Founded in 2015, Abundant Produce Commercial Company is Australia’s only ASX listed company. As a matter of specification, it is a hybrid plant breeder, dealing with the agri-science research for developing commercial valuable property. Its headquarters is in New South Wales. Being a subsidiary of Abundant Natural Health Pty Ltd, the company deals in plants seeds and skin care products (Abundantproduce.com, 2018). Management, it can be said to operate under the Food, Beverage and Tobacco industry. Currently, the company holds 13.45 million market capital in Australia. Its shares in the Australian market is 54.91 million.
Mention can be made of the growing sweet tomatoes, which has brought innovation within the business. Here, the focus is on taste and quality, bearing in mind the climactic conditions. Assistance from the Sydney scientists enables the staffs to commercialize the new varieties of crops having high food value (Abundantproduce.com, 2018).
The business model of Abundant Produce is focused on plant science, which is directed towards seeking high values for enhancing the production. Market research helps in searching for the prospective opportunities towards maximizing the profit margins and the shareholder values (Günzel & Holm, 2013).
Building blocks
Deconstructing the business of Abundant Produce Commercial Company would be easier through the consideration of the building blocks in the business model. These blocks are as follows:
Key partners
The company partners with the universities, as the scientists are required for testing the quality of the produced seeds and the skincare products. Apart from this, the company indulges in partnership with food growers like Abundant Seeds and Abundant Natural Health.
Key activities
The company, in assistance with the research institutions indulge in research for molecular biology, plant pathology, psychology and chemistry for the production of high valued food crops. Along with this, natural ingredients are extracted for producing the cosmetic products. Attempts are made for commercializing the natural products into the global market (Abundantproduce.com, 2018).
Breeding of the plants is done better yield and resisting the occurrence of diseases. In this process, focus is placed on temperature, tolerance power, taste, texture, color and artificial genetic modification of the plants. Agility is one of the greatest strengths, which enables the company to satisfy the needs, demands and requirements of the clients. Tracking the quality of the produced products is assistance towards fulfilling the demands for flavour (REFER TO APPENDIX).
Producing quality seeds and cosmetic products provide enough opportunity to the research houses to invest in the services of Abundant Produce. Maintaining consistency in seeking the opportunities to maximize the profit margin and shareholder value, enhance the parameter of customer relationship. Risk assessment is one such exercise, which assists in the process of globalization and commercialization (Joyce & Paquin, 2016).
Channels
Within the research process, the company also seeks prospective channels through which effective communication can be established with the clients and the customers. Typical example of this are the official website, social networking sites like Facebook, Instagram, LinkedIn and YouTube. These channels helps the staffs in enhancing the trafficking of the audience towards the brand image (Abundantproduce.com, 2018).
Abundant Produce follows behavioural segmentation for identifying the target audience. After plant breeding, the company adopts the process of surveys and feedbacks for gaining the approval of the customers. This process helps in gaining insight into the specific needs, demands and requirements of the customers. Mention can be made to the food growers, to whom seeds and cosmetic products are sold. In this transaction, focus is placed on the type and nature of the orders placed by the customers (Trimi, & Berbegal, 2012).
Figure 1: Cost structure of Abundant Produce
From the above table, it can be seen that the price of the products of Abundant Produce has encountered variable prices. This variety aligns with the demand and supply of the clients and customers regarding the seeds and the cosmetic products. Volume of the market shares was maximum on 30thJuly 2018. Numerically, it was 148,680. Percentile depicts -6.122% change from the earlier records. From the chart, it can be said that the company practices variable pricing method, which helps in gaining awareness about the purchasing power of the stakeholders and shareholders (Abundantproduce.com, 2018).
Discounts, offers and schemes on the seeds and the cosmetic products are the means for attracting the clients and the customers. However, for this, the staffs consider the cash flow statements. According to the announcement on 23rd April 2018, cash flow of the quarter was $147000, which is much lower to that of the last quarter, where the cash flow depicted a value of $672000. Total expenditure was $683000, which seemed appropriate in terms of the $735000 budget (Abundantproduce.com, 2018).
Highly efficient technologies help in the production of high valued food crops. These technologies also prove fruitful in terms of extracting the natural ingredients for the production of quality cosmetic and skincare products. Typical example of this are the food processors. Apart from this, resources like test tubes help in assessing the quality of the seeds and the skincare products (Abundantproduce.com, 2018).
Using highly efficient technologies helps the staffs of the Abundant Produce in the production of high valued food crops and skincare products. Through market research, the staffs seek efficient ways and means for executing the business activities. Social media marketing assists the staffs in increasing the trafficking of the audience towards the brand image. Emailing the cash flow statements to the directors inform them about the expenditure and the additional resources, if needed. This emails improves the communication with the stakeholders and shareholders, enhancing the parameter of corporate social responsibility. This partnership helps in introducing effective discounts, schemes and offers for the customers. Partnership with the research institutions help in gaining awareness regarding the ways and means of satisfying the needs, demands and requirements of the stakeholders and shareholders (Trimi & Berbegal, 2012).
Hard efforts put in by the staffs of Abundant Produce results in the achievement of success. Within this, mention can be made of Plant IP, where the staffs collaborate with that the senior research institutions like University of Sydney. The collaboration results in research into the fields of molecular biology, plant pathology, agronomy and chemistry. These researches enhances the awareness of the staffs towards creation of high valued food crops. Field experiments help the staffs in acquiring information about extracting natural ingredients from the neutraceutical industries for the production of cosmetic products (Abundantproduce.com, 2018). This is in response to the compromise with the health of the customers for the sake of accumulating greater share in the competitive market.
Horticultural production assists the farmers in efficient execution of the agricultural activities. Social media marketing has globalized the outreach into more countries. This globalization has sufficed the need for healthy, fresh fruits and vegetables. Herein lays the appropriateness of the quality tests, which has catered to the health issues of the stakeholders and shareholders. Mention needs to be made of the partnership with Abundant Health Pty Ltd, which has bestowed quality skincare products on the customers (Abundantproduce.com, 2018).
Non-complaince with the IT legislations compels the staffs of the Abundant Product Commercial Company to encounter the instances of cybercrimes. Under such situation, it becomes difficult for the staffs to execute the activities of enhancing the parameter of corporate social responsibility. Reference can be cited of the credit risk, liquidity risk, interest rate risk and equity price risk among others. Even the new systems and policies have failed to minimize the level of these risks. However, changes in the management procedures have proved successful in reducing the credit risks. Typical examples in this direction are judicious use of the systems for achieving grants and approvals (Abundantproduce.com, 2018).
Lackadaisical attitude towards the execution of quality tests is also a severe risk in terms of the health issues of the customers. This negligence aggravates the complexities, compelling the staffs to receive complaints from the customers regarding the provision of poor services.
Evaluation with the help of the checklists is crucial in terms of assessing the extent to which the changes have been made. Sharing these checklists with the directors would improve the communication within the departmental units. Along with this, it would inform the higher authorities about the ways and means adopted for executing the business activities. Sending the seeds to the laboratory would result in tests for their texture, colour, features and quality. The reports of the tests can be sent to the higher authorities for completing the next round of interactions. Market research for adopting efficient quality technologies would enhance the standards and quality of the business activities of Abundant Produce Pvt Ltd.
Conclusion
The assignment proves successful in providing an insight into the business of Abundant Produce Pvt Ltd. Usage of business model helps in deconstructing the ways and means through which the business activities are carried out. Technological innovation is the keystone towards attracting the clients and the customers towards the brand image. Partnership with the research institutions results in enhancing the production of efficient quality seeds and skincare products.
References
Abundantproduce.com (2018), About us, Retrieved 2nd August 2018 from https://abundantproduce.com/about/
Günzel, F., & Holm, A. B. (2013). One size does not fit all—understanding the front-end and back-end of business model innovation. International Journal of Innovation Management, 17(01), 1340002.
Honee.com.au (2018), About us, Retrieved 31st July 201 from https://www.honee.com.au/Home/AboutUs
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
Trimi, S., & Berbegal-Mirabent, J. (2012). Business model innovation in entrepreneurship. International Entrepreneurship and Management Journal, 8(4), 449-465.
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