Article Analysis Assignment Examining “Forrest: Racism Hits Indigenous Business Growth”
Task: For this article analysis assignment, each student will be analysing two news articles. The emphasis is on identifying the marketing implications for the events or incidents described in the article. Students are required to choose ONE of the news articles that focus on one of the United Nations Sustainable Development Goals (UNSDGs) and write marketing implications of the news. The first two tutorial weeks are designed to discuss how to analyse the sample news articles that focuses on UNSDGs. Specific questions that students need to answer include:
(1) Which of the UNSDGs does the new article relate to?
(2) Who are the important stakeholders?
(3) What potential marketing issues can be identified from the article?
(4) How would you respond to these issues and why?
In this article analysis assignment, the article ``Forrest: racism hits Indigenous business growth” will be discussed. The UNSDGs that can be implemented according to the issue addressed in this article will be identified. Also, the concerned stakeholder’s role will be briefly discussed. There will be an evaluation of the issues that are being faced by the people and the effects of those issues will be analyzed. Moreover, it will also contain the measures that can be taken to overcome the barriers that are being faced by the people.
The UNSDGs related with the article:
According to the article ``Forrest: racism hits Indigenous business growth” in Australia, outsiders are facing issues in terms of inequality in indigenous business growth. As per the article, the UNSDG that the country needs to implement is goal number 10 that is “reduced inequality.”On the basis of this goal, the policymakers should make strategies and policies that spread awareness regarding equality among all the people living in Australia. All people should be given equal rights in relation to healthcare, education, finance and wealth. By doing so, the country will be able to ensure that every citizen is being treated equally which will help in maintaining peace and harmony within the nation (Bnads, Orr & Clements, 2021). Hence, there will be significant financial growth and development. The government should make sure that there is no work inequality or disadvantage among the immigrants of Australia and they receive the same standard of education as the natives of Australia. Their policymaker should keep an eye on that everyone is getting equal opportunity to grow their business when they are trying to accumulate work capital. They must actively work to eliminate any obstacles, significantly increase standards, and seek responsibility for Indigenous companies before they achieve equity in results for all Australian business owners.
The indigenous business group of Australia understands the importance that good communication with consumers, investors, and other stakeholders like people of Aboriginal and Torres Islander, Andrew Forrest- the founder of philanthropic group of MinderooFoundation and pricewaterhouseCooperswill help to bring the change. Each year, they work with a variety of associations, members, clients, and collaborators to offer its services to Indigenous Australians, driven by a Strategic Planning Strategy.
Potential marketing issues identified:
In the article, it is mentioned that people of Australia are facing racism in their daily life, inter-generalization drawbacks and financial inequality because of which entrepreneurs are not getting enough help from the government in terms of work capital. The need to boost competitiveness and foster sustainability while preventing financial uncertainty like the one that led to the global recession are two prevalent business challenges today. It's obvious that inequity has a negative impact on labour productivity. It's also likely that it's a development stumbling block that might lead to global uncertainty (Patel, Doh&Bagchi, 2021). Inequality between wealth and wages is a result of economic inequality. The majority of the information in this overview is about money. Wages and pensions are the primary sources of business income in Australia, but investment returns such as bonds and leases still play a role. Taxation reduces a person's market revenue, while government subsidies such as insurance and child support raise it. In the article, it is noticed that while the natives of Australia were able to sanction enough loan to initiate and expand their business while the indigenous enterprise owners were unable to get loans of a big amount and were heavily dependent on their earlier savings.
The people of Aboriginal and Strait Islander find it difficult to prove their creditworthiness and since they have little to zero savings amount, it is quite hard for them to commence their business (Lewis & Lee, 2021). Unlike other entrepreneurs, the indigenous owner usually does not have strong goodwill, properties or ancestral heritage against which they can take a loan. This makes their opportunities more narrow, as a result, it creates inequality among people. Moreover, in Australia, a common racial, language, religion, or cultural origin, as well as a classification of a minority within a state, are characteristics of indigenous societies. These populations are more likely to be poor and have insufficient access to political and economic benefits within the nation.
Respond to these issues:
In this period of the political and economic revolution, it has become a fundamental tenet of a political strategy to reduce, if not eradicate, wealth disparities. Australia has also agreed to promote equality among the Australian population (Sologonet al., 2021). With this goal in mind, the government works to avoid capital and income accumulation in one community. Guaranteeing each resident a basic wage that corresponds to a basic standard of living is one of the few measures which can lead to a more equal society (Georgescu&Kinnunen, 2021). This is a move that would help to level the playing field for those of lower incomes. Another essential step is the implementation of a robust social security system that ensures a minimum level of economic stability for each resident (Roikonen, 2021). Free tuition, free healthcare and medical care, old-age pensions, liberal retirement coverage, sickness and death pay, provident funds, and social insurance plans, among other things, must be included in the social security system by Australia's policymakers (Alvaradoet al., 2021). In this way, people with low wages will be guaranteed significant benefits. Of necessity, those advantages have a monetary impact. This would be another step toward equality in the workplace (Sydes& Wickes, 2021).
Green spaces, libraries, theatres, communal air-conditioned facilities, community public television sets, and freezers can be offered on a liberal basis, allowing the impoverished to access almost all of the facilities available to the wealthy. The government can formulate and implement equipment to ensure that all people, rich and poor, have equal potential to obtain work or begin a career in business and trade (Li, La &Sologon, 2021). In other words, more should be done to reduce the impact of family members on career choices. An independent Selection Board or Public Utilities Board can be used to fill all positions. Also in the corporate companies, job exchanges or separate recruitment services can be used to fill positions.
From the report, it can be concluded that indigenous people in Australia are facing some economic inequality since they are not being given the same financial benefits that other entrepreneurs are getting. This is resulting in racism and unstable economic growth within the nation. Also, the solution to minimize these issues are being mentioned where the policymakers of Australia must ensure that they identify strategies and policies that will prove to be effective in terms of eliminating the discrimination problem.
Alvarado, R., Tillaguango, B., López-Sánchez, M., Ponce, P., &Ik, C. (2021). Heterogeneous impact of natural resources on income inequality: The role of the shadow economy and human capital index. Economic Analysis and Policy, 69, 690-704.
Bnads, H., Orr, E. & Clements, C.J., (2021).Improving the service to Aboriginal and Torres Strait Islanders through innovative practices between Aboriginal hospital liaison officers and social workers in hospitals in Victoria, Australia.The British Journal of Social Work, 51(1), pp.77-95.
Georgescu, I. &Kinnunen, J.,(2021). The digital effectiveness on economic inequality: a computational approach. In Business Revolution in A Digital Era (pp. 223-239). Springer, Cham.
Lewis, M. & Lee, A.J., (2021).Dietary inequity A systematic scoping review of dietary intake in low socio-economic groups compared with high socio-economic groups in Australia. Public Health Nutrition, 24(3), pp.393-411.
Li, J., La, H.A. &Sologon, D.M., (2021). Policy, Demography, and Market Income Volatility: What Shaped Income Distribution and Inequality in Australia Between 2002 and 2016.Review of Income and Wealth, 67(1), pp.196-221.
Patel, P.C., Doh, J.P. &Bagchi, S., (2021). Can entrepreneurial initiative blunt the economic inequality–growth curse Evidence from 92 countries.Business & Society, 60(2), pp.496-541.
Roikonen, P. (2021). Income inequality in Finland, 1865–2019. Scandinavian Economic History Review, 1-18.
Sologon, D. M., Van Kerm, P., Li, J., &O’Donoghue, C. (2021). Accounting for differences in income inequality across countries: tax-benefit policy, labour market structure, returns and demographics. The Journal of Economic Inequality, 19(1), 13-43.
Sydes, M. & Wickes, R., (2021).The Land of the ‘Fair Go’ Mapping Income Inequality and Socioeconomic Segregation Across Melbourne Neighbourhoods. Urban Socio-Economic Segregation and Income Inequality, p.229.