Innovation and Sustainable Managementâ€Free Samples for Students

Question: Discuss About the Innovation and Sustainable Management? Answer: Introduction: The rapid growth of the global warming and environmental pollution has led the whole world to face a deadly consequence. According to many reports, the pollution level of Australia has grown since past few years up to 4.9%. Plastic is considered as one of the major villains of environmental pollution. The harmful chemicals that radiate from plastic are harmful for the environment and can cause various health hazards (Rowland et al., 2013). Edible Water Balls concept has risen in last few years. This is considered as a solution to protect the environment from the harmful effect of plastic bottles (Hollensen, 2015). This is one of the innovative business ideas of modern days. Ashley is one of the beverage companies of Australia that has taken initiative to promote the concept of Australia among the Australian citizen. The below mentioned article has concentrated on the business idea of Edible Water Balls. It has enlightened various aspects of the business plan of Edible Water Balls. Organizational Plan: Vision: The vision of the Edible Water Balls business is to protect the world from the harmful effect of plastic bottle. Protect the atmosphere from the effect of global warming (Mongkol, 2014). Global warming is increasing day by day. Plastic is highly responsible for global warming. In order to protect the environment as well as the human lives to meet an awful consequence, the promotion of Edible Water Balls is highly required. Objectives: The objective of the business idea is to run the business organization of Edible Water Balls successfully. Another major objective of the organization is to promote the idea of Edible Water Balls to the every corner of the world. Earning huge profit by expanding the business of Edible Water Balls is one of the primary objectives. Increase the consumption rate of the Edible Water Balls in next five years up to 25% is one of the major goals for the organization. Put a strong footprint in the beverage industry and meet the expectation level of the consumers is another major objective of the organization. Marketing Plan: Marketing plays crucial role in the success of every business idea. It helps the organization to promote its product among the potential consumers and earn desired target. The organizational management must make an appropriate product marketing plan and must include Porters five forces, market segmentation, target market, four Ps of marketing in their marketing plan (Adeigbe et al., 2015). Porters five Force: Fig: Porters Five Forces Created by: Author Threat of New Entrants: There is always a threat of new entries. The rise of various beverage companies is giving threat to Ashley and Edible Water Balls. Threat of Substitute: There are many substitutes of Edible Water Balls, such as- cold drink, mineral water and other beverages. It is one of the major threats of the organization. Bargaining Power of Suppliers: People have become very much concerned about their health and food habits. Eventually it has become important for every food and beverage organization to use high quality ingredients to produce their products. This has risen the bargaining power of the raw material suppliers. Bargaining power of Consumers: Consumers are the key element of every business organization. They preserve the power to influence the growth of every business organization (E. Dobbs, 2014). They do not prefer to compromise on the product quality while they are paying price. Rival Companies: There is always a threat of rival companies for every business organization. There are many beverage companies of Australia that are giving tough competition to Edible Water Balls, such as- Coca Cola Amatil, and a2 Milk. Market Segmentation: Market segmentation consists of five key components, such as- demographic, geographic, geo-demographic, psychographic and behavioral. Geographic: The climate of Australia is hot. A wide part of Australia is desert (Williams et al., 2015). Due to this geographical position the market demand of the edible water will be influenced. Target Market: It is important for every business organization to identify the target market before marketing any product. They must identify their potential consumers; it will be helpful for the organization to design their marketing plan accordingly. The target market of Ashley for their product Edible Water Balls is the working people who stay out of their house most of the time and the school and college students as they often consume various cold drinks and mineral water to beat the heat (Elenkov, 2014). Competitors: The growth of the various beverage companies has given a tough competition to the edible Water Balls. Two major competitors of Ashley are Coca Cola Amatil, and a2 Milk. These two companies are giving tough competition to Ashley (Pollard et al., 2016). Strategies: Coca Cola Amatil and a2 Milk are known for their innovative and unique style of promotion. They incorporate all efficient strategies to draw the attention of large number of consumers. These two beverage company use new media and traditional media both to increase the profit margin (Melo, 2014). Product: The product of the Ashley is Edible Water Balls. It is a unique product that can protect the environment from the negative impact of global warming. Price: The price of Edible Water Balls is reasonable for everyone, so people from all income groups can easily afford it. Each water ball costs $31. Due to this lucrative price people from all parts of the society will be willing to avail it. Place: To promote Edible Water Balls the business organization must use all the forms of new media. It will be helpful for organizational management to draw the attention of large number of consumers. It is evident in recent time people prefer internet and several social networking sites to stay updated with the current news. It will help the organizational management to reach to the maximum consumers to promote their products (Huang Sarigll, 2014). The organizational management can conduct various promotional events in various offices, schools, colleges and other public places like shopping malls, hospitals. It will help the organization to grab the attention of its potential consumers. Promotion: To promote the use of edible water balls, the organizational management of Ashley must make their promotional events more attractive. They can conduct various social awareness campaigns to aware people about the harmful effect of plastic bottles, where they can promote edible water balls. During promotional events in the public places the organizational management can provide one free water ball to all the audience. In digital advertisement the organization can use any renowned celebrity. The organization will be able to influence potential consumers to purchase the water balls as a substitute of mineral water and cold drink by this procedure. Financial Plan: Ashley must fix a reasonable budget for production and marketing purpose. They must consider their budget while planning for any product. It plays crucial role in the development of the every business organization. The organizational management of Ashley must use quality products to produce the water balls at the same time they must understand the fact that they cannot exceed the product price (Stuart, 2015). It will exploit their buyers which can be harmful for the growth of the organization. It may decrease the sales rate as well as the profit margin of the organization. They must make their price chart in such a manner that they can make profit after providing quality product in an affordable price to their loyal consumers (Nikolov, 2016). Conclusion: As per the previous discussion it can be stated that Edible Water Balls can become an efficient substitute of Mineral waters and other beverages. It can be helpful to protect environment from the effect of global warming as well. Ashley has taken a notable initiative to promote the concept and put a strong footprint in the beverage industry. It must incorporate effective marketing and financial plan and must be clear about organizational objective to earn desired target. Reference: Adeigbe, R. T., Baldwin, S., Gallion, K., Grier, S., Ramirez, A. G. (2015). Food and beverage marketing to Latinos: a systematic literature review.Health Education Behavior,42(5), 569-582. Dobbs, M. (2014). Guidelines for applying Porter's five forces framework: a set of industry analysis templates.Competitiveness Review,24(1), 32-45. Elenkov, D. (2014). Experiential Exercise with Multinational Student Teams: Researching Together a Multinational Corporation and Developing Jointly a Strategic Marketing Plan for IT Using Blackboard.Developments in Business Simulation and Experiential Learning,41. Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Huang, R., Sarigll, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Melo, M. T. D. M. P. (2014).Marketing plan: How to benefit from the European population ageing and attract the affluent senior segment to choose Lisbon as a tourism destination?(Doctoral dissertation). Mongkol, K. (2014). Integrated Marketing Communication to Increase Brand Equity: The Case of a Thai Beverage Company.International Journal of Trade, Economics and Finance,5(5), 445. Nikolov, I. E. (2016). Marketing plan of Hotel-restaurante Vias Viejas. Pollard, C. M., Meng, X., Hendrie, G. A., Hendrie, D., Sullivan, D., Pratt, I. S., ... Scott, J. A. (2016). Obesity, socio?demographic and attitudinal factors associated with sugar?sweetened beverage consumption: Australian evidence.Australian and New Zealand journal of public health,40(1), 71-77. Rowland, B., Toumbourou, J. W., Osborn, A., Smith, R., Hall, J. K., Kremer, P., ... Leslie, E. (2013). A clustered randomised trial examining the effect of social marketing and community mobilisation on the age of uptake and levels of alcohol consumption by Australian adolescents.BMJ open,3(1), e002423. Stuart, A. (2015). A Social Marketing Plan for the Arkansas Miracle League. Williams, A. N., Veth, P., Steffen, W., Ulm, S., Turney, C. S., Reeves, J. M., ... Smith, M. (2015). A continental narrative: Human settlement patterns and Australian climate change over the last 35,000 years.Quaternary Science Reviews,123, 91-112.