Inventing a Business: Richmond Gold International Inc
Richmond International Inc is a production corporation that majors in production of coffee products. It is located in many nations within Europe, Asia and North America. It began its undertakings in January 1988. Despite having its headquarters in Australia, it takes care of a clientele base of coffee consumers with a worldwide distribution. Coffee commodities are packed as soluble mixed flavors. They incorporate coffee blends of caffeinated or decaffeinated blends in regular, small and premium packs as espressos, lattes and cappuccinos. The mixtures have mint, chocolate, vanilla and hazelnut flavors. The flavors differ depending on areas or nations of distribution, due to the fact that local consumers have diverse and varying likings and flavors when it comes to the coffee commodities. It acts as a wholesale as well as a retail corporation for customers buying coffee goods so as to improve and meet client effectiveness and monetary standards. Money-making undertakings at the Richmond International Inc are strategically organized, enacted and understood. As a result, analyzing logistic plans all over the corporation’s production branches is essential in meeting money-making as well as performance success. Corporation older and younger bosses, workers, worldwide partners as well as clients, thus, play a vital function in meeting Richmond International Inc.’s objectives and purposes.
Richmond International Inc Mission and Vision Statements
Richmond International Inc.’s mission statement displays the company as a corporate enterprise built and committed to forming as well as enhancing pleasant exposures amongst worldwide coffee customers. The workers, investors, as well as employing and running techniques, focus on improving the productivity and standardization of coffee commodities. They are as well given the duty of improving service delivery, chiefly via improved and creative technology solutions. The mission statement also focuses on enhancing, inspiring, teaching as well as spurring coffee clients to buy commodities from the corporation, because it presents a promise in meeting distinctive, special and full ability from coffee use.
The vision statement looks forward to offer a hopeful and dynamic working setting for corporation workers and the workforces. This is according to the corporation’s anticipations and philosophies that secure, inspired, respected and spurred workers attempts in meeting the needs, requirements, requests and prospects embraced amongst coffee clients. This is due to the fact that they make worthy, qualified, quantified as well as unvarying coffee goods. The vision statement in addition targets backing and forming a social and business money-making enterprise capable of making use of revenue generating undertakings at the corporation, whereas increasing Richmond International Inc. and investors’ worth. As a result, it focuses on meeting and also growing effectiveness in the corporation situated at a vast competitive and rapidly developing sector.
The mission and vision statements at Richmond International Inc are, as a result, made based on the following philosophies. Trained, skilled and qualified workers are dynamic and active. Due to this, produced coffee products can satisfy and meet clients’ needs, requirements, interests and anticipations, together with flawless service distribution. As a result, gained revenues, stake values, as well as reserved incomes are assured to escalate to realize accomplishment at the Richmond International Inc.
The Porter’s five forces concepts will be used in analyzing and debating the corporation’s prospects in the vastly crowded coffee production sector. This concept is made up of five force factors in figuring out the most active and influencing facets impacting a corporation in a vastly crowded and rapidly growing sector. They as well impact productivity scopes in a corporation because of the money flow effects faced by many corporations and a SWOT analysis. The five Porter’s factors incorporate input differentiation, bargaining power among suppliers, buyer’s inclination to substitute, their bargaining powers and competition (Duncan, 2009).
Input differentiation alludes to the accessibility of substitutes. The corporation focuses on making distinctive and exceptional coffee commodities. This would incorporate the concentration on lessening of threats from competitors, new entries and general competitors. Suppliers have a surged bargaining power because of an improved degree of input differentiation. In addition, the corporation uses large sum of money to get certain distinctive and special raw materials, therefore lessening the dangers brought about by intensified bargaining power amongst suppliers chiefly where there is rigid rivalry. Buyers’ susceptibility to substitute is established on the accessibility of substitute. The corporation’s distinctive, high quality, reasonable price, standardized as well as easy availability of commodities protects it from rivalry and lessening rigid competition threat. As a result, consumers as well rejoice in a bargaining power founded on huge sums of coffee products in domestic and oversea markets. Richmond International Inc has made sure that the volumes are huge, and that data regarding its undertakings and roles is accessible and handy on the site. Together with high quality coffee commodities, the substitute and competition threats are significantly lessened (Tony, 2006).
SWOT Analysis on Richmond International Inc.
Based on the Porter’s five factors analyzed aforementioned, the table shows the corporation’s SWOT analysis. It signifies the four sections making up a SWOT analysis: strengths, weaknesses, opportunities and threats (Duncan, 2009).
· Production of high quality and standardized coffee commodities
· Diminished production costs per unit
· Effortless purchasing approaches and systems
· Highly motivated and productive human resources
· Elastic production operations
· Newly innovated manufacturing, advertising and selling program
· Multiple branches available and accessible globally
· The rate at which buying habits are changing among coffee consumers is too dynamic
· Headquarter production unit recording a reducing rate on revenue growth rate
· Unavailability of raw materials and resources to manufacture organic coffee products
· new entrants manufacturing organic coffee commodities
· Augmented consumer demands, wants and needs for coffee
· Newly acquired machinery, plant and equipment
· Increasing number of unsatisfied consumers purchasing from rivals
· Partnering with coffee growers and manufacturers
· Acquisition of more advanced technologies to enhance company functions and operations
· Availability of new and highly potential markets across the globe mainly Africa
· The current plans for the company to expand are overwhelming and unrealistic
· Weak and poorly performing economies status in various global countries
· An increasingly unhealthy debt position and cash flow
· Substitutes especially organic coffee products are on the rise in markets
· Increasing fluctuations on global currencies
· Sales in the coffee industry are reducing and slowing
A Strategy for Richmond International Inc
The SWOT analysis table above pinpoints several working and useful parts in Richmond International Inc that can be eradicated, altered or fortified. Centered on the recorded strengths, the corporation requires to be developed when it comes to coffee production undertakings in the company to carry on successfully. Enhanced corporation structures offer better operations and purposes according to the adjusting customer purchasing conducts. The SWOT analysis table shows that the buying conducts amongst clients are adjusting, as they fancy coffee blends because of the wellbeing merits with which they are linked with. The wellbeing merits are linked with the lessened levels of sugar detrimental to diabetic clients as well as they are highly maintainable amongst the aging people.
Richmond International Inc, as a result should get new plants, machines and devices. They ought to be used in manufacturing healthy coffee beans mixed into last organic products that boost and maintain health amongst clients. Therefore, diabetic customers who treasure coffee however cannot buy the latest mixes will be cared for, reducing the danger posed by competitors. Ascertaining lately improved production actions, together with better technology in producing, growing and making coffee mixes, will lead to more healthy products. They will be more cherished amongst health-mindful coffee clients.
Therefore, their buying manners will be upturned, as they go on to purchasing coffee commodities from Richmond International Inc. As a result, corporation sales will upsurge, as the market will rejoice in the freshly enhanced healthy coffee produces, leading to an increased demand. Flow of money at Richmond International Inc will progress, and this will cause lessened debts and improved foundation of happy, reliable and contented clients.
The corporation ought to join together internal and external abilities, assets, openings and strengths in building a sturdier base via which the corporation can go on to progress and enlarge. Richmond International Inc has been working for more than 25 years. So as to carry on its undertakings as well as roles in the coming days for long duration, premises, worker skills, raw material, abilities and experiences ought to be vastly sustained. Grouping these facets will be an accreditation that the corporation will invariably be important in the coffee production sector, whereas satisfying and nourishing business and customer wants and requirements.
The external modifications, chiefly making up poor market structures and currency variations, signify the corporation’s threats and weaknesses. To either lessen or get rid of them and uphold corporation’s undertakings as well as duties in the sector, whereas satisfying and sustaining desires, requirements and requests amongst coffee clients, the company should go for a broad-based plan. It ought to make use of rental vehicles as well as more airlines to offer coffee goods to all clients who make their orders via the corporation’s site. Domestic outlets list delays prior to offering coffee goods to clients because of snarl-up and damage to vehicles.
Giving an easy to fathom account to clients regarding changes of policies will offer the company a chance to expound why coffee rates are as well impacted. The clients will neither feel weighed down nor contemplate that Richmond International Inc is immorally earning from currency variations via the escalated prices of goods. The profits and revenues made beyond the invest cost of capital confirm that the corporation can go on to satisfy and accomplish coffee clients’ needs. Therefore, they offer a chance for the corporation to make huge profits and incomes whereas accounting for efforts and production processes. Copyrights, licenses, capital, plants, employees, staff skills, equipment and also finances, also involve corporation resources that have to be justified, so as for the firm to be significant and gainful all over the worldwide markets as well as the coffee manufacturing sector.
Richmond International Inc should bring together these assets via an experienced and trained group of professionals. These staff should evaluate, organize and enact helpful ways so as to record a great performance that can give it an extra advantage in the sector. The SWOT analysis presents the firm with an overview to enhance and fortify its undertakings and roles in the manufacturing sector. SWOT table verifies that the corporation has the ability of accounting for better undertakings to remain essential all over the worldwide markets and the sector.
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Duncan, W. J. (2009). Chapter Three: Assessing the Internal Environment of the Firm, Academy of Management Executive.
Tony, L. (2006). Michael Porter’s Five Forces Model, New York, Simon & Schuster 1: 1-3.