Market Commodity Entrepreneurial Process

Question: Discuss about the Market Commodity for Entrepreneurial Process. Answer: Introduction: This particular study has provided an in-depth understanding about the importance of vending machine in the strategic location of Singapore in order to understand its necessary for sportspersons. The primary purpose of setting up this vending machine is to provide necessary sports products to the interested sports persons when it is necessary. One of the most effective advantages of vending machine is its availability. This particular machine is available for 24 hours. Therefore, people of different geographical areas can make the best use of it at any time. Therefore, this vending machine should be set up in such a place where recreation center is available and the sports boutiques are situated far from the sports center. As a result, the sports persons would not have to struggle for getting their necessary sports kits. Before establishing a vending machine, an effective strategic plan should be made. The machine has been decided to be established near Bishan Stadium. Sports industry growth of Singapore: The sports industry of Singapore raised its head in 19th century. At that time, the Colonials of UK turned to the sports for spending their leisure hours effectively (Cummings 2012). As per their point of view, spending times through sports and exercise is more logical than remaining busy in mere gossiping. However, being inspired from the colonials, the inhabitants of Singapore rendered this trend. Gradually some of the sports and recreation clubs had been established at that time. Among these recognizable clubs, the names of Cricket club, Singapore Recreation club, Singapore swimming club, Hollandse Club are most prominent. During last five years, Singapore has enriched their sports industry by implementing numerous advanced technologies (Kelly et al. 2012). Apart from these clubs and recreation centers, some of the renowned stadiums are occupying a predominant place in for motivating the sportspersons towards the growth. Sports industry trends of Singapore in last five years: In last five years, the scenario has been changed to some extent. Singapore is no more restricted within Cricket club, Singapore Recreation club, Singapore swimming club, Hollandse Club. Some of the renowned stadiums and recreational centers have also been established in Singapore. These include Bhisan Stadium, Singapore Indoor stadium, Singapore Sports Hub, Smrt sports, Singapore paddle club, Ceylon Club and so on. The inhabitants of Singapore have been accustomed with the traditional culture of colonialists (Kelly et al. 2014). As per their point of view of these people sports is one of the most effective ways of keeping minds refreshed and free from anxiety (Kilian et al. 2012). Therefore, the family members tend to involve their children in sports. Expected future market demand in Sports industry: The future of sports industry is expected to be more glorious than early five years even. Most of the World Class sports events are going to be held in Singapore due to their suitable environment (Lee, Lee and Holden 2012). The revenue from those sports events are going to grow on $90.09 billion by the year 2017. Football is coming ahead first because of which the revenue growth of sports industry of Singapore is getting higher day-by-day. PESTEL analysis: With the rapid progress of sports industry, Singapore businesspersons of sports industry have to be more advanced and innovative so that sportsperson do not have to struggle in order to purchase necessary sports kits. Sports shops are generally not available for twenty-four hours. As a result, sports persons have to face immense difficulties in order to purchase sports kits at any time (Matthews and Horacek 2015). Vending machines have been launched for making an effective solution to those persons who are intended to make their shopping at any time. Therefore, this particular study has focused to set up this machine beside Bishan Stadium. Sports boutiques are not available near Bishan Stadium. As a result, the sportspersons have to face challenges in purchasing any necessary kits (Molnar 2013). In order to solve this issue a vending machine is decided to be established based on which the people would be able to make the best use of it. The products that are going to be sold in the v ending machine are as follow: Facial towels Shuttle Cocks Plasters and bandage Athletic tape Deodorant Ping-pong balls Knee and Elbow guards Sun screen lotion and socks Before, establishing a vending machine an effective environmental analysis should be conducted in order to understand the political, economic, socio-cultural, technological, environment and legal factors of Singapore. The business experts have to realize whether these factors are going to affect the business of vending machine or these are very much suitable for running the machine effectively (Olstad et al. 2015). PESTEL Analysis Description Political Political factors indicate the influence of the political parties within the countries, their way of control on the people in general, their plans and policies to rule the country. As per the political environment of Singapore, it can be stated that business organizations do not have to face any difficulties due to the political chaos of any individual party. People feel free to set their own decision. People are not forced to take any specific decision being influenced by the political parties (Polacsek et al. 2012). Therefore, any business industry does not have to face difficulties for running their business. Sports industry is not exceptional to that. A large number of sports persons tend to turn up to maintain their practice in Bishan Stadium. Therefore, establishing a vending machine in those areas would be fruitful to them. Interested purchasers would not have to jump here and there in order to buy sports kits. Economic Singapore is undoubtedly economically advanced country. As a result, the target customers would not have to face any difficulty for purchasing the sports products from vending machine. Vending machine is available for twenty-four hours. Therefore, people can use its service at any time. Naturally, the products demand little bit high range than normal sports shop. Target customers of Singapore being strong economically do not have to face any obstacle to use the service of vending machine. Socio-cultural People from different culture and attitude are involved in the sports industry. Therefore, the target customers of sports kits are not very restricted. Sports shops of Singapore had to invest large number employees for maintaining a balance in supply and demand. On the other hand, employees had to wait for a long time for getting an effective service from the sports shops. In order to overcome this crisis, the concept of vending machine had been rendered. Technological Singapore is technologically advanced country. People would not have to face any challenge to be accustomed with the techniques of vending machine. In addition, in order to promote the products of sports kits, the popularity of digital media can be used. The inhabitants of Singapore are very much comfortable with the advancement of technology (Sudhakar et al. 2014). Therefore, before using the products, the customers can get an in-depth overview about the reliability of products. Therefore, in order to launch a vending machine, people should have an in-depth knowledge on technology. Environmental In order to launch a new business, environmental analysis is one of the most important factors. It has already been evaluated that Bishan street is not endowed with enough sports shops. As a result, sportspersons have to face challenges for purchasing sports kits. Establishing a vending machine beside Bishan Stadium would be really helpful for the sportsperson to purchase sports kits. In addition, the environment of Singapore is suitable for maintaining sports industry effective. The persons who are very much laborious and dedicated towards their deeds would be able to be involved with sports industry. The inhabitants of Singapore are hard working due to the suitable external weather. Therefore, the establishment of vending machine would not go in vain. Legal In order to run a business industry, the business experts have to maintain some of the important rules and regulations effectively. The regulations include trade as well as government. From the very beginning, the business experts intend to follow these regulations and acts very strictly. As a result, the sports industries do not have to face immense difficulties for maintaining their business in the heart of Singapore. Launching a vending machine in the heart of Bishan Stadium would enhance the craze of sports market. Table 1: PESTEL Analysis (Source: Vander Wekken et al. 2012) Conclusion: The entire study has provided detailed analysis on business strategy and policy of establishing a vending machine in a strategic location. A large number of sportspersons like to visit in the ground of Bishan stadium regularly for their practice. On the hand, sports boutiques are not available on the surrounding areas of this particular stadium. Therefore, the business experts have decided to launch a vending machine beside Bishan Stadium in order to fulfill the needs and demands of sportspersons at any time. Before, launching this machine, an effective PESTEL analysis has been conducted. 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