19 Apr Week 3 AssignmentInstructionsCourse Objectives:Students will become familiar with business theories and approaches relating to various business en
Week 3 Assignment
Instructions
Course Objectives:
- Students will become familiar with business theories and approaches relating to various business environments (Domestic, Global, Technological, Political-Legal, Socio-Cultural, and Economic).
- Students will evaluate the business environments and practices of selected companies.
- Students will evaluate the business environments of a company identified as a "worst" company to learn why it is not successful.
- Students will apply successful company strategies and business theory to recommend a successful strategy for the "worst" company.
Week 3 is time to go Global! You will continue with your selected "Worst" company and see what it takes to make it in the Global Environment. Concentrate on the global environment and determine the government regulations for your company. Your assignment will continue with your selected Worst List company. Refer to Week 3 Lesson for more information and details.
LO – 3 – Given a chosen company, the student will assess barriers raised by government regulations in the company's Global Environment and identify strategies for success given these barriers.
- Identify the industry for your chosen company and its Domestic Environment. Identify a Global Environment for the company (an international country for the company).
- What are the characteristics of the new Global Country/Environment that will best suit the company for success?
- What barriers exist in the new Global Country/Environment? You cannot state there are no barriers.
- How will the company overcome those barriers (strategies)?
Instructions: Also see attachments
- This paper will form the basis for the next section of your Week 8 Final Simulation project..
- Research requirement: minimum 2 credible sources with at least one source from your required readings.
- Minimum page requirement: 2
Running Head: 1
5
Name:
Institution:
Instructor:
Course title:
Date of submission:
COMPANY AND INDUSTRY BACKGROUND
The company that I have chosen is Monster Beverage Corporation. It is a holding company that operates business except through consolidated subsidiaries. The beverage industry is extensive, with a range of products including carbonated beverages, coffee, dairy, energy, and other sports drinks(Bernard, 2014). The demand for beverage products will likely adjust back to usual levels and return to average growth after 2022.
The beverage industry is sometimes referred to as the drink industry. It manufactures drinks and ready-to-drink products, such as bottled water, soft drinks, and energy drinks. The drive can be classified into two main categories: the alcoholic and nonalcoholic beverages industry. The beverage industry has been in business for a long time than an average person can imagine.
INDUSTRY SUMMARY
Some sources say the beverage industry started in the late 1700s. The company has been in business since 18th April 2002, and this is equal to 19 years. What is being considered worst about it is making products with high sugar content. This was brought to the limelight by the anti-sugar company movement. It is a massive challenge as consumers want sweet products but doesn't want to see sugar on the labels.
REGULATIONS
The FDA regulates the beverage industry. There are acts like the food safety modernization act that focuses on preventing foodborne illness. The government ensures that food manufacturers should register their products to create food safety plans and food defense plans.
Labeling requirement is part and parcel of the regulation from the government. The FDA is keen to ensure that important details are included in the labels. The Nutrition Labeling and Education Act also requires most products to include nutrition labeling (Allen, 2019).
The barriers that have been caused by this regulation lie in the reformulation of products. The preferences for better labeling have forced companies to invest more in product development since it is not as simple as swapping one ingredient for another.
The domestic regulation from the FDA is affecting Monster beverage companies one way or another. The labeling regulation has affected the company when it comes to branding.
BUSINESS THEORY
The business theorist that I have identified is Chester Barnard (Bernard, 2014). In his theory, he emphasizes that formal organizations are always made up of informal groups. He also believed that efficiency and effectiveness are what most organizations need to prosper. The most important theory is the theory of authority (Allen, 2019), which states that a manager's authority rests specifically on workers' acceptance of his right to give orders to comply.
One of Chester Barnard's acceptance theories is the lack of strategic direction. The beverage industry is a very dynamic industry that needs strategic recommendations. The company needs to implement a plan (Allen, 2019). There are different objectives in any organizational change.
There are ways in which the company can overcome the barrier. The first one is to have a clear and measurable. The second way to overcome it is to have a regular benchmark to evaluate one's progress towards the goal.
With the right strategy at hand, any business will improve its chance of getting to buy stuff and be more likely to take a productive role in the entire process.
Reference
Kraak, V. I., Davy, B. M., Rockwell, M. S., Kostelnik, S., & Hedrick, V. E. (2020). Policy recommendations to address energy drink marketing and consumption by vulnerable populations in the United States. Journal of the Academy of Nutrition and Dietetics, 120(5), 767-777.
Allen, A. J. (2019). SYSTEMATIC BENZOATE PRESERVATIVE ANALYSIS IN POPULAR BEVERAGES.
Bernard, M. E. (Ed.). (2014). The strength of self-acceptance: Theory, practice and research. Springer Science & Business Media.
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