This study covers the overall business strategies and Entrepreneurial action that helps to overcome such Food and Grocery Industry Growth during Recession/economic crises. There are some recession issues based on the business economy and thus the impact of this recession directly on most of the food and grocery industry growth. Due to this economic recession, most of the industries were not able to continue their business productions and due to that there was a very huge economic problem had to face in terms of any individual business. Entrepreneurship played a key role to overcome these kinds of economic recession issues and helped business organizations to rebuild their business model and start again their business activities in a smooth manner that can be helpful to improve the business economy. An entrepreneur is a key factor of most of the business organization because Entrepreneurial is responsible to take some important decision in term of business economic growth and in the bases of consumers demands Entrepreneurial has an ability to help business that how to fulfill the consumer's demands during this kind of economic recession crisis. There are some Entrepreneur related actions and methodologies that can be responsible to get a business in a track where a business organization is able to rebuild a strong relationship and make quality products that can help to fulfil consumers demands and overcome economic issues.
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In terms of qualitative research methods are selected with a case study approach. Most of the Qualitative methods are less structured and more intensive than quantitative methods thus it clearly indicates that they are more flexible in terms of the relationship of respondents. According to this, the question of this study can be answered by describing the competitive strategy of food retailers. The effects of the world financial crisis that can lead to an economic recession in different countries are different. The recession on the national level that may affect different industries in a different manner (Sarah, 2011).
Data Collection: - The detailed information collected for this study was gathered information or relevant data from different sources such as in-depth interviews, some printed source as organization annual report, retail journals, some internet sources such as the industry’s website. By these multiple sources, collective information can help to produce a more complete, holistic and contextual portrait of the best knowledge about the industry’s strategies that can change now in the current crisis situation.
In terms of offering everyday low costs products, the industry has to reduce its operating costs by having better logistic systems (Syed, 2016).
Research ethics is responsible to provide guidelines for respective conduct or research, in order to monitor scientists that conduct research to ensure a high ethical standard. There is some ethical principal such as honesty, objectivity, Integrity, carefulness, openness, respect for intellectual property, confidentiality these are helpful for identifying and evaluating key principle of ethical research and also responsible to identify potential ethical issues relating to research. This is the process of identifying right and wrong conduct and the discipline dealing with what is good and bad with moral duty with obligations (Huma, 2017).
The research ethical policies seek to empower individuals to take such responsivities and negotiate that are responsible for ethical issues arising from their research activities. Ethical issues in research are many end varied and that may be quite complex and research activities are covered within the scope of the policy and involving human participants that is undertaken by many different disciplines and conducted that in a broad range and that should be designed, reviewed and undertaken which ensure integrity and quality that covers honesty, transparency and communication and research involving vulnerable groups and that may have an adverse impact on social standing and commercially sensitive information and face a range of potential risks to their safety that need to consider safety issue in the design (Yip, 2016).
Most of the time Stakeholder engagements are important and widely lauded plays an important methodology to identify future priorities for conducting evidence that is based on stakeholder engagements in terms of policymaking efforts that each setting provides an important context for examining the methods of obtaining and integrating informed stakeholders into the policymaking process. While many industries have an interest in terms of engaging stakeholders with regards to policy issues. The purpose of stakeholder engagements when any stakeholder is engaged during policy development (Anria, 2013). The main focus of the stakeholder engagement process is stakeholder mapping that is responsible to identify the target groups and based on that pull’s relevant information as much as possible about them. Stakeholders can be described in terms of respective industries those who maybe are internal. It is important to identify those individuals and groups behave differently in different situations. The impact of stakeholders may have in industrial policy and the respective object is dependent on their relationship to the industry itself or related issues to concern or maybe both. Once a list of all possible stakeholders has been prepared after that it is needed to estimate their influence and important inside an industry (Barik, 2014).
A recession is defined as two consecutive quarters of decreasing Gross domestic product. During a recession, the major impact was consumer confidence went down and unemployment went up in terms of negative implications for consumer spending. All great industries move forward in recession by adjusting price tactics and also adjusting product portfolio, there is a new consumer reality. Consumers always expect quality products and demand for products that stress good values. During a recession, emphasize the industry’s core values. Most of the industries will make employees redundant during downtime and based on that industry needs to know more than ever before about consumer requirements and how a consumer is redefining their values during a recession. Generally, industries cuts budget across the board during a recession and based on that Market budget are not left out. During a recession, most of the industries react defensively. Recession gives an opportunity to gain market shares and also make market budgets work smarter to respond and deliver more sales. Thus, a recession is the best time to take over market shares as the weak die off and the trusted brands are special values at this period and must ensure the core value of consumer relationship (Jain, 2017).
The most important characteristic of the entrepreneur is action because, in terms of proper action with appropriate objectives, the industry is expected to be going well and respective success. In industrial prospective, Entrepreneurial action is something that an entrepreneur can do with respect to industry economic growth and based on that make that happen on their industry business. Entrepreneur has the ability to make decisions and implement them in terms of successful running of business. Entrepreneur plays an important role inside an organization and takes such critical decisions which can be useful to improve industry business economic growth. Entrepreneur always works inside a business environment and Entrepreneur actions that are made for business prospective handled by them. Entrepreneur actions help to implement business plans in actions in terms of utilizing the available business resources. Entrepreneur actions are beneficial for any industry plan and that can lead to action taken by entrepreneurs as a part of the process of any industry Entrepreneurship.
A.1 Entrepreneurial actions are responsible as the outcome of less perceived uncertainty.
A.2 Entrepreneurial actions are responsible as the outcome of more willingness to bear uncertainty (Yannis, 2000).
Based on the above points uncertainty is directly attached to Entrepreneurial actions and based on that uncertainty is closely related to knowledge, motivation, and opportunity that are owned by entrepreneurs. There are some new opportunities such as replacements of present products, activities, and efforts that are almost right and innovation is the highest opportunity group though a small one (Henrik, 2005).
Available literature review provides some contrasting perspectives that support in some way in terms of modern and traditional grocers can supplement each other and raising consumer demands for quality grocery and food items at competitive prices based on that the number of choices available in the market and industries are continuously increasing building their supply chain This report covers the impact on the social and economic impacts of the food systems and these are the key factors of the food systems. On market based economic effects, along with measurable changes in the financial that is well being of the key actors in the food systems and the border indicator of the market performance. This report covers the moral or ethical and legal aspects of different outcomes as the particular effect of social and economic impact in terms of cultural, political, and ethical views of stakeholders and decision-makers inside an industry that may impact on business economic growth (PETER, 2008).
Entrepreneurial opportunity: In terms of industrial business growth during the recession, entrepreneurial opportunities are creating and based on that entrepreneur is responsible to build strong relationship and able to take an entrepreneurial action in terms of business economic growth. There are some entrepreneurial opportunities that come during a recession such as
Employment opportunity: - An Entrepreneurs employee labor in terms of managing their business activities and provides such employment opportunities in terms of a large number of people.
Balanced regional development: During a recession, the Government always promotes decentralized development of industries where and provides them some financial supports to build their business as balanced regional development and they also support to reduce their economic crisis and provide employment to local people in the new industrial development.
Optimization of capital:- Entrepreneurs aim to get quick possible returns on investments. Entrepreneurs are responsible to give output as a high capital ration in terms of business economic growth.
Consumer’s demands: Entrepreneurs produce high quality and wide range of products that are required by consumers and they try to meet the consumers demand without any kind of shortage for goods.
Social advantage: - Entrepreneur helps in terms of the development of society by providing employment to people and encourage them. Sometimes social activities help to build strong business economic growth and make quality products (Nathan, 2017).
Entrepreneurial challenges: - In terms of business economic growth there are some entrepreneurial challenges that may impact on less business profit.
Poor infrastructure facilities: - Some infrastructure facilities such as transport, communication that may impact on any business structure and responsible for less business economic growth.
Non-availability of skilled laborers:- To build strong business infrastructure, it is required to have skilled laborers but in some areas it is not possible that may impact on the productivity of the business, The quality products can be made by skilled labors and thus based on the business can grow economically.
Fear to invest in the business:- Some rural entrepreneurs are low risks bearing ability that may cause of less business investments.
Political and structural issues: To build strong business economic growth, it is important to have familiar political support. If there are some political issues that can restrict building a strong business relationship and create problems in order to build quality products with low costs and local labour may not be supportive because of some political pressures that may directly impact the business economic growth.
The Food and Grocery Industry Growth during Recessions economic crises was a very big loss in terms of business economic growth because most of the industries could not able to run their businesses in a smooth way and due to that economic impact on a local and international level was in a bigger level. Due to Recession most of the business production was stopped but strong entrepreneurship helped business to rebuild their businesses in such a manner that can regain the economic flow. There are some economic methodology was implemented to overcome the economic crisis and support most of the business plans to rerun the production flow. There are some entrepreneurs actions helped to make decisions in order to rebuild the business and follow ethical approaches to gain successful business during the recessions of the economic crisis.
Recommendation: - This study covered the overall food and grocery industry growth journey during the recession economic crisis. This study explained the value of entrepreneurs and the importance of entrepreneurs in the industries because entrepreneurs can help to make decisions and able to execute business plans in terms of build strong business. Entrepreneurs follow some efficient methodology to improve business economic growth during such an economic crisis. A good entrepreneur is responsible to build a better relationship between an organization and their resources and they know how to utilize the resource in such a manner where labor can put their efforts to make quality products according to consumers demands and based on that consumers get satisfied in terms of business products and that can help to grow the business in order to their economy.
This study helps to get such internal knowledge of any business industry that how any business can grow or manage their business economy during such a rescission of economic crisis. During such kind of crisis that may impact on any kind of strong business and can be responsible in terms of down the business production and economy. Entrepreneur plays a major role in each phase from business plans to execute those plans in terms of any business economical growth. Entrepreneur actions helps to manage business process strategies and take some important decision that can help in terms of business economic growth. There are some efficient methodology that can support to improve the business production and how to overcome these kinds of economic crisis.
Entrepreneur is a key factor of any business industry as Entrepreneur is responsible to take some important decisions in term if business plans and that can help to such a manner where business can recover from the economic crisis. Entrepreneurial actions are very helpful to build such a strong business infrastructure and help to make quality products by their important decisions. A great Entrepreneur can be responsible to play a crucial role in each business phase and play an important part in any business structure. Entrepreneurial actions and such methodology that can be helpful for making a good quality product and improve the resource utilization in terms of any business economic growth. An Entrepreneur and their competency skills that can be very helpful to overcome such recession economic crisis and support business activities in such a manner where each business plans get executed in terms of a successful business process that can make quality products according to consumer demands with quality that can help to fulfil the consumer requirements.
The Entrepreneurial actions that can help to grow the business in term of high-quality production and smooth business process flow. An Entrepreneur decision is very important inside an organization and Entrepreneurship is the key factor to build such infrastructure that is familiar to most of the consumer demands and fulfil that requirement in such manner that some consumers are very much ensured about the return of investments in term of business markets that can help to improve the economic growth of business industries during this kind of recession economic crisis. Thus this study helps to know about the internal structure of any business organization and their internal process in terms of consumers perspectives. An Entrepreneur is responsible to take such important decisions inside a business organization that can help to implement such kind of methodology that can support to overcome such economic recession and support business plans to execute smoothly in such manner where the consumer gets satisfied.
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