BUS162G Entrepreneurship

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BUS162G Entrepreneurship

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BUS162G Entrepreneurship

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Course Code: BUS162G
University: Vesalius College

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Country: Belgium

Question:
Studying an Existing Entrepreneurial Firm: 
Students who are generally interested in entrepreneurial firms may either
 
a) conduct in-depth field research in an entrepreneurial firm with which you have an existing relationship or
 
b) complete careful library research on one or more entrepreneurial firms in an industry or sector of interest. Regardless of your research methodology, you will complete a strategic analysis of the policies and practices of an organization and make recommendations for changes that will add value given the firm’s strategy and competitive positioning. You will assess the firm’s “social capital” and provide recommendations that would help your firm improve their position in a social network. Finally, you will evaluate the current organizational system against their projected needs and provide recommendations that will help them align their strategy, organizational design, policies and practices as they grow. The final report for this project will resemble a case that could be used in this class. 
 
Answer:

Introduction
This paper is being developed in order to analyse all the aspects of the working of one of the most popular industry in the pet food sector of business- The Honest Kitchen. This is an entrepreneur endeavour which has marketed a unique concept by targeting a niche audience amidst the increase in the nuclear family system. And, their increased needs for familial framework and security.
Statistics associated with different countries of the world show that about 40% of the people especially children grow up with pets as their companion from their birth. The major benefits of the pets have help with learning at the young age of the children, and also keep them active throughout the years of their life. (Strickland, 2017). Pets have also been seen to provide not only physical activeness, but also provide an emotional comfort to the people of the family that the pet belongs to, and also provides completeness to the whole family also in terms of fun. With the number of benefits that pets provide to us, it is important for the members of the family to look after the health of these pets just like a family member, and the health of a pet basically depends not only on their medical routine but also on the food provided to them (Ward and Keeland, 2015).
This whole concept was brought into light by a lady Lucy Postins, who today is known as one of the greatest entrepreneurs of her business sector. On being interviewed, Lucy mentioned that this idea struck her while making food for her own pet dog when it was sick with an infection. She was trying to make food for her dog with ingredients from their own food, and saw the mess in the kitchen, though she was upset seeing the mess, she was glad that the food was good. She then came up with the idea of using dehydrated food to avoid the mess as well as provide healthy food. (Strickland, 2017)
The Aspects of Pet Food Industry
The Pet Food Industry is one of the most growing industries of the world, with the increase in the number of households having pets. Lucy who herself was a potent lady with also the advantage of having a background of the conventional pet food industry. The pet food industry, when talked about is evolving because every individual having known the huge economic costs they would need to bear because of the medicines and the steroids owing to infections that the animal could acquire.(Kitchen, 2016)
It is this particular aspect that has led to the evolvement of food that is not only tasty but also healthy in terms of the medical aspect of the animal. The Honest Kitchen is the only such entrepreneur firm of its type that provides human-grade animal food for the various types of pet animals whose food is not only tested on the personal level but is also put forward as tested by the international agency of food testing for animals.(Kitchen, 2016)
Human-grade food also provides an advantage of helping the family members of the pet to check on its taste as well as the healthiness of the contents of the food. The FDA has also announced at the national level that the food being produced is human-grade that every ingredient has the facility to be tasted by the manufacturers before using it in the product. Lucy has also confirmed the fact that they have witnessed a revenue growth of more than 30% over the year for every consecutive year.The pet food industry is basically an industry that is not only increasing but is totally dependent on the requirements of the consumers that is people having pets. (Wright, 2017)
Analysis of the Firm and the Industry as a whole
With the study of the various statistics of the market both nationally as well as the international markets, with respect to the Pet Food Industry and The Honest Kitchen as well, it could be stated that The United States of America and its regions are one of the most growing fields for the Pet Food Industry. It has also been noticed through the study of the fact that all policies as well as practices for this industry is majorly influenced by quality of the food and a high level of quality certification by the FDA before the food is being launched into the market.(IMPACT, 2016)
This quality became a major influencing factor because of the Contamination incident that took place in 2007 which is also known as the ‘Pet Food Recall of 2007’. This incident can be described as a contamination of a protein that was imported from China in the dog and cat food. This contaminated food was the reason of kidney failure in many animals. This resulted in a large-scale recall, and many organisations related to manufacture of pet-food were affected and made it a point that quality is the prime factor that would help write down the policies and practices for every organisation in the Pet Food Industry.(Media, 2017)
Major Policies and Practices of Pet Food Industry- The Honest Kitchen
Apart from the quality being one of the major factors influencing the making of the policies and the practices on which the various firms of the Pet Food Industry works, the other factors are the economic factors, premium consideration, and the global standards for the pet food industry. The economic factors basically include the economic challenges that are being faced by the people of the U.S. and which have led to pet-owners to become highly cost-conscious while handling their pets. The most important factor on which the not only manufacturing, pricing and sales of the pet food depends is the economic market fluctuations.(Davis, 2010)
Though people have become economically aware of the expenditure but the health of the pet still remains one of the most important concerns of the pet-keepers, since they not only treat the pets as family members but are also willingly ready to pay a price that is reasonable as well as maintains the health of their pets. With these increasing concerns, people have also made it a point to check out the ingredients of the food offered to them for their pets by different manufacturers, so that they are able to see that a balanced and healthy diet can be provided to them on a daily basis.(Champion, 2013)
With the introduction of the human grade dehydrated food for the animals especially dogs and cats which are common animals found as pets in the U.S, by firm like the Honest Kitchen, naturalness of the food and reduction in the processing in the food became of the most appealing trend not only for the pet keepers but also the pets who were seen to be more healthy and fit with the consumption of such natural food. A reduction in the economic expenditure on steroids and medicines also reduced for the pets. The Honest Kitchen has been seen to witness increase in their revenues for the past years because their policies and practices are centred on the quality, balanced diet, cost-effectiveness, naturalness and other requirements of the consumers.(Corbet, 2014)
The Social Presence of the Company
The Honest Kitchen was first started by Lucy Postins who is the cofounder and the CEO of the Company in her kitchen as an experiment for her own pet. In the next 14 years, The Company has become an organisation of about 49 employees, with their revenues doubling up from $20 million in 2014 to $40 million in 2016. The social presence of the company has been seen to be very limited in terms not only the number of branches, but also as a brand in different retail stores, and also an online presence.(Lange, 2016)
The CEO of the company in her interview has clearly mentioned that they are present as a brand in different stores, and are willing to expand in number according to the increasing demand of the consumers. There though is a problem that is encountered is that the revenue can be increased to even a higher level if the social presence of the company could be increased, by reaching the people at every corner of the region and become known to the people of the country at a larger aspect.(Zurich, 2017)
The Organisation System
The organisation system of the company is well-established, but is very compact and small in nature.  The administration is an ordered system of people who are headed by a group of leaders. Through the findings of the organisation that has performed, there have been recent changes in the organisational structure of the company, where a new CEO marketing has been appointed by the company in order to modify the marketing techniques of the organisation according to the modern world.(Nielsen, 2016)
Conclusion
Though the firm has inevitably seen increase in the revenues and also experienced profitability over the years because of the various positive aspects of the product provided by them to their consumers according to their need. Though the company is present in about 4,500 retail shops, but now the company or rather the Firm needs recognition on the global platform socially in terms of using the technology and the social media, so that it could also reach the people at a greater level and put an impact on them.The company also needs to make changes in the organisational structure by making it more equipped with experienced people and technology so that the marketing, sales and other departments for the manufactured product could be established. (Barth, 2016)
References
Bond, J (2016). Top 10 global petfood leaders, PetfoodIndustry.com.Retrieved from:https://www.petfoodindustry.com/articles/504-top-10-global-petfood-leaders
Barth, B. (2016). Something’s rotten in the Pet food industry. Decoding Dog Food .Retrieved from:https://modernfarmer.com/2016/09/pet-food
Champion, C. (2013). World petfood market trends. Diana pet food division .Retrieved from:https://cbna.com.br/arquivos/6-Palestra-Chloe-Champion—World-Petfood-Market-Trends.pdf
Corbet, J. (2014). Market Analysis Report in Pet Food. Corporate Statistics and Research Unit .Retrieved from:https://www.corbettkeeling.com/wp-content/uploads/2016/07/2016-CONSUMER-General-Intro-Presentation.pdf
Davis, J. (2010). The United States A Growing Pet Food Market .Canada: International Markets Bereau.Retrieved from:https://www.gov.mb.ca/agriculture/market-prices-and-statistics/trade-statistics/pubs/us_pet_food_en.pdf
Impact. (2016). The 360 IMPACT Companies. Enterpreneur .Retrieved from:https://features.entrepreneur.com/entrepreneur-360/impact
Kitchen, T. H. (2016). The Honest Kitchen: Expanding in dehydrated pet food. PetfoodIndustry .
Hickman, L. (2009). Britain’s problem with pets:They’re bad for the planet. The Guardian. Retrieved from: https://www.theguardian.com/environment/2009/nov/13/ethical-living-carbon-emissions
Lange, M. (2016). Pet food trends shaping the world. Pet Industry Leadership Conference 2016 .Retrieved from:https://pida.memberclicks.net/assets/PILC16presentations/pilc%20lange%20petfood%20trends%20shaping%20the%20world.pdf
Media, G. (2017). Pet food market data.Pet Food Industry.com .
Nielsen. (2016). The humanization of pet food. An uncommon sense of the consumer .Retrieved from:https://www.nielsen.com/content/dam/nielsenglobal/kr/docs/global-report/2016/humanization-of-pet-food-report-mar-2016.pdf
Strickland, B. (2017). The Benefits of Pets. Parents magazine.Retrieved from:https://www.parents.com/parenting/pets/kids/pets-good-for-kids/
Ward, P and Keeland, V (2015).Cocky Bastard.C. Scott Publishing Corp.Retrieved from:https://books.google.co.in/books?id=6Fo5DAAAQBAJ&dq=Kibbles+and+Bits+of+Everything.&source=gbs_navlinks_s
Wright, J. (2017). Honest Kitchen Dog Food Reviews, Ingredients, Recall History and Our Rating. Labrador HQ Training .
Zurich, L. (2017). Dirty Secrets of the Pet Food Industry. The Helathy Home economist .
Pet Food Exports: Country by commodity”. FAO (2009).

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