Professional Development and Management Essay Example | Topics and Well Written Essays - 2000 words

Professional Development and Management - Essay Example With the growing competitors in the business world, it has become vital for every business to implement steps that would help them in maintaining their competitive position and also facilitate them in attracting more customers towards the business practicing effective product development (Johnson & Kirchain, n.d.). The main objective of this paper is to provide a detailed analysis of the company that would help in to improving their ethical standing and approach to environmental sustainability through product development of the biscuits category of product of the company. Discussion Current Products Desirability Relative to the Market Egyptian Company for Foods commonly acknowledged as BiscoMisr is determined to be one of the well-known local manufactures of biscuits along with confectionary products. The company’s products are also sold under various brand names that mainly comprise cakes, uncoated wafer, chewing gums and cocoa products (Diaspora Interactive Media, Corp., 200 9). It has been recognised that the company has conquered nearly 41% of the biscuit market in Egypt. It has been further viewed that the retail volume growth of biscuit market has slowed down in the nation. It is measured that the growth rate that was 7% in the year 2010 slid down to only 4% in the year 2011 and continued over the first half of the year 2012. The vital reason which has been identified as the key constituent for the slow growth in the biscuits’ market has been the fact that a substantial proportion of customers have started to prefer consuming homemade snacks as they believe it to be healthier (Euromonitor International, 2012). In this regard, it can be stated that the desirability of the product from the part of the consumers is derived upon having a healthy product within affordable cost. Identify Market Opportunities North Africa is recognised to be one of the most preferred destinations amid the others emerging markets globally (Bloomberg L.P., 2013). With in the Fast-Moving Consumer Goods (FMCG) industry, every organisation is establishing strategies and programmes that would help them to get acclaimed in one of the largest and fastest growing populations in the world i.e. North Africa, resulting in increasing the consumers demand for new goods. Considering the aspect of bakery industry within the nation of Egypt, it has been ascertained that in recent years, the growth of biscuit sale has dropped considerably as people have started to prefer consuming homemade biscuits and cookies as they find it expensive to buy it from the market. Table 1: Egyptian Confectionery Sales by Retail Channel (Bryant Christie Inc., 2009) Such a trend has primarily resulted from the slowdown of the currency value of the nation, making the import of raw materials more expensive and compelling businesses to raise their product price. However, it is worth mentioning that according to an estimation done by Oxford Business Group (2013), 70 to 80 present of the sales in the confectionary market come from products