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Innovation (topic is FairTarde Organization) subject is marketing - Coursework Example

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Innovation (topic is FairTarde Organization) subject is marketing

Ethical issues 12 6. Main Analysis and findings 12 7. Conclusion 18 8. Recommendations 19 9. Annexes 20 9. References 23 Fair Trade: An Industry Analysis and the Future of The Music Industry In UK 1.0 Introduction Fair Trade makes a powerful case for how innovation brings forth a model that shifts innovative practices that were unthinkable before. This organization has transformed an innovative idea on how to help producers in developing countries make better trading conditions and promote sustainability. This report is based on external, industry and brand analysis of Fair Trade in the UK market. Theoretical frameworks of PESTEL and Porters analysis have been used to make an effective structure of the external and industry analysis. The study had referenced resources from academic journals and business articles as well as from organizations involved with Fairtrade such as Fairtrade Foundation and Fair Trade Resources. The Fair Trade Organization. The World Fair Trade Organization (WFTO) is a global network of over 450 organizations and individuals in 73 countries across Africa, Asia, Europe, Latin America, North America and the Pacific Rim, representing millions of artisans and farmers, most of whom are indigenous people, physically-challenged persons and women. The Fair Trade Organization advanced 10 reasons to buy fair trade products. These reasons served as their guiding rule and mission in their advocacy. See Annex 1. 2.0 Analyze the innovation. The main idea of innovation is to introduce something new, like a new idea, a method or a device. Peter Drucker’s theory of innovation states: “Innovation is the specific instrument of entrepreneurship… the act that endows resources with capacity to create wealth” (Philipp). Innovation is intended to make the product more acceptable and profitable. But before innovation is done, there are seven measures to determine the innovations’ success. These are: choice/control, convenience, community, completeness, compatibility, coolness/communication and customers ‘cost. Following these descriptions, questions to be answered with regards to the measures are categorized as to 7 Cs. (See Annex 2.) 2.1 Choice/control Customers face decisions on what to choose from the array of similar products. More often, they choose on the basis their perception and needs for their product. According to Philipps, a leading innovation expert, choice and control are keys to the success of an innovation. Choice is the powerful tool of the consumers that keeps businesses always alert and innovative in keeping track of their demands. He said today, consumers are more demanding, they will refuse to accept product that are sub-standard, low quality or highly priced. On this, it could be said that choice and control goes together because consumers expect that business will provide them with more choices and not be able to control their lives. Fair Trade provided the consumer more choices by improving the process of making a choice through recommendations. It has designed a process to discontinue the fragmentation based on demand for products and services that is tailored to specific needs. Fair Trade products are differentiated from the standard products because of its declared mission and vision that looks into the health and safety of consumers and to help raise the standard of living of is producers. Consumers will ...Show more

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Fair Trade: An Industry Analysis and the Future of the Music Industry In UK TABLE OF CONENTS 1.0 Introduction 2 2.0 Analysis of innovation 3 2.1 Choice/control 3 2.2 Convenience 4 2.3 Community 4 2.4 Compatibility 6 2.5. Completeness 7 2.6 Coolness 8 2.7. Cost 8 3.0 Environmental analysis 8 3.1.0 PESTEL 8 3.1.1 Political 8 3.1.2 Economic 9 3.1.3 Social 9 3.1.4 Technology 9 3.1.5 Environment 10 3.1.6…
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Innovation (topic is FairTarde Organization) subject is marketing essay example
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