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The U.K.s sustainable furniture industry is significantly young, based on the number of players and sales per year. Fuzl and Revive Innovations, some of the best performing players in the sector, offer outdoor and sustainable household furniture made from recycled material. Bumgardner and Nicholls (2020) report that the global sustainable furniture market exhibits about 10% annual growth from 2020 through 2027. The reports inclusivity significantly implies what investors should expect in the U.K. market. The sustainable furniture markets newness and a small number of players make it hard to determine the leader. Nonetheless, organizations in the market with appropriate marketing strategies manage to reap over one million pound sales annually (Sutardi et al., 2016). The situation allows Green Office Company to succeed through its brilliant marketing tactics and specialized quality products.
The sustainable furniture market is a virgin industry with unmatched potential. New entrants only need to identify a sustainable, stylish product and marketing strategy to join and succeed (Beinö and Alexanderson, 2020). Rivalry is also minimal due to a large number of clients and minimal suppliers. Accessing recycled and renewable material for the products is also easy and affordable, making the industry unique. Green Office Companys current plan is to supply specialized sustainable office furniture. The choice is informed by the discovery that almost all the players in the market provided mixed furniture solutions. The firm thus has alternatives such as going the general way or choosing to supply recovered material to other entities. There are few players in the U.K.s sustainable furniture market. All the parties in the industry produce differentiated products using almost the same kind of material. Green Office Company will not be much different from the other players. The entitys determination to combine specialized sustainable furniture with cause marketing strategies differentiates it substantially.
Green Office Companys business is significantly sustainable based on the product and business strategy perspectives. The company utilizes recycles and renewable materials to produce its products, making it highly sustainable. Moreover, Green Offices strategy to utilize thirty percent of its annual profits to support an environment and social recuperation indicates unmatched sustainability. The sustainable furniture industry is currently like the personal computer market of the twentieth century. The market is promising, while very few people seem to understand its brilliant future (Jensen et al., 2019). There are no definite market leaders in the sector presently, according to Xiong et al. (2020). The situation leaves early investors in the sector with the unmatched potential to become successful international players with time. The high accessibility of recyclable waste and renewable material also increases the potential to earn lucrative profits in the short and long run.
The application of Porters five forces of market analysis presents several interesting aspects of the U.K. and global sustainable furniture market. Fernando et al. (2019) describe the industry as one of the few sectors where creativity and business strategies, as opposed to capital, are the main success factors. Rivalry is minimal in the industry, while suppliers bargaining ability is low, especially for recycled material (Barbaritano et al., 2019). New entrants threat remains high, but the markets extensiveness makes the same significantly negligible (Chowdary et al., 2019). The potential to establish international supply routes also promises investors to tap into the growing worldwide market when the local fair becomes congested. Green Office Company needs to combine quality, affordability, and suitable business strategy to succeed both locally and internationally. Offering specialized sustainable office furniture partly takes care of the uniqueness aspect. However, adopting the right strategies to convert the products into a cause promises the organization superior competition.
Reference List
Barbaritano, M., Bravi, L. and Savelli, E. (2019) Sustainability and quality management in the Italian luxury furniture sector: A circular economy perspective Sustainability, 11(11), p.3089.
Beinö, O. and Alexanderson, L. (2020) Impact of green marketing on consumer behavior: A case study on the furniture industry.
Bumgardner, M.S. and Nicholls, D.L. (2020) Sustainable practices in furniture design: A literature study on customization, biomimicry, competitiveness, and product communication. Forests, 11(12), p.1277.
Chowdary, B.V., Richards, M.A. and Gokool, T. (2019) Redesign of a furniture industry component: A sustainable design approach. West Indian Journal of Engineering, 41(2).
Fernando, Y., Shaharudin, M.S. and Xin, W.W. (2019) Eco-innovation enablers and typology in green furniture manufacturing. In Green Business: Concepts, Methodologies, Tools, and Applications (pp. 379-394). IGI Global.
Jensen, J.P., Prendeville, S.M., Bocken, N.M. and Peck, D. (2019) Creating sustainable value through remanufacturing: Three industry cases. Journal of Cleaner Production, 218, pp.304-314.
Sutardi, S. et al. (eds.) (2016) Achievements of mechanical science and current technological.
Xiong, X., Ma, Q., Wu, Z. and Zhang, M. (2020). Current situation and key manufacturing considerations of green furniture in China: A review. Journal of Cleaner Production, 267, p.121957.
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