The purpose of this business report s is to gain knowledge about various sectors of the business and to know about their contribution to t overall economy. The assignment is based on a business idea for plant-based foods that would further drive towards the profitable business venture for entrepreneurs (Glova et al., 2014).
The assignment focuses on UK expansion plan of Beyond Meat which is a Los Angeles plant-based food Company. Further, the company plans for international expansion by launching its burger in the UK through 350 stores of Tesco (Barnett, 2014). It is the World’s first plant-based burgers which come in a pack of 20 gm protein with no GMO’s or gluten.
A PESTLE analysis is an important tool of the business that helps organization so as to track the external environment in which the company is operating or planning to launch a new product or services. Further, this analysis will help Beyond Burger to take lead in the UK and become competitive in the European market. Therefore it provides a birds-eye view over the whole environment from different angles with respect to contemplating business idea/plan (Jun et al., 2019).
Beyond Burger is the first company in the world that provides services of plant-based food keeping in concern about the health of the customers. The company mainly targets the adult group in the market so as to increase the cash inflows of the company. Moreover, the marketing campaign of the company focuses on the adoption of the innovative technology that will further help to attract the customers and drive the sales of the company (Kolbina, 2015).
An identification of the strength and weakness of the company can help to build better customer relationship as well as increasing the brand value of the company. Thus it is important to analyze the strength and weakness using the GDPR framework in relation to startup business in the UK.
A GDPR stands for General Data Protection Regulation framework that provides sets of guidelines for the purpose of collecting and processing personal information of the person who lives in the European Union. Beyond Meat is planning for expansion in the UK, so it is important to understand the GDPR framework.
Figure: GDPR Framework
A framework consists of new sets of rules that have control over the personal data of EU citizens and further protect such data from misuse and exploitation. Moreover, it provides simplify the regulatory environment for Beyond Burger for setting up of the business and can get benefit from the digital economy. Thus, it further ensures cyber security and data hygiene and a better level of trust among both the businessman and customer (Brkan, 2019).
Beyond Burger focus on providing plant-based food so as to achieve the company's growth in the UK market. Now a day's customers are more health-conscious and give more importance to the healthy veggie burger and plant-based food that contains protein. The company tries to capture the market by satisfying the needs and wants of fitness-minded customers (Kolbina, 2015).
Furthermore, customers are also concern about the environmental impact, the use of plant-based food in their diet plan help to reduce the environmental impact. Thus, Beyond Burger can easily access the UK market through selling its product through 350 stores of Tesco which is a leading supermarket in the UK.
The company weakness lies that the customer in the UK might not like the taste of plant-based burger which could have a potential impact on the sales of the company. Therefore, it is important to understand the taste and texture of the food habits of the consumer. Moreover, it is important to analyze the customer perception that could harm the company. Also, the ingredients used n the product must be carefully chosen keeping in mind the health concern of the people (Abdul et al., 2013).
An aspect of finance must be considered with respect to the launching of a new business plan. The main funding option available to Startup Company is as follows:
The loan option is provided by banks and financial institutions. There are two types of loans secured and unsecured. Under this option, the lender has to pay a periodic rate of interest against such loan
The VC firms provide the pitch to gain financial support to the company in exchange for equity shareholding. The investors in the business can provide their valuable rights and expertise in managing the business. But it is also very difficult to convince the VC firms due to the competitive nature of the industry. The VC Firms generally provides funds to the company whose idea is lucrative with stable growth and less risk in the future (Gullifer and Payne., 2015).
On the other hand, Angel Investors are HNI's (High Net worth Individuals) who provide funds only to the valuable ideas and thereby having the potential to back the riskier prospects.
CrowdfundingIt refers to collecting money from multiple groups of people with respect to financing specific projects. Thus it is more efficient ways of raising capital for startups business.
Grants refer to the subsidy and receipts from the government organization. Thus Local enterprise partnership can seek government grant for the growth of the business in the designated area (Gullifer and Payne., 2015).
An environmental audit refers to an evaluation that intends to identify the gaps in the implementation of the management system as well as adherence to environmental compliance along with corrective actions. Beyond Burger in the UK should undertake an environmental audit for the following reasons:
⦁To comply with the environmental rules and legislation.
⦁A concern with respect to environmental liabilities and insurance costs.
⦁To make an appropriate decision with regard to investments.
⦁It helps the organization to make a detailed investigation of the specific issues.
⦁Help to explore new market opportunities and build a corporate image.
⦁To gain knowledge about past environmental accidents (Horacek et al., 2014).
Therefore, it is advisable that Beyond Burger must undertake an environmental audit so as to understand the operations of systems and procedures within the organization. The conduct of an environmental audit is proactive action that further helps Beyond Burger to identify potential problems in the environment. Moreover, it provides early realization to the organization with respect to environmental issues and helps to integrate these issues in all aspects of the organizational activities.
There has been an increasing trend of plant-based burger, chicken and sausages in the fast-food restaurant across the UK. The company started producing meatless meat concerning about the health impact and their overall contribution to climate change. Apart from this, the company produces plant-based burger, fries and shakes which further constitutes 29% of the veggie evening meals in the UK. The company also had the option to start a vegan supermarket along with its online stores to deliver across the UK (Grayson and Hodges., 2017). Furthermore, the company can add vegan meal smoothies in their menu that can help to increase the profitability of the company. Furthermore, the company can plan for expansion in the UK market by opening a new plant-based protein restaurant. Furthermore, a plant-based version of international food can help Beyond Burger so as to shoot up the profitability of the company.
A plant-based food company is the fastest growing trend in the industry. The market for plant-based meat is projected to worth $85 billion by 2030 at the global level. The main objective of the plant-based company is to provide environmentally friendly alternatives to the customer’s diet. Nowadays, the customer's desire for plant-based meat is rising from flexitarians who still eat meat but intends to reduce their daily consumption for sustainability and health reasons. Therefore, the emerging plant-based food companies can make a better contribution to the UK economy by making a dietary switch that provides friendly and easy access to the customers (Grayson and Hodges., 2017).
HR policies refer to formal sets of rules and procedures that address certain matters related to health & safety, equality and diversity at the workplace (Khan, 2012). The policies also include employee's rights and duties that are tied to employment laws. Beyond Burger must understand the significance of HR policies in order to make effective compliance of HR legislation and improving the business performance in the UK market.
HR policies are the sets of continuing guidelines that provide an effective approach to the organization so as to manage the people. These guidelines help the HR manager at Beyond Burger to understand the aspect of human resource management. HR policies provide a generalized view of the aspects of employment. The purpose of HR policies as follows:
⦁To establish clear communication between the employer and employees with respect to employment.
⦁To provide fair treatment to all the employees.
⦁It acts as a basis for developing an employee handbook.
⦁To regularly monitor the possible changes that affect the employees (Khan, 2012).
⦁It provides sets of rules and guidelines for ensuring a healthy workplace environment.
⦁To ensure good and harmonious relationship amongst the employer and employee.
Thus effective integration of the Hr policies can help Beyond Burger to achieve the organizational goals. It also provides a basis for sound HRM practices and thereby enable the supervisors so as to regulate the behaviour of the employees.
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