Assignment on Small Business (Sweet Republic) Table of Contents Introduction 3 Ethical Practices 3 Opportunity and Threat for Small Enterprises 4 Specific Environment focusing on:- 6 Customers 6 Competitors 6 Suppliers 6 Advocacy Groups 7 Sustainability and Competitive Advantages 7 Conclusion 8 References 9   Introduction A small scale enterprise is managed by the small businessman, which employs few employees for controlling day to day activities. The sales turnover in such venture is less as compared to other multinational organization and is usually directed by the sole proprietor (Lattimore and Mead 2015). In this assignment, the small business enterprise i.e. the Sweet Republic has been selected. The company operates its business in Ice-cream and Bakery section at Delhi – Connaught Place for satisfying the ever changing needs of the potential users. Ethical Practices Ethical practices are also known as business or corporate ethics, which outlines the conceptual framework by the governing body in the operational functions of the small enterprise. Ethical principles and morals are applied in the professional environment so that the interest of associated stakeholders is not ruined by the company. The managerial practices for the Sweet Republic can be successful in future by giving due consideration on the sourcing of ingredients and following the purchasing practices (McTavish, 2015). The company by allocating natural ingredients from the vendors could be able to manufacture the ice creams with the sensational taste and flavor for the customers. At the same time, company by making the vital purchase decision could be able to support positive change, within the management level. Procuring the natural products from the dairy farms can result in sustainable practices for the company to attain competitive advantage. The products involved in the manufacturing process such as eggs, milk, fruits, etc. must be standardized for ensuring nutritious food quality to the end customers. In addition, fair trade practices are also involved in the ethical structure for ensuring that the customers are not cheated and achieve fair value for their prices. It is because the customers can be entertained in the market by the company by offering quality products at reasonable prices. The honesty, integrity, trustworthiness, accountability, commitment, effective leadership, morale, etc. are some of the ethical practices, which can be followed by the propitiator of ice cream and bakery owner for contributing towards the society (Beagan, et al., 2015). Moreover, it could be profitable for the Sweet Republic by maintaining fairness and transparency in the operational activities for attracting more customers and making them loyal towards the brand. The labeling and marking of the bakery products can support the company to manage the practices under the legal framework of the respective regulatory bodies. On the other hand, ethical marketing should be done for spreading the awareness among the customers with the help of educational brochures, videos, etc. (Bianchi, et al., 2014). Thus, the company by following the ethical code of conduct into the dynamic business environment can overcome the major challenges and issues for making the small enterprise profitable in the longer period. The good corporate governance, as well as ethical behaviour, can assist the company to sustain in the market and enlarge the profit margin. Opportunity and Threat for Small Enterprises Opportunities Threats Innovative Opportunities There can be the innovative opportunity for the Sweet Republic for attracting more customers and satisfying there the diversified range of demand by introducing new flavor in the ice creams (Palmer, et al., 2015). This opportunity can be helpful in providing economic value to the customers and transfer of resources from one place to another for generating more revenues. Financial Assistance The Small enterprise such as the Sweet Republic can encounter major threat in consideration with the support from the financial institutions. The banks are not ready to provide assistance to small businesses because of low sales turnover and profit margin (Yu, 2016). Due to this reason, they are not able to repay a number of loans on time. Government Subsidiaries The government by providing subsidies in the form of tax relief and concession can support small enterprise to enlarge its operations in the market. Government by promoting the products and services of the Sweet Republic among the customers can help the company to sustain in the market for a longer duration (Pla-Sanjuanelo, et al., 2015). In addition, government can offer them valuable assistance to survive in this competitive environment by purchasing the produced goods of small enterprise. Lack of Government Support The absence of government support in the form of heavy taxation and legal compliances on the bakery products can hinder the long term performance of Sweet Republic. Moreover, the policies framed by the government require the huge investment in the form of the legal documentation process, which creates problems for the small enterprises. Balanced Regional Development The Sweet Republic provides regional development in the form of creating employment opportunity to the rural and backward region (Wills, et al., 2015). The increase in employment level helps to uplift the living standards of the employers with the help of monthly salaries or wages and thus, promote balanced regional development. Lack of Marketing Management The additional problem, which can be faced by the Small Republic in managing the business, is in association with the marketing management. The absence of technical and professional skills and strategies with the proprietor prevents them from earning additional profits (Karmarkar and Bollinger 2015). It is because the managerial functions are managed by the businessmen according to the past experience and knowledge rather than on marketing management. Specific Environment focusing on:- There are following attributes in an external environment, which is necessary for the Sweet Republic to focus on for making the business successful and profitable in future: Customers The company can occupy a large number of customers by providing innovation in product and services. The customers are attracted towards the company that follows product differentiation strategy (Kamei, et al., 2015). There can be creative ideas in the ice creams by adding new flavors and ingredients for satisfying the needs of the customers. Competitors It is required for the Sweet Republic to study the policy and framework of competitors to survive in the market for a longer duration and increase the satisfaction level of the customers. Moreover, the small enterpriser by knowing the existing number of competitors in the ice cream and bakery firm as well as by identifying their methods used for attracting the customers can be helpful to maximize the wealth in the market. Suppliers The suppliers in the business framework are important for the company because they assist in providing raw material. It is necessary for the Sweet Republic to allocate the raw material for green vendors, which provides natural ingredients. The customers are attracted and become loyal towards the manufactures, which offers nutritional and healthy benefits to the customers (Fudaliński, 2013). The green suppliers make effective use of organic particles, which are beneficial for manufacturing ice creams and bakery products. Advocacy Groups Effective utilization of advocacy groups such as campaign, interest, lobby, pressure groups, etc. can be helpful for the Sweet Republic to attract customers by influencing there buying behaviour. The advocacy group differs in size, number, nature, motive, etc. for developing the business with the consideration of social purpose (Palmer, et al., 2015). It is because advocacy group act as a vital role in the market for creating the political as well as social system for increasing the profit margin of the company. Sustainability and Competitive Advantages The sustainability practices can be adopted by the Sweet Republic by maintaining its operations in the market for satisfying the needs of the customers as well as to sustain in the market for a longer duration. It can be done by making optimize utilization of available resources and avoiding any exhaustion of natural resources so that it is easy to maintain the balance in the ecological parameter. At the same time, small enterprises with the help of innovative and creative ideas in the managerial concepts can gain the competitive advantage over the competitors (Bianchi, et al., 2014). Identification of new methods in the production process of ice creams and bakery products with the changes in the environment also leads in creating competitive advantage in the dynamic environment. The Sweet Republic can gain the additional advantage in the market by offering high value to the customers by lowering the prices of available products and services. Moreover, higher prices for the quality and specialized product through an implementation of modern technology can be helpful in grasping the attention of new customers and retaining the existing customers. The effective use of scarce resources can facilitate the company to achieve the advantage in the market because this method helps in cutting down the cost of production and increases the profit margin (Brindley and Oxborrow 2014). At the same time, it can be suitable for the small enterprisers with the few employers bring product differentiation in the existing products and services for promoting among the customers and enhancing the sales. It is not easy for the small enterpriser to manage its operation under profitable situation for a longer period because of cut throat competition prevailing in the market. On the other hand, if a company is able to create the distinctive identity in the minds of the customers than it can capitalize its position because the competitors are not able to imitate or duplicate the product strategy. Thus, the product strategy which can be followed by the Sweet Republic should provide some features such as value, availability, inimitable and non substitutable to the customers for attaining competitive advantage. Conclusion From the above discussion, it can be summarized that Sweet enterprise for maximizing its profit margin and to build its goodwill in the market has to comply with the ethical practices. The small enterprises, while managing its operations faces various opportunities and threat in this competitive market from the national and international players. Further, the company to sustain in the market for attaining competitive advantage must focus on the needs of associated stakeholders.   References Beagan, B. L., Power, E. M. and Chapman, G. E. (2015) “Eating isn’t just swallowing food”: Food practices in the context of social class trajectory. Canadian Food Studies/La Revue canadienne des études sur l'alimentation, 2(1), pp.75-98. Bianchi, C., Winch, G. 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