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United Kingdom’s standard industrial classification of economic activities (SIC) tends to focus on analysing the company establishments as well as other norms by referring to the type of economic activities within which they are engaged. SIC code 10 comprises the manufacturing of food product industry that especially deals in producing food that is carried out by own or third parties. The report will discuss about Associated British Foods (ABF) which is an international ingredients, food and retail firm. The aim of the firm is to provide affordable, safe and nutritious goods that satisfy the needs of customers. The company is dealing in across 5 elements which include ingredients, grocery, sugar and retail, as well as agricultural products.
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On the basis of SIC code 10, which includes the manufacturing of food products industry. This industry is organized by activities that deal with various types of products such as fruit, meat, fats, milk products, oils and various other food items. Associated British Foods plc (ABF) is an international food processing as well as retail firm (Mont et al, 2020). The company is headquartered in London and it is referred as a global producer of both baker's and sugar yeast. The company also supply farm services, ingredients, animal feeds, supplements, food producer, feed manufacturers as well as retailers.
Food manufacturing is the procedure of turning out raw materials to food products that are consumed by people. This includes various steps, including processing, cleaning, packaging as well as distribution of food items. This sector includes packaged foods, fresh food as well as beverages. This also includes food sold at stores to cooked meal which is served at institutions, restaurants as well as events. This is highly regulated industry that requires careful production practices and standards up to code (Alsayegh et al, 2020). This also includes comprehensive equipment cleaning needs to control constricted controls as well as allergens.
Associated British Food is much diversified company with various ingredients and food operations. The company also deals in retaining brand and united to offer sage, affordable and nutritious food that creates worth for its customers. The company follows a developed operating model with 5 segments such as ingredients, grocery, sugar, retail and agriculture to create value from the bottom to top. The company’s business model includes hiring the right individual within right roles and helps them to learn efficiently. The company promotes value driven culture that encourages employee to enhance their performance.
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This factor refers as the target customers' attitudes and opinions that influence their buying behaviour. This factor helps the company to market and advertise their product effectively. ABF's major aim is to offer nutritious, safe as well as affordable food with better quality to its customers globally. The company is focusing on protecting labour and human rights and also supporting local communities. The company is also improving the environmental performance of its suppliers’ factories and farms to maintain social accountability within its business (Stebbings et al, 2020). The company prioritise all aspects of health, safety, and well-being of its employees. ABF also promotes diversity and inclusivity within its employees and help them to grow their careers through training and development programs. The company protects and promotes the culture of fairness, accountability and trust that encourages ethical practices.
This factor includes advancements in technologies and innovation that impact the business operations of company. This includes artificial intelligence, research and development, automation and various other tools. This is significant for ABF to stay updated with innovation that helps them to improve strategies to gain ca competitive advantage in global market. The company is using technology to automate map route that analyzes customer demands and preferences. This has enhanced their data analytics capabilities that help them to improve their insight to serve its customers efficiently (Li et al, 2020). The firm operates various factories and office locations, so company can manage operations efficiently and streamline its processes to reduce the time spend on administrative activities. The aim of ABF is to digitalize its business operations that allow people to focus on improving their performance and creating value to the business.
This includes the way company’s geographical location impact on its business operations. These factors include environmental policies, weather conditions, climate change, waste disposal and many more. The Company focus on reducing plastic packaging and mitigating carbon emissions to maintain sustainability within its business operations. The company is taking action to eliminate the use of plastic packages through alternative modes and redesign innovation. ABF is also managing its carbon emission from their operations to reduce pollution. The company is also encouraging efficient use of natural resources such as water and energy within its supply chain. ABF is also recognizing opportunities to reduce greenhouse gas emissions to maintain sustainability within its operations. The company is using efficient use of transportation to reduce usage of fuel to stay consistence with demand of customers. The company is also sharing as well as collaborating better practices across its business in the global market.
This refers to the involvement of government within the economy and industry that can impact the performance of business operations. UK government implements trade barrier policies to secure company from foreign competitors. This is a major responsibility of company to follow rules and policies. Politics in food can be influenced by stakeholders as well as interest that include regulations, production, inspection and retailing. This helps the company to expand its business in various countries (Bahar, 2020). This is influence by cultural, ethical, environmental and medical disputes over regulatory policies. They are influenced by manufacturing procedures, marketing practices as well as profit margin by food distributors and manufacturers. Political issues and concerns include the use of salt, sugar and other unhealthy ingredients.
It is related with the laws that apply within the province where the company operates. This includes change in laws that impact on employees, imports, exports, tax, materials, resources and various other elements. It is vital for ABF to stay updated with various legal needs before operating their business in various countries. The company protects the security as well as privacy of its customer. The company follows strict food safety practices and other health related protocols. They also clarify the quantity of sugar and other ingredients they are using. Labour as well as employment laws also play a vital role in significant role in food sector (He et al, 2020). These laws offer the company to make guidelines on salary, working hours and various employment policies. The company is also need to obtain permission from other health authorities that analyse industry behaviour.
These are the set of moral practices that people follow. These factors also facilitate company to identify the strengths and weaknesses. This also helps the company to analyse preferences of customers as well as employees. The food sector serves many individuals around the world, so ethical factor plays a vital role for both company and its customers. It is all about sourcing food with ethics and giving back to community. Ethics within food manufacturing companies includes various elements such as working hours, child labour, environment responsibilities, working conditions as well as fair trade. The company also follows labelling and packaging practices and standards within its products.
Customer preferences and buying behaviours are the major factor that affects the demand of products in the market (Food Markets in the UK, 2023). Customers have the major impact on microeconomic factors on company. Customer purchasing is also impacted by wages, employment, interest rate, inflation and customer confidence to buy the products. Price of substitute products also affects the demands of products. Customers can easily switch to the alternative option with more affordable price and quality. Demand is also impacted by change is taste and preferences of customers.
Determinants of supply include the factors that impact the supply of products as well as services in the market. This is a quantity of goods that the Associated British Foods able to produce as well as sale to its customers in the global market at various prices on the basis on competitive firms. This includes price of goods, company objectives, price of products, technological changes, customer expectations, government policies, price of alternative products and number of similar companies affects the supply of goods in the market.
Figure: supply and demand curve
Market share of food manufacturing company WITHIN UK is lower because the 4 well known firms generates less than 40 percentage of sector profits (Food Markets in the UK, 2023). UK is actively looking for various international companies and employees to expand their business. The company by investing in brand building can position them in UK efficiency to gain competitive edge. ABF can also implement product differentiation strategy to distinguish their products in the UK market. This helps the company to gain competitive edge.
Conclusion: Safeguarding ABF's brand trust
In conclusion, quality control is very significant for manufacturing and selling safe products and helps the company to protect brand image in UK market. The company should promote transparent supply chain which is significant for recognizing and handling issues more easily. This facilitates ABF to assure their customers about the sustainability as well as quality of the product they buy.
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