BFA701 Enterprise and Entrepreneurship Assignment Sample
Module code and Title: BFA701 Enterprise and Entrepreneurship Assignment Sample
1. Introduction
Enterprise and entrepreneurship is the journey for the businessperson to start their business in which they are interested in starting their own venture or enterprising their work under someone else. Associated British Foods PLC develops their enterprising and entrepreneurship skills to enhance their ventures and employability.
Associated British Foods PLC, in this scenario, is a diversified business group that enjoys a high degree of autonomy in running their company’s operation. This company operates its business under various categories such as grocery, sugar, agriculture, ingredients, and retail.
Linking Associated British Foods PLC to first business development opportunity
The circular economy is the perfect solution to tackle global challenges in the company such as changing climate, loss of biodiversity, wastage, and pollution. In Associated British Foods PLC Company, a circular economy aims to change the relation to the linear economy and limit the environmental impact and wastage of resources and with that increase efficiency at all the stages of the food products (abf.co.uk, 2022).
In this scenario, circular economy encompasses a large number of activity sectors such as sustainable procurement in development and implementation of a responsible purchase policy, eco design process. These help to reduce the impact of a food product or service in the company through the lifecycle, functions of economy which helps to collaborate in favor to use for possession that tends to services related with food products of the company Associated British Foods PLC (abf.co.uk, 2022).
Along with that, it encourages the company to use different materials instead of just using them for once. The circular economy helps Associated British Foods PLC avoid the use of fossil fuels and non-renewable energy (abf.co.uk, 2022). However, in scenario, the circular economy helps the company to enhance the renewable resources and returns valuable nutrients to the soil to support the regeneration and improve the environment.
Linking Associated British Foods PLC to second business development opportunity
Improvement in customer service helps to know good information about Associated British Foods PLC. The help of data collection helps to satisfy their service in the company. Improvement of customer service is a major impact on the company. The most important thing in improving is the connection between empowered employees and customers. The agents in the company want to solve the issue however; the agents need to approve it with the manager of the company.
Hence, it is easier for the agent in the company to use their judgment in the company, approve the discount and solve the matter on the spot. Employees in Associated British Foods PLC Company are on different ranks when it comes to delivering the brand promises of the company to the customer and is equally vital to perceive and communicate with customer’s expectations, moods, and perceptions (abf.co.uk, 2022). Sometimes the vital connection between employees and customers suffers. Employees in the food products industry are more engaged at work and more willing to help the customers.
2. Industry trends
Associate British food is a large British international food retailing company, which headquarters located in London, UK. It has 384 branches throughout the UK (abf.co.uk, 2022). Every company has its own industry trends and business development opportunities. Here the study allocates ate the business trend in the support of Porter’s five Forces model.
In the following ways, the five forces models apply in the industry run and influence the industries. The model indicates the competitive forces, treads that change the industry trends, and helps to determine the strength or weakness of an industry. The five forces are- competition in the industry, new entrants in the industry, power of the supplement, the potential customers, and threats of the substitute.
Competition in the industries
The number of competitors often falls some effect in the industry. The larger numbers of the competition drive out a better offer, price, and other potential factors. It charges a high price in terms of gaining higher sales or profits. Along with associate British food, the main competitors are Sudzucar, green core groups, and Kerry groups. The competition rate of ABF in the UK market is high as there are a large number of competitors found over there. The competition with the companies has an impact on associated British foods (Betts et al. 2018).
New entrants in the industry
The ABF, which has a strong barrier to the accurate force in the existing market, can able to charge the better opportunities. The more a company establishes the position is a company can significant. It costs for a company to enter other companies’ markets. It will negotiate better opportunities.
After the COVID crisis, the ABF is facing issues with new entrants in the food industries. The increase of health consciousness, plastic elimination, and the concern about food traceability is happening issues to run the food industries. Now the newcomers might have not had a high impact yet on ABF‘s food business, however, in the future, they can fall a bad impact on the ABF if they can grow themselves at this speed.
Power of suppliers
The power of supplies can run out the market cost prices. In this scenario, it is the reason that a company switch to another supplier. A larger number of suppliers who switches the costs can find; the company can maintain the costs on the demands of the suppliers. The suppliers of the food industry there are the communication problem can happen. In the case of running the industry trends, ABF facing the supply problem has allowed with late supply and losing quality (Charatsari et al. 2020). These issues have a high impact on the companies’ trends.
Power of consumers
The ability of a customer is the main factor for the company’s success. A company has many customers who are having the ability to change the price to increase the business. A customer can bring another customer to the company with the force of using the company’s product.
The power of bargaining can increase or decrease the food market. After the pandemic session, it has observed, the customers are despaired to buy the products at a low price. They are not giving attention to whether the qualities are good or not. The high impact of the issues is creating a market loss. Hence, in this scenario, it is the cause to reduce the industry trends. ABF’s are facing these customers’ issues.
Threats of alternative products
Substitute services can use in the industry’s products or managing threats. It has the power to increase prices in a favorable way. Customers have the option to choose in company’s product through the qualities of a substitute. ABF is famous as a food processing company. However, so many companies bring alternative products at a low price to ABF (Apostolopoulos et al. 2021).
Hence, the customers are taking an interest to buy the same products at a low price. Instead, ABF is losing its customers. The effect of losing the opportunities is high; in this case, ABF should adopt some business strategies to compete with the alternative programs.
The data collection and analysis capabilities concepts help an organization to collect data, aspects, and business operations. ABF‘s data collection analysis conducts the food tracking, enhances organizational learning, and collects relevant external and internal data sources. It allocates the business intelligence and analyzes operations. ABF food industries are improving more than before to use data analytics. It helps them market networking. Keeping tacking the carriage and making pricing decisions is getting beneficial to the companies.
3. Evaluation of Business Development Opportunities
1. Application of concepts in the circular economy to reduce the negative environmental impact of the organization.
ASSOCIATED BRITISH FOODS PLC
A circular economy benefits the enterprise to reduce the negative impact on the environment and provide a scoop of development to the organisation. The circular economy in the organisation reduces the production of waste in the process of business through the regeneration of the natural system. The demand for food products is growing due to the rapid growth of the population and economic development and the food industries need the faster production of raw materials.
ASSOCIATED BRITISH FOODS PLC suggests that the customer should have information related to the emission of the waste products before purchasing the product. The process includes the measurement of the emission and transparency in the entire food chain supply (Slorach et al. 2020). The customers get an insight into the carbon emission process of the industry and support the retailer and the food processing company for benefiting nature.
In the circular economy, the food industry tries to use organic resources that fulfil the need for demanded food products. The use of nonorganic products in an inappropriate way may cause pollution while producing raw materials. As per the opinion of Uttama (2021), the products are supposed to be free from harmful properties and must return to the soil in the form of organic fertilizer. The process is quite expensive in some cases but this is effective in regenerating the life cycle of the soil and supporting biodiversity (Ingrao et al. 2018). The industry needs a shift in its system and that may require more investment.
The case study highlights the rate of food waste is high in urban areas due to the high population and demand for the food. The rate of food processing is quite high and that causes the generation of organic waste in the form of waste food, sewage, and by-products (ellenmacarthurfoundation.org, 2017). As per the opinion of Demartini et al. (2018), the food retailers and the processors will accept the new business model to develop their business.
Regenerative food production influences the practice of using organic instead of inorganic fertilizer to increase the rate of food production without harming nature. The process promotes the idea of crop rotation and greater crop variation to reduce the negative impact on the nature of the soil. Regenerative processes use various types of farming such as rotational grazing, conservation of agriculture, agro ecology, and perm culture that maintain and develop the natural nutrients of the soil (Sánchez-Teba et al. 20121).
The food industry uses local agricultural farms to collect raw materials for the industry. In this case, the industry meets the demand of the customers and supports the crop diversity that helps to select the variety of the food the local surrounding demand.
The concept of a Circular economy confirms that the urban food industries do not depend only on the peri-urban areas but support the local, regional or global sources of the raw materials. The local resources of agricultural products can help the industry to develop the distribution process and regenerate the supply chain system regarding food.
According to the journal of Kayikci et al. (2022), this helps the city to increase the food supply capacity and support more diverse food supply resources. The food processor industry expects that customers will show their interest in regenerative good products that benefit nature.
The circular economy supports the idea of cycling the food in the urban areas. The organizations in the food industry redistribute edible foods and process the inedible to form new products (Schaefer and Cheung, 2018). Those foods are processed appropriately and help producing fertilizer with the help of innovations and technologies. The organization chooses the valuable materials that could help in producing the biomaterials and bio-energy.
The food waste prevention process is the key to reducing the negative \inp0mcat of the food industry on nature. The management of the organisation reforms its system to reduce the waste of water during the processing of its food materials. Industries convert waste material into valuable materials that work effectively in rejuvenating nature.
The industry supports the systems that bring a proper transformation in the collection system and ensure the growth of the economy (Martin-Rios et al. 2020). The companies choose a strategic plan that promotes the idea of safe food for people to increase the sales of organic food products. The food designers assure the customers that the food product does not benefit the health of the customers but protects nature as well.
2. Improvement of data collection and analysis capabilities to enhance organizational learning and lead to an improved customer experience.
Customers are demanding food products that are safe to consume and maintain certain standards of quality. In the food industry, customer satisfaction influences the systematic development of an organisation (Esposito et al. 2020). The demand for foods free from the allergic properties, gluten and pesticide are becoming high day by day.
The data collection process of the industry ensures that the customers are getting the proper product as per their demand (Hysa et al. 2020). The data collection helps the company to identify the issues that the customers are facing and provides a scope of development for the company to perform better in the future. The industry implements policies that will minimize the change- effects and manage the management that will benefit the company in the long-term process.
The data collection process begins with the identification of the issues with stakeholders. The management gathers information related to the dislikes of the customers and the stakeholder in their current food processing technique. The management has to improve each step of the process for bringing a change in the entire system. The company has to set a business goal that can save the customers and secure the growth of the food industry (Camilleri, 2020).
The company improves the scheduling, improves the carry cost, and improves the efficiency of the organisation through the evaluation of their collected data. The data collection process influences the decision-making process of the management to bring positive changes in the industry. The data collection process also ensures the industry is obeying government policies.
The data collection process identifies the current issues in the marketing of the product. The company may gather the data through surveys of their products. The customer’s review also proves to be effective to get an idea of public demand and the current market trend. The management can identify the products that are in high demand in the market. The quality of the food products assures the sales of products (Upadhyay et al. 2022). The industry uses the online tracking service to collect the data. An organization can make a plan on how to approach the issues and improve service quality.
The data analysis process helps the companies to analyse the data collected and generate proper solutions to mitigate the issues. The food industry is experiencing various changes in recent decades and the consumption habits of people are influencing mass production. Data science processes the data related to food production in the industry and benefits customer service, operating efficiency, and quality control.
Data science can monitor and evaluate the comments of customers on social media. The language process is the key to understanding the review of customers from various nations. This divides positive reviews and negative reviews to respond effectively. The industry or organisation may generate a strategy to improve the customer experience by developing product quality and services.
The use of the synthetic product in food processing is increasing to meet the high demand of the population. The company has to maintain the taste and nutritional value of the food to improve the growth of sales. Data science also improves the data analysis process that helps to develop the food quality and quantity (Purwanto et al. 2019).
This process ensures that food products are getting safe storage and preventing the waste of the company’s capital. The data science can indicate the possible issue is the safety of the food and helps the management to mitigate the issues mentioned in the collected data.
The biggest issue in the food industry is the production of food waste during the process of raw materials. With the help of algorithms and data science, the company gains knowledge of the current market trends that reflect the demand of the customers (Daengs et al. 2020). The process also highlights the effects of temperature and storage quality that may cause food waste.
The data analysis helps the industry to improve its performance and be a part of the competition in the global market. Modern cultivation process, warehouse managing stocks, and maintaining the retailer’s demand are advantages of the data analysis (Horvat et al. 2019). The data analyst helps to identify the ins and outs of the supply chain of good products across the world. The data analysis reinforces transparency and controls the supply chain. The data-driven management helps to use resources, save time and reduce the overall cost of food processing.
4. Conclusion & Recommendation
With deep knowledge of the ABF case study, I recommend the circular economy concept is more acceptable than other views. In this concept, the recycling of industrial wastage is preventive in today’s perception. The raw materials of the products are can use longer way. The recycling of waste reduces environmental pollution.
It reproduces more in a sustainable way. The development opportunities are the company’s process to develop or increase the business. It helps to bring the customers to the companies. The development strategies are the backbone of the companies. The company faces the supply chain infrastructure gaps the challenges. They also face price-fixing issues and dominance abuse. Such as issues, the ABF is facing in the industry treads.
In addition to the study of Rogerson, and Collins (2019), the development of the company, the circular economy concept, and data collection & analysis are important. The circular economy retains the value of the resources that can use in a recycling method. This method helps food companies to reduce food waste. ABF has a huge success after adopting the circular concepts. It protects the industrial environment (Sadiku-Dushi et al. 2019). Being in the food industry, there are many rotten foods can found. The circular concept helps to reduce waste.
It entails the economic activity for all sectors of people who are engaging in the products. The company should give more attention to the circular economy concept to the transaction into renewable energy sources out of the system.
Conclusions
Creating an independent existence to manage, execute, and gain from the innovation with a little bit of guidance from the enterprise and cooperation with business units and challenges is the most important to hold the different culture of the Associated British Foods PLC company. In a company, the enterprise is always ready for execution.
Enterprise manages the risk in the company, especially in the food industry. This thing arises from the structures and processes to enable Associated British Foods PLC. The Entrepreneurship recognizes the changes, pursues opportunity, takes a risk with duties and responsibility, innovates, and makes better use of resources in the food products company.
Associated British Foods PLC evaluates the two business development opportunities that help the company to implement a circular economy and help to reduce the environmental impact of the food product industry. Associated British Foods PLC with the help of circular economy design to reduce the wastage and pollution which will help to release the greenhouse gasses, different types of pollution, and congestion on traffic, then urges the company to reuse, remanufacture and recirculate the material for a long-run.
In Associated British Foods PLC, the company helps to improve the customer experience and improve the customer experience. Thus, these two development opportunities help the Associated British Foods PLC to improve better.
Recommendations
- Utilization of circular economy for mitigating adverse environmental impact
A circular economy is highly recommended for the company namely Associated British Foods PLC as this will help the company to face global challenges such as climate change, loss of biodiversity, and wastage and pollution (Jones et al. 2019). The circular economy will help to recycle, reuse and remanufacture the material in the company (Phillips et al. 2021). Then Eco design in the company will help to reduce the impact and service in the company (Hatt, 2021).
Circular economy designs out the wastage and pollution, which negatively affect mental health and some systems in nature. This process helps to release greenhouse gasses, and different types of pollution and in removing the congestion in traffic. The circular economy will help to remove the wastage and pollution as this negatively impacts mental health and natural systems. This will encourage the company to use the material many times instead of using them once (Siska et al. 2021).
The circular economy, in this scenario, urges every company especially Associated British Foods PLC to reuse, remanufacture and recycle to keep materials circulating for the long run. The circular economy helps Associated British Foods PLC to avoid using fossil fuels and non-renewable sources of energy (Papadopoulou et al. 2021).
However, the circular economy encourages the company to use renewable sources of energy, as it will help to return the important nutrients to the soil (Penaluna et al. 2019). Along with the company, in this scenario, this benefits society and other businesses, and the environment (Marlow, 2020). Together, the principles of the circular economy represent a powerful and perfect solution for changing climate and challenges in the economy. This will help the company to go ahead.
Reference List
Journals
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Websites
abf.co.uk, 2022. Home. Available at: https://www.abf.co.uk/ [Accessed on 29.04.2022]
ellenmacarthurfoundation.org, 2017. Available at: https://archive.ellenmacarthurfoundation.org/explore/food-cities-the-circular-economy. [Accessed on 09.05.2022]
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