identify the requirement of the consumers. They can conduct any survey among the beverage consumers or can use internet as a weapon to identify the market demand and preference of beverage consumers. Organizational management must design his organizational strategy accordingly (Cassidy 2016).

Stakeholders Evaluation:

The organizational management of Edible Water Ball Company must identify its stakeholders. There are many stakeholders who are directly associated with the organization, such as- purchasers, employees of the organization, share holders. Organizational management must maintain healthy relation with all the stakeholders to operate the business in an appropriate manner.

Customer Segmentation:

Every business organization must identify their potential consumers. It will be beneficial for the growth of the organization. The customer of Edible Water Balls will be mainly the young generation of the society and the working class who stays out of their house for maximum time.

Competitors:

The three major competitors of Edible Water Ball Company are AMP Energy, Duke’s, Mountain Dew and Pepsi. They are considered as the giants in the beverage industry.

Strategies:

All these beverage organizations implement all kind of innovative and modern techniques to improve their organizational performance. All these fast food giants conduct various kinds so market research to identify the market trend and consumer’s requirements. By providing quality service to the consumers, they all are giving tough competition to each other (Barney and Hesterly 2015).

Conclusion:

As per the previous discussion it can be stated that to operate any Edible Water Ball Company in the UK market, the organizational management must identify its potential consumers and their requirements. This will be helpful to ensure the growth of the organization. 

Reference:

Barney, J.B. and Hesterly, W., 2015. Strategic management and competitive advantage concepts and cases. Pearson.

Cassidy, A., 2016. A practical guide to information systems strategic planning. CRC press.

Johnston, R.E. and Bate, J.D., 2013. The power of strategy innovation: a new way of linking creativity and strategic planning to discover great business opportunities. AMACOM Div American Mgmt Assn.

Morecroft, J.D., 2015. Strategic modelling and business dynamics: a feedback systems approach. John Wiley & Sons.

Peteraf, M., Gamble, J. and Thompson Jr, A., 2014. Essentials of strategic management: The quest for competitive advantage. McGraw-Hill Education.

Reddy, S.M., McDonald, R.I., Maas, A.S., Rogers, A., Girvetz, E.H., North, J., Molnar, J., Finley, T., Leathers, G. and DiMuro, J.L., 2015. Finding solutions to water scarcity: incorporating ecosystem service values into business planning at The Dow Chemical Company’s Freeport, TX facility. Ecosystem Services, 12, pp.94-107.

Rothaermel, F.T., 2015. Strategic management. New York, NY: McGraw-Hill.

Stillwell, J., Geertman, S. and Openshaw, S. eds., 2013. Geographical Information and Planning: European Perspectives. Springer Science & Business Media.

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