Economics For Business Assignment Sample

INTRODUCTION

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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).

Definition of strategic management

• In order for an organization to achieve its goals and objectives, it must continuously plan, monitor, analyse, and assess all of its requirements. Organizations will need to continuously review their growth strategies due to shifting business circumstances. Organizations can evaluate their current position, develop plans, implement them, and assess the success of the management strategies they have put in place using the strategic management process. 
• An organization's objective, future vision and guiding principles must all be crystal obvious to it in order for it to effectively use strategic management. An organization must be committed to strategic planning, a branch of corporate management that involves the capacity to set simultaneously short- and long-term objectives. Planning for strategic decisions, actions, and resource allocation is another aspect of strategic planning that is necessary to accomplish those objectives (Bonnici, 2015). 
• Strategic management is often thought to have both monetary and non-monetary benefits. Through the strategic planning process, which helps a company and its leadership think about and make plans for the future, a board of managers can carry out a crucial responsibility. As opposed to creating strategic plans that are finished and dusted, effective strategic management continuously plans, monitors, and assesses an organization's activities (Freeman, 2010).

Importance of analysing the business environment

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.

• Determining a company's strengths: A company's strengths are its abilities to outperform its rivals. Finding the firm's strengths requires an analysis of the internal business environment. The firm must then work to maximize or solidify its strengths by making additional adjustments to its current plans, strategies, and resources.
• Identifying the weakness: A firm's weaknesses are its limitations. Monitoring the internal environment enables the firm to be made aware of both its strengths and weaknesses. Despite being weak in some areas, a company may excel in others. The weaknesses must be found and corrected as soon as feasible if there is to be additional growth and progress.
• Opportunity identification: Environmental analyses aid in the market's opportunity identification. The business should do everything in its power to seize opportunities as they arise.
• Identifying the issue: Numerous variables, including rivals, pose a threat to business. They can identify threats from the outside environment with the aid of environmental assessments. Early danger detection is always advantageous because it aids in threat reduction.
• Best use of resources: Accurate environmental assessment contributes to the best use of limited natural, financial, and human resources. The firm can eliminate waste and use its resources more effectively by conducting systematic studies of the business environment. Without an understanding of the internal as well as external environment, resources cannot be utilized effectively.
• Surviving and expanding: Systematic studies of the business environment assist the company in maximizing its strengths, minimizing its weaknesses, seizing opportunities, and neutralizing threats. This helps the company thrive in the cutthroat commercial environment.
• To develop a long-term business strategy: A company has both short- and long-term goals. The company firm can create plans and procedures that could make achieving those organizational objectives simple by properly analysing (Eruemegbe, 2015) environmental elements. Without conducting environmental scanning, the company is unable to create a successful business plan.
• Scanning the environment helps with decision-making: Making decisions entails selecting the best choice from a variety of alternatives. In all situations, an environment analysis is a crucial tool for comprehension or decision-making.

Evaluation of the impact of internal and external environmental variation on business operations and organizational strategy

PESTLE ANALYSIS:

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.

POLITICAL FACTORS:

• Growth and development are supported by powerful political institutions and structures. Producing an ideal mattress for everyone is what Happy Beds target.
• Businesses like Happy Beds can readily expand because of favourable tax laws.
• The Brexit decision of the political system affected Happy Beds, which resulted in a bit deduction in the sales of the business.
• COVID-19 decisions released by the political system of the UK also included the increased cost of labour and maintaining the norms of the pandemic outbreak.
• Businesses like Happy Beds, which markets comfortable
• Mattresses in every category can benefit from trade agreements that have been drafted and signed by the respective nation of origin.

ECONOMIC FACTORS

• A moderate rate of inflation will also assist business expansion, increase consumer confidence, and have a favourable impact on purchasing habits.
•  The economy requires a low rate of inflation for Happy Beds to succeed. Due to this, there will be an increase in the amount of money available for spending overall and the economy will gain from it.
• It is preferable for consumer spending trends to increase as this encourages more people to buy and use the goods that Casper Sleep Inc. sells and promotes, including the One Perfect Mattress for Everyone.

SOCIAL FACTORS

• Happy Beds will profit from a higher share of the youth of today so it allows the company access to a bigger customer base.

• Additionally, consumers who are more aware will value quality and be aware of exactly what the product claims and provides. The basis for future purchases will be this comparison.
• As people's awareness of health issues has grown, Happy Beds has joined forces with other businesses and undertaken CSR projects that emphasize not only physical health and wellbeing but also a cozy sleep for mental wellbeing.

TECHNOLOGICAL FACTORS

• The rate of technical progress and advancement is rapid.
• The high rate of innovation in all sectors makes businesses like Happy Beds competitive and forward-thinking.
• Internet use is very prevalent and is used for both professional and personal activities.

ENVIRONMENTAL FACTORS

• Specific websites have been developed by Casper Sleep Inc., which is marketing the One Perfect Mattress for Everyone.
• Happy Beds is introducing a new line of products of recycled products for customers to take advantage of, similar to many other businesses.
• Happy Beds regularly participates in CSR activities that support the environment.

LEGAL FACTORS

• The safety and health of its employees are extremely important to Happy Beds, and the company is constantly working to make improvements.
• Happy Beds' HR department also frequently holds training sessions and workshops for staff members in order to involve them and teach them about employment laws and other legal needs.
• Every employee participates in diversity workshops and training on a regular basis to learn how to avoid discriminating and biased acts, which could have serious consequences (Development ,Chartered Institute of Personnel and, 2022).

SWOT ANALYSIS

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.

STRENGTHS

• The company has a stunning website with excellent content and effective SEO.
• Because the consumer recognizes someone who owns that mattress, b brand recognition also serves as a trust indicator.
• Different product price ranges and payment choices for all client budgets are interesting product innovations that are not found in other mattresses.
• Marketing strategies & initiatives that are intriguing & aroused attention.
• Additionally, the outbreak of COVID-19 leads to an increase in the sales of mattresses through the online platform.
• Happy Beds offers a wide variety of options which leads to more sales.

WEAKNESSES

• While there are lots of people who know about the brand, there is a majority of individuals who don't know about the brand.
• There are no major social media handles that keep the people posted about the recent updates of the Happy Beds.
• Due to the outbreak of COVID-19, the business has to stop functioning for the time being, which leads to losses.
• The political decisions taken during Brexit led to the changes in the company rules, which was not a positive sign.
• Due to some customer dissatisfaction, there has been a spread of negativity online, which is not recovering and affecting the brand image of the company. 

OPPORTUNITIES

• Create many products at various pricing points to attract more clients,
• Marketing campaign suggestions: Promote the company's usage of natural and eco-friendly components in its mattresses,
• Create a tool for the website that helps clients choose the best mattress for them, such as one that displays their options depending on support, materials, and preferred size.
• Today, people prefer the trails before actually buying anything and this is a kind of innovation that Happy Beds can include in their segment and be the first one to initiate this amazing concept in the line of mattresses. This is never done by any company, and it is going to be a unique idea.

THREATS

• All other conventional mattress retailers with retail locations.
• The current economic climate puts the consumer base's purchasing power in jeopardy; they may not be able to purchase any more expensive mattresses. 
• Inadequate marketing also puts brand recall at risk, potentially wiping out the work of earlier marketing initiatives.
• If a situation like a pandemic arises again, Happy Beds can face some major losses due to the low sales and maybe closed deliveries(Development ,Chartered Institute of Personnel and, 2022). 

PORTER'S FIVE FORCES

THREAT OF BUILDING NEW COMPETITION:

• Achieving economies of scale in the industry in which Happy Beds is quite difficult. As a result, individuals that produce large amounts of power can save money. For new rivals, it also elevates the cost of production. As a result, new rivals pose less of a threat.

• Businesses in the sector sell distinctive goods rather than generic ones, highlighting how important product differentiation is to the sector as a whole. Unique products are in demand among consumers. Customer service and marketing are also given a lot of attention. This market's challenge of new competitors is weak because of all of these factors.

• It is difficult for new participants to create businesses because the sector requires a lot of capital.

POWER OF SUPPLIERS

• There are many suppliers in the industry Happy Beds operates in in relation to the number of clients. Because of this, suppliers' negotiation position is weakened because they appear to have less control over price. These suppliers have more homogenous, less unique, and low switching costs products.
• For consumers like Mattress Firm Holding, this makes changing providers easier. The suppliers' negotiating position is so weakened. With regard to competing products in this market, the sellers are not.
• As a result, it can be concluded that the sellers' products are the only options for the commodities. Suppliers now have a greater influence in talks inside the industry as a result.

POWER OF CUSTOMERS

• The purchasers' incomes are modest within the industry. This suggests that consumers are being pushed to buy items at low prices, which raises their price sensitivity. The buying power of consumers thus has a smaller impact on the market.
• Consumers who shop regularly are individuals who place a high priority on product quality. This suggests that customers in the industry are fewer prices sensitive. As a result, the buyers' bargaining position on the inside of the market is weakened.
• There is no actual risk of the buyers regressing in their integration. This makes it harder for the sector to react when buyers threaten to barter.

THREAT OF SUBSTITUTE PRODUCTS

• For the products created in the industry where Happy Beds works, there aren't many readily available alternatives. Poorly profitable sectors also produce the few viable alternatives.
• The incredibly few options are of excellent quality but cost a lot more money. Businesses in the industry where Happy Beds operates, in comparison, offer products of decent quality at lower prices than rivals.

COMPETITION AMONG THE EXISTING BRANDS

• The market has a very small number of competitors. Additionally, the most of these are pretty large. This suggests that companies in the industry won't take any action unless it can be shown happening. As a result, established enterprises' competitive industrial rivalry is a less potent driver.
• A large percentage of the market is controlled by the few competitors. They will likely engage in b rivalry to seize market leadership, according to this. As a result, the industry's competition between currently operating companies gains strength.
• Happy Beds' industry experiences annual growth and it is projected that this trend will continue in upcoming time(Santoso, 2021).

CONCLUSION

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. 

Task 2

Introduction

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.

Organization's current strategic direction and discuss

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.

Stakeholder Analysis

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

Analysis

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.

Strategic Growth Choice for the company in the UK

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).

Evaluation of Strategic Growth Choices to assess their feasibility, suitability, and acceptability

Key Strategic Recommendations for the organization for future developments and implementation

• Marketing: A very vibrant example of disrupting an entire market through marketing is when Kellogg's came to South Africa for expansion, they made the indigenous people there believe that breakfast was the most important meal of the day and it also needs to be the heaviest meal of the day. For years people followed that and right in the morning when everyone is at their busiest, a bowl of cereal and milk seemed to be the most convenient solution. This is how Kellogg's captured the market. Similarly, Happy Beds can market its products by focusing on the need for using the product. The marketing campaigns can emphasize the very need for an 8-hour peaceful sleep. Another interesting aspect of marketing can be their recent idea to enter the healthcare industry, the types of beds and mattresses they are planning to develop can be another interesting marketing prospect(Sheehan 2020).
• Aesthetics: this is the era of social media posts and it is all about being pleasing to the eyes. Aesthetically pleasing designs always find a special place in the social media posts of numerous people. This is a marketing tactic that Starbucks used where they would write the name of the buyer of the coffee on the cup and the buyer would post it on various social media platforms. This automatically led to enormous marketing campaigns and Starbucks did not have to spend a dime on it. Aesthetically pleasing furniture is wanted by the majority of the 'millennial' population of the present times and their posts on social media can help the company develop a lot on their presence.
• All-round thinking: the company entering the healthcare department is a very good sign of diversification but of course, the firm should remember what were the tactics that got them a market hold for themselves apart from the healthcare department. In other words, the company should not lose focus on the other aspects of development that they are already working on such as customized kid's range. Foldable furniture is a prospect for smaller homes and so on.

Conclusion

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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