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A cozy, comfortable mattress to sleep on is everything that one wants after a long tiring day at the office. Relaxing! Comfortable and good-looking beds are something that we all desire. Happy Beds is one of the fastest-growing retailers when it comes to beds and mattresses. Their goal is to make their services outstand the others, and the quality provided to the customers is excellent. Maintaining their services and quality, they believe in customer satisfaction which is extremely important in today's time.
When it's time to buy a bed or a mattress, everyone prefers a trusted merchant. Well, in the UK, Happy Beds is that trusted merchant. Here, one can find a large variety of mattresses, and there are different varieties like kid mattresses, normal mattresses, and many more. With a large variety of beds and furniture as well, there are lots of amazing options available.
Starting in 2010 to today, 2022, there has been amazing growth in their sales. Being one of the top sellers in their domain, Happy Beds is known as the top online retailer when it comes to business. Fall in love with their products and stay happy with their furniture and beddings (Beds,Happy , 2010).
Business environment analysis is a methodical process that identifies environmental problems in a company, assesses their impact, and develops a plan to mitigate and/or take advantage of them.
Due to the emergence of globalisation and its effects, business organisations all over the world constantly face a variety of challenges and issues. Therefore, decision-makers in business organisations now greater than ever must invest a lot of time in routinely evaluating their companies in order to succeed in their various operations.
The goal of a business environment analysis is to pinpoint specific aspects of the operating environments (suppliers, customers, competitors, and the general public) and general (political, economic, cultural, technological, natural, technological, demographic, and international) environments that may have an impact on a company's operations.
Additionally, managers can find opportunities, threats, dangers, opportunities, and weaknesses in the corporate environment through an analysis (Santoso, 2021). The existence and development of commercial entities depend greatly on this kind of study.
The profitability or survival chances of the corporation could be impacted by a variety of various political factors. The risks associated with politics include rapid changes to the current political system, civil unrest, and important policy decisions.
Today, every e-commerce business is blooming at its best. Thanks to the outbreak of COVID-19, people started buying everything they wanted online mode. This list includes the mattress and beds as well. Now it's a time when everyone is buying online stuff, and when it comes to buying mattresses in the United Kingdom, Happy Beds is one of the best online websites that is trusted by the people here. Here is the SWOT analysis of Happy Beds.
Happy Beds is a brand name when it comes to the mattress business in the UK. Offering a large variety, they have amazing services that an individual generally looks for. However, a little work on their overall operating method can help in better sales and an enhanced brand name. Their customers are the proof of their work, and if anyone is looking for buys mattresses or beds online, Happy Beds is one of the finest online websites that understands and tries their best to get the customer needs fulfilled and provides satisfactory services.
Happy Beds is known as a United Kingdom-based multichannel retail as well as manufacturer of beds. This company is said to be one of the top bedding retailers in the UK. Established in the year 2005 and based on Wakefield, the situation in the region of West Yorkshire. This region does contain a rich history and heritage of mattresses and bedding manufacturers. Happy beds make its products available all over the world, some of its regular customers come from the Scottish Islands as well as Highlands. This firm is a proud member of The Sleep Council of the UK along with the National Bed Federation.
Happy beds ever since its opening way back in 2005, has based itself purely on e-commerce for its sales. Initially, it used to take the support of online selling platforms like e-bay as well as Amazon to sell its products. However, in the year 2012, it developed its selling or commercial website through which it generates 53 percent of its revenue on an annual basis. In the year 2018(Happy Beds 2022), Happy beds launched the first and one of its kind customized beds for its customers. this feature included a pattern where the customer would visit the website of the firm and choose everything about the bed for themselves, right from the quality and kind of wood, the kind of mattress and its type and filling inside, its size, its proportions its design and finally order and pay for it. This idea of customizable beds did bring a good hike in their revenue.
In the year 2021 Happy beds are said to have experienced a total of 102 percent hike in their revenue which mostly came from their customized beds as well as newly launched designs of kid’s collections. Another attribute that cushioned the hike in the revenue was the rapid increase of investments in the firm especially due to the development of the smart delivery matrix. The investment in this firm increased to almost 500 percent. the smart delivery matrix guaranteed 7-10 days of delivery even on customized beds and guaranteed to assemble of the same within the same day of delivery. Because of this attribute the firm also received "the Retail Campaign of the year Award' in the year 2020. The Feefo Trusted Service Award was presented to them for their promised speedy delivery and assurance of quality all over these years(Everybody wiki and Bios 2022).
Presently, the company is working towards making customize beds for patients. Many patients who are affected by long-term and chronic problems like osteoporosis, osteoarthritis, varicose veins, and even spondylitis often require a certain type of mattress that can help their bone or nerve condition. These beds are made under the guidance and approval of clinically qualified doctors for the sake of perfection. Furthermore, for patients who are completely bedridden and have to be catered to for every single need, Happy beds are also developing their instant dry mattresses. Many times tend to wet the bed or since they are completely immobile, they often require to take baths sitting in their beds, for patients like this the instant dry mattress works magically and it soaks the moisture instantly leaving it dry.
From the given information it is abundantly clear that the company wishes to enter the healthcare industry very soon. Entering the healthcare industry and collaborations with some big healthcare units would help them grow substantially especially when it comes to sales. These units will have to bulk order from their website which will in turn shoot up the revenue(Kovshova, I.O. and Babych 2021). This strategic plan would go a long way in recognizing Happy beds as an international brand that would be available in all regions of the world.
The Stakeholder analysis in the case of Happy beds will help to attain a more profuse understanding of what and how should the relevant stakeholders be managed within or outside the company. A stakeholder is a person or party who has some amount of relevant interest in the business that is going on. Like all other firms, Happy Beds also consists of some internal as well as external stakeholders, the analysis of the same is going to help the report come to definite conclusions about the shareholding portion of the firm
Keep Satisfied: this portion is the first attribute of the stakeholder analysis. This portion determines the people who are the most important aspect of a business. The stakeholder analysis of Happy Beds has identified the investors and researchers in these categories. Since Happy Beds is making such huge changes and expansions in their products which are including beds specially designed for a certain group of patients with orthopedic and neurological issues, it is essential for the firm to itself be very cautious of what is being done and hence the researchers and the in-house medical experts who will guide the firm regarding the making of these beds are some of the primary stakeholders who need to be profusely impressed by the firm’s work(Illiashenko et al., 2021). Furthermore, since the strategic development of the firm is slowly and steadily moving towards the healthcare department, it becomes all the more necessary to know the scientific approach behind taking on such a massive responsibility which will have social and economic implications on them. Coming to the investors, since the making of these beds requires above-average expenses in the mattress industry because they are specially formulated, investors will be required to be kept at the very top of the satisfaction list. Until happy beds attain any kind of government funding for their doings in the healthcare industry, the private investors will have to be kept satisfied and will have to be shown regular progress on their endeavors which includes a hike in revenue(Mousavi et al., 2019).
Engage Closely: this category consists of the people who need to be engaged from a close dimension. This portion consists of the customers. the customers are for now satisfied with happy beds. The issue that might arise given the present situation is that, as the firm is now deeply diverting its attention towards patient beds and so on, this might take their mind away from conventional and commercial beds which brought a 102 percent hike in the revenue of the firm. This might also tarnish their image in the market. Furthermore, the market which they have been able to capture due to their unconventional innovations might also get hampered. Hence they are existing as well as future customers according to their strategic movements need to be kept satisfied(Samsuddin and Wahab 2018).
Monitor: The existing competition that is there in the primarily UK like Easy beds and Bed stories need to be kept under a strict monitor. The competition needs to be kept in check since innovation can start anywhere. The aim of monitoring the competition is solely to understand and know what the competition is moving towards and act accordingly which would benefit the firm to a maximum level.
Keep Satisfied: the customers and the employees are the ones which need to be kept informed. It is interesting to note here that the customers are external stakeholders and the employees are internal stakeholders. The importance of customers has been explained in the ‘Engage Closely” section. The employees are the backbone of any company since they are responsible for all the physical and mental labor behind the firm(Direction 2022). They need to be kept satisfied. Furthermore, an increased employee turnover will tarnish the image of the company and it also puts Happy Beds at the risk of their strategic innovations getting revealed.
As mentioned previously in the report the strategic growth of the firm Happy Beds is now directed toward the healthcare industry. In the given previous times, the company had tried its hands on various other kinds of innovations such as customizable beds and smart delivery matrix which had all proven to be successful. Now, they planning to step toward the hospitality and healthcare industry. This section will take a keen look at the strategic methods that can be implemented by the firm for a tighter grip over the market of UK:
Constant Diversification: So far, from the information provided it has been made clear that Happy Beds has attained a good market position due to its nature of constant innovation(Christofoletti et al., 2021). The firm has also been on its toes when it comes to experimenting with something new. Hence, it will be safe to say that this is a safe and taken path and will not let down the firm in any way. The firm keeps on trying to innovate and present new dimensions of bedding to the market. It will help the firm to stay at the top of its game and the market even if they focus temporarily on the healthcare department. Furthermore, this will also attract more and more funding from the public as well as the private sectors.
Sustainability: Mattresses are made with several materials such as cotton, which is one of the most traditional forms of mattresses, other than that the modern materials include foam, polyester, fiber, and so on. However, many mattress companies in the present times are working towards sustainability which means they are recycling old mattresses, taking out the portions that are still useable, and then using them. This way the number of synthetic materials used in them decreases significantly and in turn leads to lesser environmental pollution(Yanuarti, D.W. and Murwatiningsih 2019). Many times mattresses are just discarded or thrown out without any precaution when they go bad, if they are made of natural materials such as cotton, wool and fibers then they are chances of natural decomposition, however, if they are made of synthetic fibers then their chance o decomposition lessens drastically which leads to them being accumulated in open space. These mattresses may have been used by patients and may contain contagious germs that again are harmful to the environment as a whole. However, apart from all this, the use of recyclable materials is always beneficial and is more nature friendly.
Physical Presence: As mentioned previously in the report Happy Beds is a company that runs on the strands of e-commerce, it does have a headquarter but that is only for administration purpose. It has been proven time and again that any kind of physical presence always helps customers to rely on the brand more and more especially when the brand is working towards turning itself into a global brand. At least one outlet in each of the cities where it makes itself present will go a long way in establishing and gaining the trust of the customers at a much faster pace as a whole(Silva 2019). A physical presence will make the customers feel that they have someplace to go if the products they buy create any issues and the amendment of the issue will come from actual people and not some recorded message on the phone or a customer care executive. This is more of a psychological trait that a customer trusts the availability of a human touch much more than a voice message. Hence this will help the firm establish a more griping catch on the customers of the new areas they try to penetrate (Goddard 2019).
To conclude, this report has profusely focused on the company of Happy Beds which is based in the UK. This report has focused on the positive aspects of the firm and how it is growing with special emphasis on its strategic developments. It also suggested different ways by which it may improve its existing conditions and expand its reach to other areas as well. Finally, this report provided strategic recommendations which would help the company work on the existing loopholes and aim toward wholesome and organic betterment in the future.
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