Action Plan for Frispee’s Sustainable Development
1. The use of a fictional company/case will allow you to have greater flexibility and freedom on what you want to focus on, based on the critical research started in your summative one. You are expected to continue to engage in more critical and analytical research, looking at the social (human/people), environmental (planet), and financial (profit) challenges facing your company and the opportunities they present. So, as initial research process, you are expected to: i. Select the sector (which you started in summative one)ii. Identify the sustainability challenges faced in the sector. iii. You will build your fictional company by including sections such as the company’s vision and mission; objectives. Inspired by the challenges identified, you will relate these challenges to your fictional company which must be located within the sector under discussion. For instance, if you decide to develop a fictional car company, then you are expected to draw ideas from existing car companies (which you would have researched in summative one). Or if you wish to develop a case on fashion retail, you will draw ideas from companies in that sector. INDICATIVE STRUCTURE:1. Brief overview of case: Start with a brief overview of the fictional company’s vision, aims and objectives and the identified challenges to address. Provide an overview of the case study companies researched in summative one, including their sustainability challenges present days materiality matrices. This should be followed by your own fictional company’s sustainability challenges, and then identify (two) most pressing of the challenges you aim to tackle. This should be summarized as a materiality chart (materiality matrix).
2. Strategic plan: Propose a strategic plan to improve the sustainability issues identified. Use a visual project chart and timeline (e.g. a Gantt chart) to briefly identify the milestones to be achieved. Do not overdo the number of milestones: this is an exercise, so two or three milestones are more than enough to demonstrate that you know how to apply the basic management tools used in a project. Remember to identify which TASKS will have to be accomplished to contribute to each of the identified milestone, how long and specifically when the overall project and each task take place. Justify the tasks identified using general management and sustainability concepts and tools (frameworks, models, metrics, procedures, etc. such as: SMART, or TROPICS, or a Sustainability model such as Silvius and Schipper’s, or The Phase Model by Dunphy, Griffiths and Benn, or any other model you like)that will be relevant to apply during the planning, implementation and monitoring of each task. Explain how the change will be monitored and evaluated: i.e. the list of the key performance indicators (KPIs) and other measures that will help check the progress of the overall sustainable strategy action plan.3. Final remarks: Write a relevant set of final remarks, and ideally setting new targets for further developments for the company in the near future.
ACTION PLAN FOR FRISPEE’S SUSTAINABLE DEVELOPMENT
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Action Plan for Frispee’s Sustainable Development
1 Brief Overview of Case
The fashion sector, including the cosmetic industry, constantly adapts to changing trends and consumer demands. In the UK, the cosmetic industry significantly contributes to the country’s economy, with an estimated market value of around £10 billion. The global cosmetic industry is experiencing steady growth, with a projected market value of over $800 billion by 2025 (Niinimäki et al., 2020). This growth can be attributed to several factors, including increasing consumer awareness of the importance of personal grooming and appearance, the rise of social media and influencer culture, and the increasing disposable income of consumers in developing countries. However, the industry also faces challenges, such as increasing concerns about the environmental impact of cosmetic products and the use of harmful chemicals in cosmetics. Consumers are becoming more conscious of their environmental impact and seeking more sustainable and eco-friendly alternatives. Brexit and the COVID-19 pandemic have impacted the UK’s cosmetics industry. Brexit has led to uncertainty regarding regulations and trade agreements, while the pandemic has disrupted supply chains and caused a shift in consumer priorities (Zhang et al., 2021). Many consumers now prioritize hygiene and health over cosmetics, resulting in declining sales for some companies. Despite these challenges, the cosmetic industry remains a significant contributor to the economy, with several UK-based companies being global leaders in the sector.
Frispee is a fictional cosmetic company based in the UK dedicated to providing its customers with high-quality and innovative cosmetic products. The company’s vision is to become a leading player in the cosmetics industry by offering exceptional yields that meet the diverse needs of its customers. The company aims to develop a range of natural, ethically sourced, eco-friendly, and affordable cosmetics for many consumers. To achieve this objective, Frispee aims to invest in research and development and partner with suppliers who share their values and commitment to sustainability.
1.1 Frispee’s Core Objectives
* It is developing innovative and sustainable cosmetic products that meet the evolving needs of consumers.
* We are fostering a strong brand identity recognized for its commitment to quality, sustainability, and affordability.
* I am building a loyal customer base by providing exceptional customer service and engaging with customers on various platforms.
* We are establishing a solid supply chain that ensures the timely delivery of products to customers while minimizing the environmental impact.
1.2 Frispee’s Challenges
* Intense competition from established players in the cosmetics industry makes it difficult to gain market share and establish a strong brand identity.
* The need to continually innovate and develop new products that meet the evolving needs of consumers while maintaining high standards of sustainability and affordability.
* Ensuring that the company’s supply chain is ethical, sustainable, and efficient can be challenging, given the complexities of global supply chains.
* We build brand awareness and engage customers in an increasingly crowded digital marketplace.
To address these challenges, Frispee must develop a solid brand identity that resonates with its target audience, invest in research and development to create innovative and sustainable products and build solid relationships with suppliers and customers. By doing so, the company can establish itself as a leading player in the cosmetics industry while contributing to a more sustainable and ethical future for the industry. Many companies have recognized sustainability’s importance recently and implemented strategies to address environmental and social challenges (Tamburic, 2022). Patagonia is a clothing and outdoor gear company known for its sustainability commitment. The company’s sustainability challenges include reducing its carbon footprint, promoting sustainable materials, and improving the welfare of animals in its supply chain. Patagonia’s materiality matrix has an environmental impact, labour practices, and animal welfare issues.
Similarly, H&M is a multinational fashion company that produces and sells clothing for men, women, and children. The company has faced criticism for its labour practices and environmental impact. H&M’s sustainability challenges include reducing its carbon footprint, promoting sustainable materials, and improving working conditions for workers in its supply chain (Niinimäki et al., 2020). H&M’s materiality matrix has labour practices, sustainable materials, and responsible water use issues.
1.3 Sustainability Challenges Faced by Frispee
Frispee may be challenged to reduce its carbon emissions from its operations, transportation, and packaging. This could be achieved by optimizing its logistics and supply chain, reducing energy consumption in its facilities, and using eco-friendly packaging materials. Also, the company could face challenges in reducing waste generated from its products and services. This could include reducing single-use plastics and packaging waste, implementing recycling programs, and encouraging customers to adopt sustainable behaviours. Frispee may need to ensure that the products and materials it sources are sustainable and do not harm the environment or communities (Aguiar et al., 2022). This could include sourcing organic or Fairtrade products, using renewable energy sources, and working with suppliers who meet environmental and social sustainability standards.
Similarly, the cosmetic company may need to ensure that its labour practices are ethical and fair and that its employees are paid a living wage and have safe working conditions. This could include conducting audits of its supply chain to ensure compliance with labour standards, offering fair and transparent salaries and benefits, and investing in employee training and development. Frispee may need to engage with local communities to understand their needs and concerns and work to mitigate any adverse impacts of its operations. This could include supporting local environmental initiatives, partnering with community organizations, and engaging in stakeholder dialogue to address concerns and build trust (Drobac et al., 2020). Frispee must adopt a holistic and integrated approach to sustainability, considering its operations, products and services, and social, environmental, and economic impacts. By doing so, it can reduce its ecological footprint, improve its reputation, and build a sustainable business for the long term. Based on these challenges, the two most pressing challenges that Frispee must tackle are reducing its environmental impact and promoting ethical and sustainable practices. A materiality matrix can help visualize these challenges and prioritize them.
Figure SEQ Figure \* ARABIC 1: Materiality Matrix for Frispee
The materiality matrix identifies the sustainability issues with the highest impact on Frispee’s business and those of lower importance. The high-impact and high-importance issues are carbon emissions and waste reduction. These issues are critical for Frispee’s sustainability and will significantly impact the environment and reputation. Frispee must prioritize reducing its carbon footprint and minimizing waste in its operations and products. The high-impact and low-importance issue is community engagement. While community engagement may not be critical to the company’s operations, it is still essential for Frispee to engage with local communities and build trust. The low-impact and high-importance issue is sustainable sourcing. While sustainable sourcing may not significantly impact Frispee’s business, the company must ensure that its products and materials are sourced sustainably and ethically (DiPietro, 2019). This will help Frispee reduce its environmental footprint and build a responsible supply chain. The low-impact and low-importance issue is ethical labour practices. While ethical labour practices are essential, they may not significantly impact Frispee’s operations or reputation. Nonetheless, it is still necessary for the company to ensure that its employees are treated fairly and have safe working conditions. Using a materiality matrix, Frispee can prioritize its sustainability efforts and focus on the issues that impact its business and stakeholders.