Session 4 - Final Milestone - Apr
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May 3, 2024
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Session 4 - Final Milestone
Jane Doe
Colorado Christian University
BUS-105A Business Fundamentals
2
Session 4 - Final Milestone
Industry and Market Analysis
Thrilled Creations comprises multiple areas that come together to form a whole. Most of the company's operations are devoted to cultivating, growing, selling, and using plants and herbs to make other items for the firm. It is best to lay out the parts that make up Thrilled Creations to determine how production and distribution are integrated.
Online Combined Plant Nursery
: The market for online plant nurseries was estimated to be worth $10,224.59 million in 2022 and is projected to increase at a compound annual growth rate (CAGR) of 11.9% to $20,078.33 million by 2028. From 2020 to 2027, the worldwide online plant delivery industry, estimated at $1.7 billion in 2019, is projected to expand at a compound annual growth rate (CAGR) of 9.3%. (Market Research Experts, 2023) Online plant nurseries are specifically online shops that offer plants, flowers, pots, and other gardening products. Clients may pick from a large assortment of plants, and they can have them delivered right to their homes. The global online plant nursery market has experienced significant growth due to factors
such as rapid urbanization, modern farming techniques, government interventions, and consumer trends. Urbanization has limited green spaces, increasing demand for indoor and outdoor plants. The market for rare and exotic plants is in high demand and has grown in popularity since the COVID-19 epidemic began in 2020. This is attributable to several causes, including more individuals staying at home and Facebook & Instagram posts. Prices for uncommon plants have skyrocketed, with cuttings fetching hundreds of dollars. Modern farming practices like commercial greenhouses are being adopted to cope with shrinking arable
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land. Governments use export subsidies, import taxes, and direct subsidies to maintain farm prices and incomes. Consumer interest in organic foods and health-related production creates profitable opportunities for the online plant nursery industry. The market size is projected to reach USD 18,100 million by 2027, with a CAGR of 12.15%. Online nurseries offer various plants catering to home and commercial needs. (TheExpressWire, 2022)
Homemade Crafted Art and Decor
: The global arts and crafts market is thriving, driven by contemporary designs increasingly shifting towards modern and unique designs. A desire for the value of handcrafted and homemade items is growing, and there is an interest in handicrafts across various establishments, especially in online platforms, purchasing items that are shipped straight to you. The market size was USD 44,120 million in 2021 and is expected to reach USD 74,457.88 million by 2031, with a CAGR of 5.4%during the forecast period. Crafters and artists can leverage online platforms like Etsy, Amazon Handmade, and Facebook Marketplace to showcase and sell their creations. (Business Research Insights, 2024)
Health and Well-Being Items
: Because of the substantial growth in the wellness and health industry brought about by increasing awareness, businesses may also benefit from offering health-oriented products. I live with these options in mind; it's easy to investigate and discover the most effective ways to produce the best potential products. By 2032, the worldwide market for health and wellness is projected to have grown from $5,243.3 billion in 2022 to over $8,945.3 billion. (Precedence Research, 2023) These items include beauty, personal care, and daily items that replace dangerous chemicals and ingredients.
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key players (competition) in the industry and the company’s overall position in the industry.
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For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
B IUS
Paragraph
Arial
10pt
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Sustainability reporting is referred to as "triple bottom line" reporting because it takes into account the triple bottom lines of
and
O a. people; planet; profit
b. product; price; promotion
c. product; positioning; place
O d. productivity; proficiency; procurability
O e. promotion; price; place
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Hi,
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ACTIVITY # 4
Module 3
Lesson 2: Marketing Research
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