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Mental Health
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Mental Health
According to WHO panic, worry and anxiety are ways in which people respond to uncertainty and unknown situations. In cases likeCOVID-19, people are afraid because of changes in their daily lives such as restricted movement, working from home, unemployment, online learning for children, and lack of physical contact and wearing of facemasks. All these abrupt changes have an effect on both mental and physical health of people (Park et al.).
Mental health, affects a broad area of people’s lives. It affects the sleep patterns where one has difficulty sleeping, poor concentration, loss of appetite and poor eating habits. In terms of socially and economically it affects one career, education and relationships with friends and family. People suffering from mental illness can also suffer from alcohol or drugs and other addictions (Park et al.). Mental illness does not only affect at an individual level but also families, community and nation. For example, if an individual cannot perform at their work place, it means they will have no income and if they are the bread winner in a family, they are also at stake. This affects even the nation at large because individuals are not productive.
According to CDC, children and teenagers may react differently to stress. For children and adolescents there may be excessive crying, change of sleeping patterns, so much worry, unhealthy eating and having behaviors they have outgrown. For teenagers, the stress may lead to poor performance in academics, poor concentrations, headaches and body pains, and indulging in substance abuse (Park et al.).
In the case of COVID-19 pandemic, the people most likely to suffer from mental health illness are: the elderly, those with other underlying conditions such as terminal illnesses, those with mental health conditions and those caring for family members and loved ones. This group of people is likely to have more stress because according to WHO they are at a high risk of contracting the virus (Pfefferbaum et al.).
For children, parents are advised to have communication with the children often, keep assuring them they are safe, let the children continue with their normal routine and limit them from news coverage even on social media. The parents also can explain to the children about the pandemic and what it is. Get to know their understanding and correct any misunderstanding they have. This helps them to have the correct information and thus reducing the stress.
During the COVID-19 pandemic, most people have been required to work from home. This has its side of challenges. Most people have stress on how to handle domestic work and work assignments at the same time. In trying to blend both, most people may find themselves working for long hours. There are various ways one can overcome these challenges. One can set up a working area where there are no non-wok disruptions such as other family members. Also, one should discuss with the other family members about their plan and schedule but also be flexible in case one needs to be attended to. Another strategy is having a schedule. This is important in maintaining healthy eating habits, connecting with other people, healthy sleeping and hygiene (Carol S, 2020).
Another cause of mental illness is loneliness especially in these times of COVID-19 where there is restriction of movement and keeping social distance (Carol S, 2020). According to WHO, the people at high risk are the elderly and those with mental illnesses. To cope with this, individuals should do some form of physical activities such as exercise and maintain social connections. Social connections with loved one can be done through the digital platforms such as zoom. Individuals can also utilize the time and do the things they enjoy to do by themselves but they have not had time to do them. Activities such as reading a book, trying a recipe, a body care routine, gardening, writing, stroking a pet, arts and crafts, virtual tours and live stream yoga and other workouts.
During uncertain times people experience high levels of anxiety. To cope with this, individuals can do simple relaxation techniques such as breathing in and out, or meditation as they help relieve anxious thoughts. One can also access materials on other relation practices online. When these activities are done regularly they help reduce stress and anxiety. Individuals can also join wellness programs online where most of them are free (Crystal).
In times of a pandemic such as the COVID-19, it is advisable to stay informed but not watching the news so much. Staying informed is important so one can follow what is happening and safety measures given. Also one is able to know what the authorities require of them and take personal protective measures. On the other hand, it is good to get information from verified sources such as WHO and CDC because some information only instills fear, is incorrect and some are just myths and misconceptions. It is good to check what one is watching or reading. To achieve this; check only trusted sources, limit the number of time one checks for updates and one can refrain from the media if they start feeling overwhelmed. One should also refrain from sharing information that is not from a verified source as these increases anxiety and fear to other people who receive the information (Crystal).
To have a good mental health in times of the pandemic, one should try and focus on the things they have control over. Focusing on questions like what will happen, when will the pandemic end, what is the government doing, will only increase our fears and anxiety because they are questions without answers. Instead of this, one can focus on what they can do at a personal level to reduce the risk such as wearing a facemask, washing hands for 20 seconds, sanitizing, avoiding crowds, staying at home, maintaining social distance and following all the guidelines set by authorities (Crystal).
The best way of maintaining mental health is taking care of one’s body and spirit. Even with the disruptions caused by the corona virus one should; be easy on themselves, maintain their routine such as sleep and meals, do the activities they enjoy like reading a book, go out and enjoy nature if possible, do some exercises such as cycling, yoga, and do not use substances such as alcohol to reduce anxiety ( Crystal).
Listening to music also helps to reduce stress and anxiety. Music helps in various ways; it helps one divert attention from the issue that is causing stress and anxiety and also activates and excites one’s body (Crystal). According to researchers, music helps the body produce immunoglobulin A and natural killer cells that attack viruses and improves immunity of the body. Music also reduces the levels of cortisol, a stress hormone.
Individuals can join other community members and faith-based organizations such as churches. This can be done through the online platforms due to the social distancing measures in place. It can be through social media, phone calls, or emails. There can be praise and worship sessions, prayers and even sermons that have a message of hope. This will be important as one can pass and receive a message of hope and this will help reduce stress and anxiety levels. It also helps individuals to shift their focus from the pandemic news and fears that come it (Crystal)
In conclusion, mental health can be maintained easily without expenses. It is just about having things such self-care routines like exercising, maintaining hygiene, eating healthy, having good sleeping patterns. Maintain social connections through phone calls, digital platforms such zoom. Avoid so much news from unverified sources because they spread fear. Enjoy hobbies like reading books, cooking, gardening, and watching. Also avoid self-medication with substance such as alcohol and drugs. Finally, have a balance between domestic chores and work assignments if possible have schedule for each day and a specific place for working. All these are strategies that can help maintain mental health. One should use that which is appropriate for them because different people react differently to stressful situations. Also in terms of hobbies, people have different activities that they enjoy doing by themselves. Finally, when people are mentally healthy, they will think clearly and therefore, follow the guidelines put to protect themselves and their families. This will in turn help reduce the spread and infections of corona virus.
Work Cited
Pfefferbaum, Betty, and Carol S. North. “Mental health and the Covid-19 pandemic.” New
England Journal of Medicine (2020).
Park, Crystal L., et al. “Americans’ COVID-19 Stress, Coping, and Adherence to CDC
Guidelines.” Journal of General Internal Medicine (2020): 1.
Macro-Environment analysis of Coca-Cola Company
Table of Contents
TOC o “1-3” h z u HYPERLINK l “_Toc404606533” The Company PAGEREF _Toc404606533 h 2
HYPERLINK l “_Toc404606534” Brand PAGEREF _Toc404606534 h 2
HYPERLINK l “_Toc404606535” Macro-Environment PAGEREF _Toc404606535 h 3
HYPERLINK l “_Toc404606536” Political Factors PAGEREF _Toc404606536 h 3
HYPERLINK l “_Toc404606537” Economic Factors PAGEREF _Toc404606537 h 3
HYPERLINK l “_Toc404606538” Social Factors PAGEREF _Toc404606538 h 3
HYPERLINK l “_Toc404606539” Technological Factors PAGEREF _Toc404606539 h 4
HYPERLINK l “_Toc404606540” Legal Factors PAGEREF _Toc404606540 h 4
HYPERLINK l “_Toc404606541” Marketing Strategy PAGEREF _Toc404606541 h 4
HYPERLINK l “_Toc404606542” Target market PAGEREF _Toc404606542 h 4
HYPERLINK l “_Toc404606543” Brand Positioning PAGEREF _Toc404606543 h 5
HYPERLINK l “_Toc404606544” Marketing Mix PAGEREF _Toc404606544 h 6
HYPERLINK l “_Toc404606545” Product: PAGEREF _Toc404606545 h 6
HYPERLINK l “_Toc404606546” Promotion: PAGEREF _Toc404606546 h 6
HYPERLINK l “_Toc404606547” Place: PAGEREF _Toc404606547 h 6
HYPERLINK l “_Toc404606548” Price PAGEREF _Toc404606548 h 7
HYPERLINK l “_Toc404606549” Competitors PAGEREF _Toc404606549 h 7
HYPERLINK l “_Toc404606550” Consumer Characteristics PAGEREF _Toc404606550 h 8
HYPERLINK l “_Toc404606551” Buying Decision Behavior PAGEREF _Toc404606551 h 8
HYPERLINK l “_Toc404606552” Complex buying behaviour PAGEREF _Toc404606552 h 8
HYPERLINK l “_Toc404606553” The Buying process PAGEREF _Toc404606553 h 8
HYPERLINK l “_Toc404606554” Conclusion PAGEREF _Toc404606554 h 9
HYPERLINK l “_Toc404606555” References PAGEREF _Toc404606555 h 10
The CompanyThe company started in 1986. Coca-Cola is a carbonated soda pop sold in stores, restaurants, and offering gear around the world. The Coca-Cola Company guarantees that the beverage is sold in more than 200 nations. It is delivered by The Coca-Cola Company in Atlanta, Georgia, and is frequently alluded to just as Coke or as cola. The Coca-Cola Company is the world’s biggest beverage organization, invigorating customers with more than 450 crisp and still brands. Alongside Coca-Cola, known as the world’s most profitable brand, the Company’s gathering incorporates 12 other billion dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, and vitamin water, PowerAde, Minute Maid and Georgia Coffee. All through the world’s biggest drink conveyance framework, customers in more than 200 nations appreciate the Company’s refreshments at a rate of 1.5 billion servings a day. With a perpetual guarantee to building manageable groups, our Company is centered on activities that protect the surroundings, save assets and enhance the economic development of the groups where we work (Foster, 2008).
Brand
The Coca-Cola Company has room schedule-wise to present other cola drinks under the Coke brand name. The most customary of these is Diet Coke, with others and also Caffeine-Free Coca-Cola, Diet Coke Caffeine-Free, Coca-Cola Cherry, Coca-Cola Zero, Coca-Cola Vanilla, and unique versions with lemon, lime or espresso. In response to purchaser assertion on a more common item, the organization is at present eliminating E211, or sodium benzoate, the hostile added substance utilized as a part of Diet Coke and joined to DNA harm in yeast cells and hyperactivity in kids. The organization has realized that it plans to take away E211 from its different items, including Sprite and Oasis, when a sensible substitute is found (Nestle, 2000).
Macro-Environment analysis of Coca-Cola Company
Political FactorsGovernment assumes a part inside the operation of assembling this item in term of regulation. What’s more on the off chance that they don’t take after any of the single law then there are potential fine situated by the Government on organization. So thus Non-fermented drinks fall inside the sustenance class under the FDA (Food and Drug Administration) Political component likewise influence if there is change in the non-alcoholic business environment. These incorporate, without impediment, aggressive item and estimating weights and their capacity to increase or keep up offer of offers in the worldwide market as an issue of activity by contenders (Nestle, 2000).
Economic FactorsUnited Arab Emirates is on the eve of recovering from the world economic recession. Customers are presently continuing their typical propensities, setting off to the shopping centers, auto shopping, and consuming out at restaurants. On the other hand, a lot of people are even now taking care of their cash carefully. They accept that with lower swelling still to come, customers will recoup their certainty through the following year.
Social Factors
Numerous UAE natives are rehearsing healthier ways of life. This has influenced the non-fermented drink industry in that a lot of people are changing to filtered water and eating methodology colas rather than lager and other hard refreshments (Pitelis, & Teece, 2010).). The requirement for filtered water and other more advantageous and sound items are in critical in the normal everyday life. Besides consistently Coca Cola gives 1% of their benefits to philanthropy in Spain and it makes a neighborly organization picture.
Technological Factors
The organization advancement relies on upon the engineering they utilize and it help the organization to bring the level of the organization to the more than the normal. The Coca-Cola group chose it was time to get more execution from the business-discriminating SAP applications, while driving down equipment and programming expenses. As opposed to redesigning Oracle, the group chose to present IBM Db2. “By deciding to actualize Db2 pressure immediately, we have lessened the database estimate by around 40 for every penny. This provides for us speedier reinforcement and decreased stockpiling expenses, and makes the SAP specialized redesigns simpler and snappier.” Andrew Juarez, SAP Lead Basis, Coca-Cola Bottling Company Consolidated.
Legal Factors
Lawful angle concentrates on the impact of the national and world enactment. The Coca Cola Company gets all the rights material in the way of their business and each innovations and item improvements are continually going into the protected procedure (Pitelis, & Teece, 2010).).
Marketing StrategyTarget marketAs a rule, in spite of the fact that the organization concentrate on entire populace on the planet, adolescent era is the target showcased of the organization and they additionally need to demonstrate their items with loaded with youth and vitality to their customers. Schuiling & Kapferer (2004) expresses that Coca-Cola are cool and true, and , separate Coke from its rivals while Schuiling & Kapferer (2004) contends “pepsi being adolescent, energizing and hip and Dr pepper being nonconforming, special and fun”. Coca-Cola Company needed to painstakingly think about discharging as an eating methodology product offering because of apprehensions of debilitating the brand. Some piece of the choice procedure depended on the creation of aspartame, which is viewed as an issue sweetener to saccharine with less reactions. Coca-Cola has been utilizing its showcasing blend to demonstrate their prosperity business. Business fragments help the organization to enhance their items and administrations, recognizing what their customers require and advance new divisions. They advertises the items offering into distinctive or more than one business (e.g. Eating regimen coke) (Schuiling & Kapferer (2004)). To realize what their customers need, Coca-Cola utilizes the buyer division criteria and business sector into diverse gatherings: behavioral, psychographic and profile.
Brand Positioning
The situating methodology utilized by Coca-Cola has permitted them to paint a suitable picture of themselves in the psyche of their customers as the main “True One”. They have planned their situating methodology to draw a successful picture of their items offered for their client. When they had chosen the business fragment they needed to target and contend in, they unmistakably created a picture of that focused on business portion and appropriately characterized their items as a component of their situating method. Through their positions technique they underlined on their different and exceptional attributes with connection to their focused brands pushing on their singularity. They related their item with the client’s qualities and learning highlighting their profits. Their situating strategy likewise included examination of Coca-Cola’s items with those of their opponents, in the same way as Pepsi, so that drive their customers to accept that Coca-Cola’s items had higher quality and standard (Schuiling & Kapferer (2004)).
Marketing MixProduct:). It’s marking is evident and effortlessly perceived. Without a doubt, no drink organization contrasts with Coca Cola’s social ubiquity status. Some individuals purchase coke in view of its taste, as well as in light of the fact that it is generally acknowledged and they have a feeling that they are a piece of something so huge and binding together. Particularly, most youngsters anticipate an alternate sense which cool and articulation toward oneself. Coke is a way of life that they need and need. In this way, they pick Coca Cola. Individuals have very nearly boundless needs however constrained assets. In this manner, they need to pick items that give the most esteem and fulfillment for their cash. At the point when supported by buying force, needs get to be requests. Since the individuals’ need and requirement for Coca Cola, need get to be request (Schuiling & Kapferer, 2004
Promotion:Coca Cola Company focuses on promoting so as to make customers mindful of items. Broad promoting is utilizing on radio, TV and bulletins, and also sponsorships. Coca Cola supports numerous game exercises, which provides for them more mindfulness and prominence.
Place:The accessibility of Coca Cola’s items is second to none. Coca Cola’s brands can be discovered practically all over where buyers require a beverage, for example, in fast food organizations discovered everywhere throughout the world (e.g. Mcdonalds), in all general stores, accommodation stores, open houses, restaurants, bars and night clubs, sports stadiums, aerial transports basically all around.
PriceThe pricing strategy of Coca Cola is focused around the estimating progress with respect to its rivals and in addition the estimation of its items. In UAE, as is valid in the universal market, the fiercest contender of Coca Cola is Pepsi so evaluating is in a manner affected by the transaction of these rivals in a given business sector. Diverse taste item embrace the same value, that made customers purchase new item, however don’t think excessively. Since Pepsi is a puissant contender, two organizations very nearly embrace close estimating.
Competitors
Coca Cola Company’s immediate rival is Pepsico. Nonetheless, Cola Turka is a conspicuous rival in the cola business sector of UAE to attempt and catch the shopper’s consideration. This is clearly seen in the Cola Turka’s advancements with “Yahşi Batı” film of Cem Yılmaz. Pepsi build their advancement and mindfulness by promoting their items with well known superstar to pull in their fans to purchase their items. Really, Coca Cola and Pepsi have both the thought of “think worldwide, do nearby”. For instance, Coca Cola which is currently utilizing Acun Ilıcalı as a part of TV promotion, opponent organization of Pepsi is utilized the same conclusion before with Seda Sayan character who is extremely convincing over customers. In spite of the fact that there are a few advancements by Pepsi and Cola Turka, the purchasers really buying Coca Cola items did not really “perceive” the advancement. The greater part of the purchasers don’t get impacted by the advancements offered by the sodas organizations. This by and by shows how solid brand devotion is between buyers.
Consumer CharacteristicsConsumer behaviour is very affected by outside and interior elements. The outer components are isolated into five areas: Demographics, socio-money matters, engineering and open arrangement; society; subculture; reference gatherings; and promoting. The interior elements incorporate a mixed bag of mental components, for example, convictions and state of mind, inspiration, observation, and learning and mental self-view. Studies have demonstrated that these components and others that fall past the advertiser’s control have a critical effect on customer’s behavior
Buying Decision BehaviorComplex buying behavior
Complex buying behavior is customized by large amounts of shopper inclusion in a buy and critical saw contrasts among brands. Buyers generally apply intricate buying behavior when the expected buys are lavish, occasional and hazardous. Buy choices are more unpredictable contrasted with different items that are less expensive. Purchasers undertaking complex buying behavior are prone to experience each one phase of the choice making methodology. They will normally invest time asking about the item, assessing option brands and contrasting alternatives before at last making the buy (Weber, Story & Harnack, 2006).).
The Buying processCoca-colas customers can be clarified in Consumer as an issue Solver (Habitual Decision Maker). A frequent leader settles on decisions that are portrayed by a motivation endeavored and without cognizant control (Solomon et al, 2006). Coca-Cola’s brands are low inclusion items along these lines oblige little data seek. Most choices made by individuals who devour Coca-Cola are with almost no cognizant exertion. Coca-Cola customers buy Coke for instance focused around a propensity that has been structured about whether. Likewise the Evaluation of choices can be utilized to clarify the brands imperviousness to the subsidence, a great part of the buyers exertion that goes into a buy choice creates at the stage in which a decision must be produced using the open options (Solomon et al, 2006). By and large, there are various plan B, (for example, water, soda or liquor) a customer could consider in fulfilling a biogenic need, i.e. to prevail over thirst. A customer that has framed a propensity extra minutes to buy eating methodology Coke for instance will dependably have as a top priority an eating methodology coke at whatever point he’s parched. Marking can likewise be an impact on the assessment of plan B.
ConclusionIn place for the organization to keep up its solid business sector position, Coca Cola needs to consistently reinforce its brand to keep up brand unwaveringness and positive reactions and separate itself from its rivals. Particularly, the contention between Coca Cola, Pepsi, and Cola Turka has created a moderate moving industry, administration should consistently react to changing purchaser patterns and demeanor as the customer can undoubtedly change to different refreshments with little cost or outcome. The organization ought to merge the dedicated purchasers, empowering heavier utilization from them. They could attempt to change over some brand switchers into dependable customers through deals advancement and publicizing.
ReferencesFoster, R. J. (2008). Coca‐Globalization. Blackwell Publishing Ltd.
Nestle, M. (2000). Soft drink “pouring rights”: marketing empty calories to children. Public Health Reports, 115(4), 308.
Pitelis, C. N., & Teece, D. J. (2010). Cross-border market co-creation, dynamic capabilities and the entrepreneurial theory of the multinational enterprise.Industrial and Corporate Change, 19(4), 1247-1270.
Schuiling, I., & Kapferer, J. N. (2004). Executive insights: real differences between local and international brands: strategic implications for international marketers. Journal of International Marketing, 12(4), 97-112.
Weber, K., Story, M., & Harnack, L. (2006). Internet food marketing strategies aimed at children and adolescents: a content analysis of food and beverage brand web sites. Journal of the American Dietetic Association, 106(9), 1463-1466.
A screening the business idea and business model for Climate Control Clothing
A screening the business idea and business model for ~Climate Control Clothing~
Introduction
Technology gives us more reasons to smile and more ways to make life easier. Climate control clothing is technology in the clothing industry that helps you keep warm even when it is cold and cools you up when it is cold. Many people have not experienced this, which makes it a good idea to venture into climate control clothing business. In a bid to embrace technology and make a profit out of it, climate control clothing provides a solution to everybody, young and old. This paper analyses in depth, climate controlled clothing as a business idea considering the risks involved and what investors stand to gain. The paper is a guide into the business and provides detailed information on the potential growth of climate control clothing as a business and its financing requirement. This paper will also provide supporting details on how to grow this business venture.
Original Business Idea
Climate control clothing is a business idea that aims at taking advantage of few manufacturers of the product in the market. Manufacturing and controlling the supply of this product, to control and fully eliminate unauthorized intermediaries in the supply process. The business idea in climate control clothing is providing light wear that is made from advanced fabrics.
Clothes made using this technology provide solutions and comfort in varying climatic conditions, cooling effects when it is hot and warm when the weather is cold. The main idea and concept behind this clothing is to make you comfortable in all weather conditions. For companies, this will help reduces the rate of absenteeism by employees caused by unpredictable weather thus maintaining the production curve.
Together with providing a solution to working in varying weather conditions, climate control clothes are fashionable. The clothes are designed in different styles to bring out individuals sense of fashion. The business should manufacture customized clothes on request of customers, to suit individual tastes and preferences.
The need to provide fashionable wear using the current technology to provide solutions both to individuals and corporate organizations led to the idea of climate control clothing as a business venture. The idea furthers main use of clothing to provide a unique quality of clothes.
Product Description
Climate control clothing is a general word used to refer to all types of clothing that are manufactured using special type of fabric. The purpose of using this special fabric to manufacture the clothes is to make clothes that are suitable for wear in different climatic conditions. As the name suggest, climate control clothing helps you adapt in different environments with different climatic conditions. The clothes can be worn by anybody despite their age, gender, size or body weight and shape.
Attire made from the special fabric provides both cooling and warm effects depending on the current climate; this means, you feel cooler when it is hot and warmer when it is cold. Simply, these clothes provide effects similar to an air conditioner keeping your body temperature at a balance.
The special fabric is designed using Nano technology, making the products extremely advanced. Any type of attire can be made from this fabric, including jackets and scarfs. Vests and hats too can be made from this fabric; entire body attire can be manufactured using the special fabric. Climate control clothing should not be ironed and is dirt free bringing a different concept away from traditional clothing. The product brings an entire change in the clothing industry, where designs are incorporated with the latest technology to serve the same purpose.
Value Proposition
The need to have clothes that help people adapt to different climatic conditions exists. Manufacturing clothes using the special fabric technology meets the need of having clothes that help in maintaining body temperature in varying weather conditions. The clothes manufactured need to provide similar solutions to different people, different sizes and designs need to be manufactured. To meet specific individual needs, customization of the clothes should be provided as a service to take care of specific needs.
Climate control clothing provides the solution to children who fall sick during cold seasons and miss school. The same also applies to workers whose productivity lowers and rates of absenteeism rise during periods of harsh climatic conditions. The need to have light worn that can help individuals to withstand different climatic conditions will be met, by manufacturing clothes that are light and easy to clean.
The need will be met through using the Nano fabric technology to manufacture all types of clothes. Clothes that are casual wear and clothes that are office wear will be manufactured using the fabric. Distribution and sales are to be made worldwide to reach out to all continents and provide this unique product.
Business Model
The business idea arises from the need to use technology in designing fashionable wear. There is a general need to have clothes that an individual feels comfortable in and can work efficiently in during all-weather conditions.
During cold weather, people wear heavily in order to keep warm; they also drink hot fluids to maintain body warmth. During extremely hot weather, people wear light clothes in order to keep cool and allow air circulation in their body. The concept of climate control clothing provides a balance to all this using special fabric to design clothes that provide air conditioning solutions. Maintaining a regular body temperature that is recommended at the same time feeling comfy and flexible is the advantage of these clothes.
Due to the need to maintain productivity throughout the year, regardless of the climatic conditions this concept provides a long lasting solution. Fashion embraces technology through the design of clothes that act as air conditioners. The criteria implemented using this concept is the utilization of advanced resources to create long lasting products, moving away from conventional.
Need exists to provide these kind of clothing, this creates need for the product. The technology has not been used widely and being among pioneer companies to manufacture the product gives a competitive advantage.
Market size and Growth
The product has a wide market segment due to its ability to cater for the needs of all individuals. The initial target of climate control clothing is to produce for all kinds of people. The market is large enough to provide profits to the business venture, by targeting all people who wish to dress comfortably under any weather. The business should maximize on profits by taking advantage of the economies of scale, purchasing of the Nano technology fabric in large quantities. Use mass production to minimize on the costs of production and achieve a wide profit margin.
The market has a growth potential, to expand and provide products for pets. Coats for puppies and other pets can be manufactured using the same technology. These products will serve the same purpose; to maintain a steady body temperature balance. Growth to this level will ensure that the product remains relevant in the market at all times and makes profits from the venture. To ensure product growth, continuous research and use of technology will be conducted by the business to ensure that the product satisfies future needs.
Competitive advantage
The business will stand out from other competitors in the industry by providing customer level services. Customization and designing products that are specially requested by customers will be our competitive advantage. Taking time to cater to a customer’s specific needs and implementing the requested designs for individual customers besides producing standard clothes for the general market.
The business will continuously conduct research on the product to enable further advancements on the product. This will ensure that new products are introduced into the market and give competition to those that will have stayed for too long in the market.
Affordable costs of the final product; offering the product at an affordable price having put into consideration production costs and ensured a wide profit margin product prices will be set. The business will compete with other companies in the industry by offering the product at affordable prices.
Offering direct distribution to worldwide stores will eliminate intermediaries who break the link between the manufacturer and the customer. Having direct contact with the customers will enable the business to get immediate feedback about the product from the customers. This will also help create good customer relations which will help the business understand the customer in a better way. This gives competitive advantage to the business over other players in the industry.
Management
The business venture will require two different types of managers;
Business Manager- this is the entrepreneur who has invested into the business. The business manager is well informed on the technologies used and is the major source of financing for the business. The greatest financial risk lies on him/her, the manager will determine who to hire and other aspects regarding the venture. The main role of the business manager is to be the business leader, to guide the direction of the business using his/her wide knowledge on marketing and business management.
Production Manager- he/she will be responsible for all steps of production. The production manager will lead the production team in the production process. Other roles include leading the research team to conduct more research on advancement of the product. The production manager will require sound knowledge on the fabric technology being used and ratios of production.
The business and production managers must work together for the business to full achieve its potential. Communication between the two managers must be clear to avoid business losses and present the business in good light.
Revenue/Growth projections
The product is expected to go through different stages of growth from its introduction into the market to the level of it being financially viable.
During the first stage the product will be introduced into the market. Here the business will incur high costs of production and low profits since the product will be new to the market and more costs will be spent on advertising and product promotion.
The second stage will be the growth stage of the product. The target market will be aware that the product exists due to the advertising done in its first stage. Here the product will bring profits to the business as sales will increase.
The final stage will be the stage of product maturation. Here the product will be widely known in the market and will have existed for some time. At this point the business returns will be high and profits will be achieved. This is when the business can be termed as a financially viable business venture.
The duration spent in each of these stages by the product depends on target reception on the product. When the business is a financially viable venture it will be able to cater for all its needs and have a high profit margin.
Financing requirements
The business venture needs to be financed through personal savings and collections by the business manager, who is the entrepreneur. Borrowing from financial institutions is another way of financing this business venture. Financial assistance is offered by financial institutions after the viability of the business idea is tested.
After achieving its short term growth targets and when need to expand arises, the business may sell shares to the public and register as a company to increase its financial resources. Selling shares will help a business pull more money together and serve its expansion costs.
Summary
The product life cycle is a theory that indicates the stages that a product goes through to fully penetrate into the market. Climate control clothing will undergo similar stages to all other products because it is new to the market. It has to be introduced to the market, where the business will incur huge costs in running advertisements and making the product popular.
The second stage of the product will bring an increase in sales and increase in returns from the product. Finally the product will reach a level of maturation where there will be full maximization of potential.
References
Behrens, W., & Hawranek, P. M. (1991).Manual for the preparation of industrial feasibility studies (Newly rev. and expanded ed.). Vienna: United Nations Industrial Development Organization.
Draper, E. (1991). Risky business: genetic testing and exclusionary practices in the hazardous workplace. Cambridge [U.K.: Cambridge University Press.
Mertens, J. (2006, September 1). It’s getting hot in here: law enforcement finds comfort with new climate-control apparel technology.. Law Enforcement Technology, 1, 12.
Wells, L. T., & Adler, F. M. (1972). The product life cycle and international trade. Boston: Division of Research, Graduate School of Business Administration, Harvard University.
White, N., & Griffiths, I. (2000). The fashion business theory, practice, image. Oxford: Berg.