TASK 1: BUSINESS IDEA AND REPORT
Successful Commercial entrepreneur’s attributes and skills
A Commercial entrepreneur is the one who carries business activities, primarily relied on the structure of market exchange towards the accomplishment of entrepreneur’s objective of profit maximization (Aly et al, 2021). A successful commercial entrepreneur has strong skills and attributes of Communication, networking, leadership, risk taking and financial management for the streamlined business operations.
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Effective Communication skills
A Successful commercial entrepreneur must have strong communication skills as it helps in maintaining effective communication with the customers, employees, partners or investors (Pennetta et al, 2024). It also includes understanding and active listening skills, leads to strategic management of business. I have strong communication skills which helped me to convey my ideas and strategies to stakeholders, results in setting clear roles and responsibilities along with the objectives to be achieved. Effective communication helped me in fostering collaboration and positivity within work environment by conveying clear information to stakeholders.
Networking skills
This skill involves managing and building professional relationship with an aim to promote business. A successful commercial entrepreneur possesses effective networking skills to attract future opportunities and to foster the string brand image (Ubfal et al, 2022). I have strong networking skills which will assist me to become successful commercial entrepreneur by the creation of future teams and helps to cope with the current market trends. With a solid network, I could meet multiple professionals, leads to access their professional expertise and funding of innovative and creative ideas. Moreover, networking skills will facilitate me to get feedback from the industrial experts about the new business venture.
Leadership skills
A successful entrepreneur possesses the leadership skills as it helps to influence, encourage and motivate employees to put their best efforts towards achievement of business objective. In addition, this skill plays a vital role in managing business operations and strategic delegation of tasks (Aly et al, 2021). I have moderate leadership skills due to lack of expertise in managing team operations and low ability to influence employees for better performance. This can affect business performance and hinders the operational process, results in decreased chances of achievement of objectives in effective manner.
Attribute of Risk taking
Being able to identify and calculate business risks is one of the significant entrepreneur attribute. A successful entrepreneur should plan its risks by way of budget formulation and show investors about the considering risks with the creation of realistic plan for new business venture (Pennetta et al, 2024). I have moderate attribute of risk taking and focuses in learning from the failures. I do not consider the ambiguity of risk if there is a high success opportunity or getting chance to earn massive profit.
Financial management
The ability of assessing resources, handling investments and calculate ROI is one of the essential skills a successful entrepreneur must have. Besides that, entrepreneurs must know about the financial concepts such as financial planning, budgeting, accounting and financial management to monitor and maintain financial track of the organisation (Ubfal et al, 2022). I have strong financial management skills and has wide are of knowledge about its key concepts. This will helps me to use the financial resources in optimum manner by avoiding overspending.
REFERENCES
Books and Journals
Aly, M., Audretsch, D.B. and Grimm, H., 2021. Emotional skills for entrepreneurial success: the promise of entrepreneurship education and policy. The Journal of Technology Transfer, 46(5), pp.1611-1629.
Pennetta, S., Anglani, F. and Mathews, S., 2024. Navigating through entrepreneurial skills, competencies and capabilities: A systematic literature review and the development of the entrepreneurial ability model. Journal of Entrepreneurship in Emerging Economies, 16(4), pp.1144-1182.
Ubfal, D., Arraiz, I., Beuermann, D.W., Frese, M., Maffioli, A. and Verch, D., 2022. The impact of soft-skills training for entrepreneurs in Jamaica. World Development, 152, p.105787.
TASK 2: BUSINESS PLAN
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Business Idea of Organic Food Supermarket: Freshfare Organics
Executive Summary
Over the past few years, the chemical-free food with no preservatives is highly in demand due to the current trend of eat healthy policy. Freshfare Organics food supermarket satisfied the customers demand by offering them organic and pure healthy food products which are free from preservatives and chemicals and are locally produced with the use of organic compost. The products of Freshfare organics was beneficial for the consumer’s health as it emerged as an alternative of the chemically produced food products available to nearby food markets.
Overview of Business idea
Freshfare Organics is a food supermarket based on organic food products, involves with the dealing of natural and wholesome organic food products. It offers freshly produced and certified organic products related to cereals and grains, dairy products, vegetables and fruit, Edible oils and many more (Perreault Jr et al, 2021). Freshfare Organics aims to provide multiple health benefits and committed towards environmental sustainability by supporting the practises of ethical farming. The supermarket will be located at London, the United Kingdom. Its primary goal is based on the achievement of financial success by maintaining high quality standards across the organic industry.
Business mission and Vision
The Freshfare’s mission is to provide high quality and certified organic food, which is delicious as well as nutritious, aims to promote health and wellbeing of the communities. Its vision is become innovative and trustworthy global leader within organic food industry by delivering genuine organic food products and innovative solutions for the promotion of healthy and conscious living (Blakeman, 2023).
Business objectives
- To capture minimum 40% market by offering best organic products within 2 months to become best organic supermarket
- To attract at least 50% customers by providing standard organic products to promote health and wellbeing of public within 6 Months
- To satisfy at least 70% consumer demands by offering whole, chemical-free and fresh products by making it available 24/7 to reach maximum trust and loyalty of the customers within 4 months.
- To accomplish the financial objectives related to achieve minimum 20% profit margin with considerable increase in sales within 3 months.
Unique selling proposition (USP)
- Our food products are certified and 100% cruelty free, organic products, produced with sustainable ingredients and sources.
- High standard organic products with refreshing taste
- Support sustainable practices of farming by encouraging communities to use organic, eco-friendly products of local organic farms.
- Encourages local organic food production
Marketing feasibility and production of Freshfare Organics
Products and services description
Freshfare Organics offers diverse range of organic products such as fruit and stale vegetables, cereals, millets and pulses, organic sea salt, local organic made beverages like creamed coconut milk and rice cakes, healthy cookies, flakes, oats and granules, dry fruits, noodles and pasta, premium chocolate, dairy products, meat and fish, peanut butter and virgin oils. It offers its services 24/7 and facilitates home delivery services to the customers to provide them convenience and high satisfaction (Aaker and Moorman, 2023). Moreover, it offers multiple other services such as self-service to customers, attractive display of certified organic products and transportation services from supermarket premises to car. Implementation of online shopping and delivery services on the digital grocery platforms are also provided by the Freshfare Organics to attract large customer segment.
Market Analysis
To analyse the external market feasibility, PESTEL analysis will be conducted to identify the current market trend, patterns, competition, current demand and customer behaviour faced by the business (Melovic et al, 2020). This external market framework of PESTEL analysis helps to evaluate the overall feasibility of the current market by analysing multiple factors which are as follows:
Political Factor
The UK Government played a crucial role in enhancing demand for organic products within economic development. Consequently, it took multiple measures to improve the organic food market within UK with the establishment of Organic Food standard commission and agri-environmental regulations to promote organic food market (Canova et al, 2020). Moreover, UK government and organic industry works in collaboration for the promotion of local organic production, to drive investment and to promote organic export. An unparalleled incentive was provided by government with introducing changes to the taxation and agricultural policy in context of minimizing tax rate and to facilitate convenience in payment to organic food suppliers.
Economic Factor
Figure 1: Sales revenue of organic food products in the UK from 1999 to 2022
(Source: Statista, 2024)
In 2023, there are estimated 716 retail supermarkets based on organic food products with an increase of 3.8% from previous year (IBIS world, 2024). Apart from that, with favourable economic conditions and appropriate government incentives, the organic food market within the United Kingdom has rapidly grown in past years. It was reported that the sales revenue of the organic food products was amounted at around 2.9 billion British pounds in the year 2022 (Statista, 2024). In addition, the organic food market of the UK has the highest per capita revenue of 312 Euros per person in the year 2021
Social Factor
Freshfare Organics will be situation in London with a present population of 9,748,000 people (Macrotrends, 2024). Nowadays, Consumers are more focused towards the adoption of increasing trend of eating healthy and organic food. Consumer behaviour is positively influenced towards consumption of organic food as they are more aware about their nutrition, wellness and health. As a result, the UK’ organic food market increased with a worth of £3.1 billion, increased by 1.6% sales growth in 2022 as consumers spends almost £8.5 million on organic products every day in the UK (Artichoke Ltd, 2024).
Technological Factor
Digital innovation offers diverse range of incentives to customers to purchase organic food directly from multiple organic outlets, includes online purchases, pharmacies and through organic farms (Rodríguez‐Bermúdez et al, 2020). Moreover, technological advancements provides benefit of internet shopping to the customers, aimed to provide high convenience and satisfaction, leads to boost sales of organic products within the UK.
Figure 2: Comparison of UK sales of organic products due to technological advancements
(Source: Organic Research Centre, 2024)
The above chart reflects that there is a significant rise in the production of organic food products by changing their lands into organic one due to increased trend for organic food products. it was reported that the organic food products certified by Soil Association Certification with the Climate Pledge Friendly badge leads with a growth of 10% in sales through digital shopping platform of Amazon (Organic Research Centre, 2024).
Environmental Factor
The organic food market has an evolving green sector with an aim to preserve and promote environment with the minimising of chemical fertilizers and insecticides (Mkhize and Ellis, 2020). Furthermore, it aimed to promote sustainable practices to preserve the local equilibrium of ecology as it enhances the health of soil through due of organic compost and crop rotation.
Figure 3: Land area farmed organically in the UK
(Source: Gov.UK, 2023)
The above graph indicates that approximate 509 thousand hectares of total land area was farmed organically due to increased demand of organic products along with an aim to minimize the adverse environmental impact of traditional farming (Gov. UK, 2023).
Legal Factor
To encourage organic farming within the UK, the new agricultural act names as Sustainable farming Scheme (SFS) was introduced by the nation’s government comprises of legal framework containing regulations and rules to support sustainable and organic farming. It is mandatory for the organic food business to label their food products as certified organics and their products must be registered with the approval and control body such as soil association or Organic farmers or growers (Eyinade et al, 2021). On the other hand, the regulatory body, termed as agriculture act states the requirement of regular inspection of ensures the organic standards and legal label of the organic products. The legal regulation aims to promote and maintains the quality standards of the organic products within the UK market, results in building loyalty and trusts among customers.
SWOT Analysis Of Freshfare Organics
The primary purpose of SWOT analysis of to determine strengths and weaknesses of the Freshfare Organics along with the identification of future opportunities and business threats (de Souza et al, 2021). It assists the business with the creation of actionable steps in marketing activities to enhance the brand reach and image within external business market.
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Strength
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Weakness
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Opportunities
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Threat
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Business planning forecast
Sources of finance
With the financial forecasting, Freshfare Organics uses the current trends and financial data of market to make future financial assumptions. There are multiple sources of finance are available such as venture capital, crowd funding, angel investors, bank loans and personal saving (Gundala and Singh, 2021).
Venture capital
Financing through venture capital is a method of equity financing to start up, early stage or emerging business, which have high growth potential in terms of operational scale, number of employees or annual turnover (Nagaraj, 2021).
Bank Loan
It is sum of money borrowed from bank for certain period, has to repay back and has low interest rate as compare to other financial sources.
Owner’s fund
It refers to the finance provided by the owner to the business to meet its expenses (Wood et al, 2021).
Debt Capital
It was termed as a capital raised by the business out of taking loan by selling instruments of debts to investors. It occurs by selling notes, bills or bonds to raise money.
Among these sources, Owner’s fund, Venture capital and bank loan could be chose as major source of finance as these sources are flexible and provides tax benefits and build credit history for the business owner (Tandon et al, 2020). In addition, these sources provide the benefit of fixed repayment and have a high borrowing limit as compare to other sources of finance.
Projected Budget
Projected budget for the proposed marketing plan of opening Freshfare organics is decided at £900, divided into following business expenses:
|
Expenses |
Amount |
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Hall rent |
£ 150 |
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Insurance, borrowing and registration cost |
£ 100 |
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Inventory and utilities |
£ 350 |
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Salary of staff |
£ 80 |
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Marketing expenses |
£ 150 |
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Taxes |
£ 70 |
Marketing Plan
A marketing plan comprises of multiple advertising and marketing activities, implemented by the Freshfare Organics to establish a strong brand and to attract large customer segment with an aim to sale its products and services (Talwar et al, 2021).
STP analysis of Freshfare Organics
The STP model is significant for the formulation of marketing plan based on redefinition of market and target customers to help Freshfare Organics to prioritize its market propositions. Also, it enables the food supermarket to become more relevant, personalized and relevant experience to its target customers and assist in developing effective strategies of marketing.
Figure 4: STP Marketing Analysis
(Source: Yieldify, 2020)
Segmentation
Organic food supermarkets cover a large portion of market share in the year 2021, measured at 64.4% (Statista, 2024). The market customers of this organic food segment are having high environmental concerns, health conscious and cared about the method of food production. In addition, market segmentation of Freshfare Organics are comprised in three segments of consumers, termed as quality conscious, value conscious and health conscious. The market segmentation based on these consumer category are treated as healthy minded customers, are willing pay high value for gain the advantage of organic foods.
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Figure 5: Organic retail market share in the United Kingdom (UK)
(Source: Statista, 2024)
Sainsbury, Tesco, Yeo Valley Organic and M&S organic supermarkets are the key competitors within the current organic food supermarket industry (Slack et al, 2020). Recently, more chains of organic supermarket comprises of natural food products at combatively lower margin of price attracts large customer segment within target market.
Targeting
The target customers of the Freshfare Organics include health conscious people, families and young age individuals of urban area who seek for improve their nutrition and diet. These health conscious people are highly concerned for their wellbeing and health of their family members and children. Apart from that, the environmental conscious individuals are also targeted by the business as they are concern about the preservation of natural environment by encouraging sustainable farming practices (Yu et al, 2021). Furthermore, these health and environment conscious customers are willing to pay high prices for the organically produced food.
Positioning
Positioning is related to the formulation of product’s image win customer’s mind. In reference to Freshfare Organics, current positioning is based on the organic product’s attributes such as better taste and healthy, produced without harmful chemicals and no added artificial preservatives or flavours and GMO free. Furthermore, the current positioning of the Freshfare Organics persuades a symbolic reference of promotion of wellbeing and health. Besides that, it appears as a differentiation element to reshape the consumer’s preferences and mind towards positioning for organic food products (Le‐Anh and Nguyen‐To, 2020). For instance: Freshfare Organics could focus on the online channels of social media platforms to establish emotional connection with its customers, leads to strengthen its market position through increased brand reach.
7 P’s of Marketing Mix
Product
Freshfare Organics emphasizes on offering diverse range of organic food products which are certified and freshly produced. It especially focuses on the local sourced organic products to promote the local farming. In addition, it provides 24/7 services along with the home delivery services to the customers to enhance their loyalty, trust and satisfaction (Altay et al, 2022). Along with that, it offers transportation services from supermarket premises to car, attractive display of certified organic products and self-service to customers.
Price
The Organic food supermarket can adopt the competitive pricing strategy which is highly influenced by the demand of market along with the quality of product. The pricing strategy should aligns with the organic food’s value propositions, aims to enhance profitability of the Freshfare Organics (Perreault Jr et al, 2021). With the implementation of promotional strategies such as attractive discounts, loyalty programs and offering vouchers to customers, it can attract and retain large segment of customers.
Place
Freshfare Organics ensures high accessibility of physical stores through option of online ordering and live store location. Expansion commitment and increased local farmer and supplier collaboration helps the organic supermarket to showcases its comprehensive and unique strategy of distribution (Blakeman, 2023).
Promotion
Email marketing, local advertising and digital campaigns with the use of social media platforms support Freshfare Organics towards effective marketing. It emphasize on testimonials, health benefits along with community partnership to promote brand image and visibility within competitive organic industry (Aaker and Moorman, 2023). Also, digital grocery platforms are also used for the promotion of Freshfare Organics to attract large customer segment.
People
Allergy-friendly organic food options, customizable baskets of seasonal organic food products and loyalty program plan reflect its customer-centric initiatives. Furthermore, friendly and well trained management staff has a significant contribution towards delivering positive experience and high satisfaction (Melovic et al, 2020). Influence of employees on the perception of brand is a vital matter of consideration as it reflects employee’s importance in shaping perceptions and preferences of customers.
Process
Process of Freshfare Organics focuses on delivering smooth and streamlined journey of the customer with an aim of continuous development in the products and services as per the feedback provided by the customers. Besides that, process of efficient delivery services reflects its commitment to enhance overall satisfaction of its customers (Canova et al, 2020).
Physical Evidence
Freshfare Organics comprises of multiple tangible elements which includes on store displays, high quality and branded packaging in respect to support product and service delivery. Incorporation of attractive displays of the organic products through attractive demonstrations and photographs leads to enhance engagement of customers, results in strengthening of brand image and competitiveness (Rodríguez‐Bermúdez et al, 2020).
Competitor Analysis of Organic food sector through Porter’s 5 Forces
New Entrant Threat (High)
The new entrant threat is high due to transformation of eating habits and lifestyle, leads to increased demand for organic food, as a reason, chances of new entrant is high.
Substitute Products (High)
The UK’s organic food sector covers the market share of 64.4% in 2021 (Statista, 2024). The organic food is produced with the adoption of sustainable practices of farming without using chemical insecticides and fertilizers. However, there are numerous substitute products available in the market which are produced by traditional farming methods, emerges as the substitute of organic products.
Customer’s bargaining power (High)
Demand of organic food products is continuously increasing, reflects the consciousness of customers towards their wellness, health and environment (Gundala and Singh, 2021). They have the choices to use traditional food products, despite of this, customer chooses the organic products by paying high prices, reflects their high bargaining power.
Supplier’s bargaining power (Medium)
Supplier bargaining power is medium as it is directly linked with consumer’s demand. However, demand for organic food fluctuates with their availability and price factors, affects the distribution and supply function. As a result, suppliers have medium bargaining power (Nagaraj, 2021).
Existing competition (Medium)
Currently, the organic food market has moderate competition as consumers are transformed towards organic products just few years ago, results in moderate competition within sector (Wood et al, 2021).
Control and monitoring mechanism for Freshfare Organics
Freshfare Organics develops comprehensive control and monitoring mechanism for the accomplishment of business objectives in effective and efficient manner.
Creation of plan review
Freshfare Organics can use this mechanism of review on regular basis by monitoring and controlling the cash flow, addition of new services and products or towards market expansion. with the strategic alignment of review dates with long and short term objectives of business, it can effectively achieves the business objectives along with the conduction of comparative analysis on monthly, quarterly or yearly basis (Tandon et al, 2020).
Establishment of tracking system
An effective tracking system within Freshfare Organics helps in the achievement of business objectives. For instance: to meet the financial objective of business, tracking of revenue and expenses through monthly or weekly budget helps Freshfare Organics to control and monitor the process (Talwar et al, 2021). Increased revenue, increased sales and number of customers are the potential KPI s for the tracking system in order to ascertain success of the business objectives. Moreover, it also includes competitor and market research to project the tacking of revenue or sales accordingly.
Coordination of Marketing and Business plan
Review of marketing and business plan on regular manner helps Freshfare Organics to control and monitor the performance measurement and goals of business. Effective coordination among these tow plans assisting business growth and helps to improve it overall performance (Slack et al, 2020). for instance: if the marketing plan of Freshfare Organics plans to launch a media campaign, but the revenue projection of business is weak, leads to ineffective performance. Therefore, it is crucial to balance coordination among these plans to maintain tracked and organized business performance.
REFERENCES
Books and Journals
Aaker, D.A. and Moorman, C., 2023. Strategic market management. John Wiley & Sons.
Altay, B.C., Okumuş, A. and Adıgüzel Mercangöz, B., 2022. An intelligent approach for analyzing the impacts of the COVID-19 pandemic on marketing mix elements (7Ps) of the on-demand grocery delivery service. Complex & Intelligent Systems, 8(1), pp.129-140.
Blakeman, R., 2023. Integrated marketing communication: creative strategy from idea to implementation. Rowman & Littlefield.
Canova, L., Bobbio, A. and Manganelli, A.M., 2020. Buying organic food products: the role of trust in the theory of planned behavior. Frontiers in Psychology, 11, p.575820.
de Souza, M., Pereira, G.M., de Sousa Jabbour, A.B.L., Jabbour, C.J.C., Trento, L.R., Borchardt, M. and Zvirtes, L., 2021. A digitally enabled circular economy for mitigating food waste: Understanding innovative marketing strategies in the context of an emerging economy. Technological Forecasting and Social Change, 173, p.121062.
Eyinade, G.A., Mushunje, A. and Yusuf, S.F.G., 2021. The willingness to consume organic food: A review. Food and Agricultural Immunology, 32(1), pp.78-104.
Gundala, R.R. and Singh, A., 2021. What motivates consumers to buy organic foods? Results of an empirical study in the United States. Plos one, 16(9), p.e0257288.
Le‐Anh, T. and Nguyen‐To, T., 2020. Consumer purchasing behaviour of organic food in an emerging market. International Journal of Consumer Studies, 44(6), pp.563-573.
Melovic, B., Cirovic, D., Dudic, B., Vulic, T.B. and Gregus, M., 2020. The analysis of marketing factors influencing consumers’ preferences and acceptance of organic food products—Recommendations for the optimization of the offer in a developing market. Foods, 9(3), p.259.
Mkhize, S. and Ellis, D., 2020. Creativity in marketing communication to overcome barriers to organic produce purchases: The case of a developing nation. Journal of Cleaner Production, 242, p.118415.
Nagaraj, S., 2021. Role of consumer health consciousness, food safety & attitude on organic food purchase in emerging market: A serial mediation model. Journal of Retailing and Consumer Services, 59, p.102423.
Perreault Jr, W.D., Cannon, J.P. and McCarthy, E.J., 2021. Essentials of marketing: A marketing strategy planning approach. McGraw-Hill.
Rodríguez‐Bermúdez, R., Miranda, M., Orjales, I., Ginzo‐Villamayor, M.J., Al‐Soufi, W. and López‐Alonso, M., 2020. Consumers' perception of and attitudes towards organic food in Galicia (Northern Spain). International Journal of Consumer Studies, 44(3), pp.206-219.
Slack, N., Singh, G. and Sharma, S., 2020. Impact of perceived value on the satisfaction of supermarket customers: developing country perspective. International Journal of Retail & Distribution Management, 48(11), pp.1235-1254.
Talwar, S., Jabeen, F., Tandon, A., Sakashita, M. and Dhir, A., 2021. What drives willingness to purchase and stated buying behavior toward organic food? A Stimulus–Organism–Behavior–Consequence (SOBC) perspective. Journal of Cleaner Production, 293, p.125882.
Tandon, A., Dhir, A., Kaur, P., Kushwah, S. and Salo, J., 2020. Behavioral reasoning perspectives on organic food purchase. Appetite, 154, p.104786.
Wood, B., Williams, O., Nagarajan, V. and Sacks, G., 2021. Market strategies used by processed food manufacturers to increase and consolidate their power: a systematic review and document analysis. Globalization and health, 17, pp.1-23.
Yu, W., Han, X., Ding, L. and He, M., 2021. Organic food corporate image and customer co-developing behavior: The mediating role of consumer trust and purchase intention. Journal of Retailing and Consumer Services, 59, p.102377.
Online
Artichoke Ltd, (2024). Organic market shows growth despite cost-of-living crisis. Online. Available through: <https://www.specialityfoodmagazine.com/news/organic-market-growth-cost-of-living#:~:text=The%20Soil%20Association%20Certification's%20Organic,every%20day%20in%20the%20UK>.
Gov.UK, (2023). Organic farming statistics 2022. Online. Available through: <https://www.gov.uk/government/statistics/organic-farming-statistics-2022/organic-farming-statistics-2022#:~:text=2.1%20Land%20farmed%20organically&text=Since%202008%2C%20when%20the%20area,agricultural%20holdings%20in%20the%20UK>.
IBIS world, (2024). Organic Food Retailing in the UK - Number of Businesses. Online. Available through: <https://www.ibisworld.com/united-kingdom/number-of-businesses/organic-food-retailing/5010/>.
Macrotrends, (2024). London, UK Metro Area Population 1950-2024. Online. Available through: <https://www.macrotrends.net/global-metrics/cities/22860/london/population>.
Organic Research Centre, (2024). The Organic Market Report 2024. Online. Available through: https://www.organicresearchcentre.com/news-events/news/organic-market-report-2024/>.
Statista, (2024). Sales revenue of organic food and drink in the United Kingdom from 1999 to 2022 (in million GBP). Online. Available through: <https://www.statista.com/statistics/282379/organic-food-and-drink-sales-in-the-united-kingdom-uk-since-1999/>.
Yieldify, (2020). The Complete Guide to STP Marketing: Segmentation, Targeting & Positioning. Online. Available through: <https://www.yieldify.com/blog/stp-marketing-model/>.
TASK 3: REFLECTION
While doing this assignment, characteristics and nature of different enterprise were analysed such as personalization by two way interaction and offering diverse range of products to enhance experience and satisfaction of customers. As a future manager, I will consider these characteristic for attracting future opportunities related to enhancing target customers and to increase profitability. Furthermore, I will utilize the unique business characteristic of organic supermarket, that is to promote sustainable and environment friendly farming practises to improve the brand persecution and image among potential customers. This wills lead to enhance competitiveness of business, result in improved sales and profitability (Füzi et al, 2022.).
In addition, multiple challenges are faced by entrepreneurs while establishing business in competitive market. These challenges are related to limited finance, lack of inventory management and skilled workforce and related to intense competition (Sawyer and Henriksen, 2024). As a future manager, I will overcome the challenge of limited funds with the implementation of strategic financial management along with the formulation of budget. This will help in cutting additional or unnecessary costs and guides in managing expenses (Ferreira et al, 2020). In addition, I will use the inventory management software to mitigate the issue of inventory management. Also this helps the business to embrace change and innovation with the leverage of advanced technology within inventory management. I will encourage creativity within organization by hiring diverse cultured talented employees with full of creative and innovative ideas to foster creativity and mitigate the challenge of lack of skilled workforce.
Organization of development and training sessions is considered as an effective method of foster change, innovation and creativity within organization (Lee et al, 2020). As a future manager, I will organize training sessions to enhance talent and skills of employees, results in creation of innovative and creative ideas. Furthermore, training will help them to update their knowledge and skills, helps me to lead in effective manner by minimizing the chances of employee’s resistance towards change management. For example: Sainsbury’s SO organic food supermarket has adopted innovative and creative management idea of rewarding and recognizing employees to encourage creativity among employees (Füzi et al, 2022). As a future manager, I will adopt the method of creative thinking techniques for the promotion of idea generation, problem solving and open-mindedness among employees to make them more innovative and creative. This also results improving knowledge and skills, results in delivering effective customer services in creative manner through personalisation and by being proactive (Sawyer and Henriksen, 2024).
Innovative management idea related to promotion of inclusion, equality and diversity also leads to encourage innovation and creativity within business. For example: Tesco Organics encourages inclusion, equality and diversity by providing inclusion and diversity training to its workforce (Ferreira et al, 2020). In context to this, as a future manager, I will encourage these practices to foster positive and support work environment, results in encouraging innovation and creativity. In my opinion, organizing training sessions is the most successful idea of creative and innovative management as compare to reward and recognition and diversity and inclusion as it encourages workforce to embrace new changes by enhancing their skills, leads to foster creativity and innovation within organisation.
REFERENCES
Books and Journals
Ferreira, J., Coelho, A. and Moutinho, L., 2020. Dynamic capabilities, creativity and innovation capability and their impact on competitive advantage and firm performance: The moderating role of entrepreneurial orientation. Technovation, 92, p.102061.
Füzi, A., Clifton, N. and Loudon, G., 2022. New in-house organizational spaces that support creativity and innovation: the co-working space.
Lee, A., Legood, A., Hughes, D., Tian, A.W., Newman, A. and Knight, C., 2020. Leadership, creativity and innovation: A meta-analytic review. European Journal of Work and Organizational Psychology, 29(1), pp.1-35.
Sawyer, R.K. and Henriksen, D., 2024. Explaining creativity: The science of human innovation. Oxford university press.
6 Years | MBA
