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Risk Assessment Assignment: Possible Threats For Beverage Industry

Question

Task: You are supposed to prepare a research proposal on risk assessment assignment to assess the risks faced by the beverage company?

Answer

1. Introduction
1.1 Background of the case scenario of risk assessment assignment

The beverage industry is very dynamic as it keeps introducing new products in the market and is constantly experiencing an evolution. However, with the industrial climate changing over the years, this industry is facing various challenges and risks (Du et al., 2018). One of the major risks faced by the beverage companies is sustainability in their process and products. Companies are becoming aware of the risks and hence are trying to mitigate those (Moreira & Tjahjono, 2016). This research will identify the various types of risks faced by beverage companies and how they can be mitigated.

The aim of the research on risk assessment assignment is “To identify the types of risks faced by the beverage company and what does it mean to the company?”
The objectives for the research are-

  • To find out the meaning of risk for the beverage company
  • To evaluate the types of risks faced by the beverage company
  • To recommend strategies to mitigate the risks

1.2 Problem Statement
Global beverage companies face various risks and challenges in their business operations such as changes in the regional and national statutory regulations, changes in the tastes and preferences of the customers (Tse et al., 2016). Other risks include lack of sustainable products, the problem in adapting to new and advanced technology, consumer safety and many others. All these risks have affected the global beverage company and therefore, though this research, the same will be identified (Arisseto-Bragotto, Feltes & Block, 2017).

1.3 Field of research
This refers to the qualitative method of collecting data to conduct the research. Here the data will be gathered from company websites and annual reports of various beverage companies globally. It will aid the researcher in gaining a wide range of data for the research. Every type of beverage has different risks and risk mitigation strategies (Kearns & Bero, 2019). Therefore, this research will be conducted at the global level and risks faced by companies like Coca-Cola and others will be analysed.

1.4 Research questions
1. What does risk mean to the beverage company?
2. What are the types of risks faced by the beverage company?
3. How can the risks be mitigated?

2. Preliminary literature review
2.1 Past Studiesconsidered to prepare this risk assessment assignment

With the changing scenario in the global industries,many risks have come up for the beverage industry, which might hamper their current operations and consumer base. Additionally, the outbreak of the coronavirus pandemic has led to losses for the manufacturing and retail sector. Risks for beverage companies refer to theunforeseen impact of any activity or operation that might harm the organisation. The global beverage industry includes a wide range of beverages, both alcoholic and non-alcoholic (Moreira & Tjahjono, 2016). Coca-Cola is one of the most popular beverage companies globally and it has a wide range of product line. In 2018, the global beverage industry was valued at $1544.61 billion and it is estimated that by the end of 2024, the value of the industry will increase to $1854.5 billion (businesswire, 2020). The CAGR rate of the industry is estimated to be at 3.1 percent and the reason for this growth is due to the increase in the global consumption of beveragesowing to an increase in the disposable income of the consumers (researchandmarkets, 2020).

However, the global beverage industry is facing restraints and risks in their operations. One of the major risks faced is the rising health consciousness of the consumers regarding the consumption of non-alcoholic and alcoholic beverages. The companies keep introducing and innovating new products for the market. However, this poses a risk for the company,as there is a risk of failure for the company. Sometimes, the company innovates new products, changes the packaging or marketing techniques to tap new markets. This can lead to failure, as the consumers might not accept it. The global beverage industry has a diverse customer base and therefore it needs to develop products that will suit the needs of the different types of cultures and backgrounds (Chia-Jen, 2018). The caffeinated drinks pose health problems for the consumers and hence, many customers have become more conscious about the type of beverage they consume. Therefore,a risk faced by the beverage companies is that they need to comply with the health needs of the consumers and accordingly promote their products. Other than that, the use of compromised quality of materials and ingredients, which are not sustainable, might make the business lose their customers.

2.2 Research gap
The above literature review studied the global beverage market statistics and the rate at which the market share is increasing globally. However, it did not properly identify the various risks faced by the global beverage industry and what it means to them. The risks mitigation strategies undertaken by different companies were not analysed. This research will try to bridge this gap by identifying the risks and the strategies to effectively mitigate them.

3. Research Methodology
3.1Research design and Methodology

The research study prepared in the risk assessment assignment will try to identify the meaning of risks for the global beverage industry along with the different types of risks faced by these companies. Therefore, positivism research will be incorporated into the research to identify the facts and knowledge behind the research topic. Implementing the deductive research will aid in determining the required information from a wide range of sources for arriving at conclusive results (Geoffrey, 2019).It will be an exploratory research method,as the researcher will try to explore the information regarding the topic of the research.

3.2 Data collection and sources
The data for this research will be in the form of qualitative data. Secondary sources will be used for gathering the data for the research and accordingly the qualitative research method will be used for understanding the research topic (Ruggiano & Perry, 2019). The data will be gathered from the annual reports of various beverage companies such as Coca-Cola, beer companies, milk companies and others.

3.3 Data analysis
3.3.1 How will data be prepared for analysis?

As stated above, the data will be secondary that is it will be collected from various sources of company websites and annual reports. Both statistical and subjective data will be collected and prepared as per the impact of the risks identified.

3.3.2 What analysis approach will be used in this risk assessment assignment?
The researcher to evaluate the data collected will incorporate the thematic analysis. It will help in categorising the data as per the main theme and will be easier for the researcher to analyse and arrive at the conclusion (Vaismoradi et al., 2016).

References
Arisseto-Bragotto, A. P., Feltes, M. M. C., & Block, J. M. (2017). Food quality and safety progress in the Brazilian food and beverage industry: chemical hazards. Food Quality and Safety, 1(2), 117-129.

Chia-Jen, H. U. N. G. (2018). A Study on the Correlation among Brand Image, Perceived Risk, and Purchase Intention in Food and Beverage Industry. Risk assessment assignmentRevista de Cercetare i Intervenie Social, (61), 122-133.

Du, M., Tugendhaft, A., Erzse, A., & Hofman, K. J. (2018). Focus: Nutrition and Food Science: Sugar-Sweetened Beverage Taxes: Industry Response and Tactics. The Yale journal of biology and medicine, 91(2), 185.

Geoffrey, M. (2019). Essential of Research design and methodology.

Kearns, C. E., & Bero, L. A. (2019). Conflicts of interest between the sugary food and beverage industry and dental research organisations: time for reform. The Lancet, 394(10194), 194-196.

ltd, R. (2020). Growth Opportunities in the Global Beverage Market.

Researchandmarkets.com. Retrieved 24 August 2020, from https://www.researchandmarkets.com/reports/4171584/growth-opportunities-in-the-global-beverage-market.

Moreira, M., & Tjahjono, B. (2016). Applying performance measures to support decision-making in supply chain operations: a case of beverage industry. International Journal of Production Research, 54(8), 2345-2365.

Moreira, M., & Tjahjono, B. (2016). Applying performance measures to support decision-making in supply chain operations: a case of beverage industry. International Journal of Production Research, 54(8), 2345-2365.

Ruggiano, N., & Perry, T. E. (2019). Conducting secondary analysis of qualitative data: Should we, can we, and how?. Qualitative Social Work, 18(1), 81-97.

Tse, Y. K., Matthews, R. L., Tan, K. H., Sato, Y., & Pongpanich, C. (2016). Unlocking supply chain disruption risk within the Thai beverage industry. Industrial Management & Data Systems.

Vaismoradi, M., Jones, J., Turunen, H., & Snelgrove, S. (2016). Theme development in qualitative content analysis and thematic analysis.

WIRE, B. (2020). Global Beverage Market Nears $1.86 Trillion by 2024 - Analysis by Type of Beverage, Packaging Type, Distribution Channel, Region, and Market Player - ResearchAndMarkets.com.

Businesswire.com. risk assessment assignmentRetrieved 24 August 2020, from https://www.businesswire.com/news/home/20190917005879/en/Global-Beverage-Market-Nears-1.86-Trillion-2024

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