Economics for Tax Incentives and Implementation - myassignmenthelp

Question: Discuss about theEconomics for Tax Incentives and Implementation. Answer: Introduction. Currently, Australia unemployment stands at 5.6 % as of August 2017 following the creation of 54200 employment opportunities. The average unemployment rate in Australia since the year 1978 and 2017, is 6.9 % (Trading Economics 2017).Predominantly, most economies experience unemployment spells and Australia is no exception. The commonest types of unemployment in Australia are structural, frictional, cyclical, seasonal, youth unemployment, underemployment, long-term unemployment and mature person unemployment among others. Theres structural, cyclical and frictional unemployment. Further, there s long-term, youthful unemployment, indigenous and older persons unemployment in Australia. However, the Australian government has implemented measures to help eradicate unemployment rates in its various states, education, training, tax incentives and implementation of expansionary fiscal and monetary policies has helped reduce unemployment. In addition to long-term unemployment, there is underemployment in the Australian states which basically implies there's need for more full-time jobs as opposed to part-time jobs thus the need for the Australian government to advocate for and promote full-time jobs. There s need for flexibility of working hours. Furthermore, the older population in Australia faces unemployment due to their aging disadvantages which require government intervention through anti-age discriminatory practices. Following the closure of major industries in Australia such as the car manufacturing industry, most workers were rendered jobless hence the need for industry diversification and transition agencies to help laid-off workers get back into employment. By and large, the Australian government has tried to create and sustain employment opportunities though much needs to be done, both by the government and the private stakeholders. Source: Trading Economics, Unemployment In Australia Noteworthy, there's youth unemployment in Australia which is contributed by the fact that they lack experience which some employers look for in potential job seekers. Notably, the Australian youth unemployment levels have risen to 13.5 percent with the underemployment rate of 18 per cent which is considered the highest it has been in forty years of Australian history (Davidson 2017).According to the Generation stalled Report, youth between the ages of 15-24 face the highest unemployment rates. Specifically, there were 650000 unemployed youths in February 2017 unemployed and under-employed. The youth are disadvantaged when it comes to jobs due to the transition from education to the workplace and are equally hard hit with the recession (Borland 2014).Particularly in May 2012, youth unemployment rate stood at 18.8 percent for youths between the ages of 15-24 years old. In addition, there's long-term unemployment facing both the youth and old persons in the Australian states (Economy watch 2010).For most laid-off workers, commonly resulting from the decline of industries, lack of transition into other sectors of the economy could render them long-term unemployed hence the need to diversify the economy.Older workers in Australia face unemployment due to the fact that most employers prefer energetic workers thus rendering mature-aged workers to face long-term unemployment(Wilson 2013).According to the Australian Bureau of Statistics, about one-third of unemployed matures aged people believe they are unemployed due to their age which is a discriminatory practice.Specifically,140000 persons aged between ages 50 and 64 are unemployed. Also, the increased number of migrants has contributed to the rise of the unemployed population in Australia(Economy watch 2010).The fact that youths and immigrants are new into the labor market makes it hard for them to be immediately employed thus the need to create more employment opportunities and job placement centers to help them get employed quickly.The increase in the number of immigrants into Australian states increases the demand for jobs and given the fact that most Australians are facing unemployment, there's bound to arise in the number of unemployed persons hence the need for more employment opportunities.The Australian government needs to create an enabling environment for investments so as to lure investors both foreign and domestic to expand the Australian employment opportunities. Moreover, underemployment is another challenge facing the Australian economy. According to the Roy Morgan research statistics, over1.28 Australians were underemployed as at May 2017 which translates to 9.8 percent of the employed population.Underemployment is due to the increased number of part-time jobs as compared to full-time jobs(Morgan 2017).Typically, the unemployed population refers to persons looking for work or for more work.More than 1.1 million Australians are underemployed according to the Australian Bureau of Statistics(Patty 2017.Structural underemployment has plagued the Australian industry.Through the creation of more permanent employment opportunities, both unemployment and underemployment figures will significantly reduce. Causes of Unemployment. The Australian unemployment rates are based on various factors. The decline of various industries has created massive unemployment spells. For instance, the closure of car manufacturing plants in Australia translated into massive layoffs. The Toyota, Holden group of companies closure of their manufacturing plants led to many workers being laid off. Moreover, the lack of other diversified industries to absorb the retrenched and laid off workers widens the gap for the underemployed thus the need to boost the existing and diversify the industries(Adelaide 2015).Predominantly, the recession is the commonest cause of unemployment whereby due to slow or declined economic activity workers are laid off. During the recession, there s less economic activity,low investment which would promote layoffs. Moreover, immigration creates unemployment in the sense that there's a scramble for the already existing jobs with the increase in the number of job seekers. Typically, an increase in the number of people seeking jobs should be met with equal employment opportunities. Immigrants are new job seekers in the Australian economy thus it takes time for them to be absorbed into the Australian labor force(Sebastian 2015).The uncontrolled flow of immigrants is likely to flood the Australian labor market and rendering indigenous Australians jobless. Usually, migration of labor is due to search for greener pastures. There s need for strict immigration laws to control the influx of immigrants into Australia and creation of more employment opportunities. Largely, technological advancements have been incorporated into the labor market industry due to its fast, large volumes and efficient outcomes thus rendering some workers irrelevant in some industries. In addition, the expansion of multinationals from Australia has denied some Australians employment opportunities. In most cases, multinationals are expected to employ more workers from the host country as opposed to home country thus creating employment opportunities for foreign nationals as opposed to indigenous Australians. Offshoring has largely contributed to the high unemployment levels in Australia. There s need for more local investments to create and expand employment opportunities for the Australian population. Solutions for Unemployment Primarily, increased economic activity is likely to create and maintain jobs thus eradicating the unemployed population. In the event that there s a conducive and enabling business environment, most investors are likely to operate in Australia thus creating jobs for the Australian population. Further, there s need for domestic stimulated demand for goods and services to create the gap for employment and economic activity which sustains employment opportunities. Regarding youth unemployment, there's need for the Australian government to implement target programs which are aimed at preparing the youths for the labor market (Borland 2014).Further, there need to invest more in placements and corporate-based training. Further, it is imperative for there to be a partnership between educational institutions and the corporate world to provide the learners with the requisite skills for the labor market. In addition, the Australian government ought to incorporate industry based education partnerships with the corporate world for the benefit of the future task force. Also, the education curriculum for learners should conform to the labor market requirements so that the learners are adequately prepared for the job market once out of educational and training institutions (Chohan 2016).There need to prevent over qualification of the youthful labor force for the Australian job market. There s urgent need for learners to choose courses and careers based on the jobs available in the market to prevent structural unemployment due to the mismatch of skill set between the laborer and the requisite job (Gottliebsen 2014).The investment of government in education and training will empower the Australian population with the skill set and readiness for the labor market (Amadeo 2017). Notably, to curb long-term unemployment, laid off workers from declined industries can join other sectors of the economy such as the service sector. There's need to put into place, transitional agency and placement centers to help retrenched automotive industry workers to gainful employment (Spoehr 2017).There s need to create short-term jobs such as construction while creating more permanent employment opportunities. Similarly, there s need to promote vocational education and training to prevent structural unemployment.Further, there need for the Australian government to implement investor-friendly policies to attract investments which will, in turn, create employment opportunities. Moreover, there s need to invest more in infrastructure to create conducive and enabling a business environment for investments thus creating jobs (O.E.C.D. 2014). Furthermore, there should be anti-age discriminatory laws and oversee agency to protect laborer rights despite their differences based on age and other disadvantages .Also, there need to regulate the flow of immigrants into the country to help eradicate instances of unemployed immigrants who contribute to frictional and structural unemployment through job searching transition time frame and mismatched skills respectively.To reduce frictional unemployment, the establishment of job placement centers and readily available information on employment opportunities will go a long way in eliminating this type of unemployment.For recession based unemployment, the Australian government ought to initiate demand-based policies and supply based policies to eliminate structural unemployment(Pettinger 2017). Monetary based policies aimed at propelling aggregate demand for goods and services will stir economic activity thus creating and expanding employment opportunities thus eradicating unemployment.Moreover, tax incentives through cuts and breaks will stimulate demand for goods and services the creating employment opportunities.Further, through vocational education and training, laborer skills will match the jobs they are into thus eradicating structural unemployment.Through the implementation of favorable tax breaks, employers might be encouraged to permanently sustain employment opportunities thereby reducing unemployment.Also, flexible employment arrangements will keep many workers in employment as opposed to restrictive employment practices. Notably, Cyclical unemployment can be minimised through stimulated demand for goods and services.Stimulated aggregate demand for goods and services can be achieved through expansionary fiscal and monetary measures.In furtherance of stimulating demand, the Australian government ought to incorporate investment friendly practices to encourage investment and in the process create and secure employment opportunities(Investopedia 2015).Fiscal policies that offer tax incentives through cuts and breaks avails investment capital which stimulates aggregate demand for goods and services. Primarily, the extension of retirement age for mature workers will reduce the overall unemployment rates in Australia(Sheen 2012).Currently, the maximum retirement age for older workers is 65. Particularly, the existence of friendly working environment for older matured workers will keep matured workers in work for longer periods of time.In addressing long-term unemployment, there s need for implementing education and training initiatives to sharpen the skills of workers for the available jobs.The availability of wage-based subsidies for displaced workers and government absorption of the long-term unemployed through availing employment opportunities will go along way in reducing unemployment rates.Further, the implementation of full-term employment policies by all employers will reduce unemployment and underemployment(Plumer 2013).There's a part of Australia s indigenous population which is unemployed thus the need to address the issues involved to reduce the overall unemployment rates in Australia. Largely,job location, structural labor condition changes, and employment discrimination have prevented most indigenous people from being employed thus there s need for the Australian government to bar any employment discriminatory practices against indigenous folks.Alongside these laws, education and training accessibility to indigenous Australian will improve their employability chances(Birdle, Hunter, and Yap et.al 2016).Also, the implementation of pre-employment evaluations, cross-cultural job training, and policies that create a friendly working environment for indigenous workers will largely increase employment opportunities for indigenous Australians. Conclusion Unemployment is a challenging problem for most economies and Australia is no exception. The Australian population faces recessive effects of the global financial crisis, frictional, cyclical and structural unemployment like other economies.Particularly, Australi faces specific problems, long-term unemployment, older persons unemployment youth unemployment and underemployment.Largely, Australia s unemployment problems are due to low aggregate demand for goods, a decline of industries, offshoring effects, uncontrolled immigration and low investment effects.There's need for the private and public sector to create employment opportunities in Australia.The Australian government has tried to eradicate unemployment through investing and advocating for education and training to help equip workers with the requisite skills for the available employment opportunities.There's need to advocate for flexible working hours, full-time employment and fair wages to eradicate high unemployment rates in Australia. Typically, the implementation of job placement centers all over Australia will go along way in eradicating frictional unemployment and general unemployment.There s need to create an investment-friendly environment through favorable foreign investment policies and tax incentives to promote investment which in turn will create employment opportunities which will, in turn, radicate unemployment levels in Australia.There s need for the private sector to invest more thus creating employment opportunities for the vast Australian population.Further, there s need for controlled immigration into Australia because uncontrolled migration contributes to the already high unemployment rates in Australia.Part of Australia's indigenous population is unemployed thus the need for equity in employment.All in all, the Australian government has recognized unemployment as an area of interest and has implemented policies to help eradicate it which is a commendable move, but more needs to be done. References Amadeo, K.(2017).Unemployment Solutions: What s most cost-effective.The Balance.Available at https://www.thebalance.com/unemployment-solutions-3306211.[Accessed 23 Sep 2017] Amadeo, K.(2017).What is Frictional Unemployment: Examples, Causes, Rates.The Balance.Available at https://www.thebalance.com/what-is-frictional-unemployment-examples-causes-rates-3305517.[Accessed 23 Sep 2017] Birdle, N., Hunter B and Yap, M Et.al.(2016).Eight ways we can improve indigenous Unemployment. The Conversation. Available at https://theconversation.com/eight-ways-we-can-improve-indigenous-employment-60377[Accessed 23 Sep 2017] Borland, J.(2014).Unemployment Is hitting youth Hard: This is what we should do.The Conversation.Available at https://theconversation.com/unemployment-is-hitting-youth-hard-this-is-what-we-should-do-27590[Accessed 23 Sep 2017] Chohan, W.U.(2016).Young, educated and underemployed: Are we Building a nation of Ph.D. Baristas?.The Conversation.Available at https://theconversation.com/young-educated-and-underemployed-are-we-building-a-nation-of-phd-baristas-53104.[Accessed 23 Sep 2017] Davidson, H.(2017).Third of Australian youth have no jobs or are Underemployed, Report Finds.The Guardian.Available at https://www.theguardian.com/business/2017/mar/27/third-of-australian-youth-have-no-job-or-are-underemployed-report-finds[Accessed 23 Sep 2017] Economy Watch.(2010). Australia Unemployment. Economy Watch.Com. Available at https://www.economywatch.com/unemployment/countries/austr1alia.html[Accessed 23 Sep 2017] Gottliebsen, R.(2014).How to Solve Australia s youth Unemployment.The Australian.Available at https://www.theaustralian.com.au/business/business-spectator/how-to-solve-australias-youth-unemployment-crisis/news-story/b4626b966ed1a439c97379b3c02b4a93[Accessed 23 Sep 2017] Hermann. S.(2016).Economic Indicators: Unemployment Data. Wise.Owl.Available at https://www.wise-owl.com/investment-education/economic-indicators-unemployment-data[Accessed 23 Sep 2017] Investopedia. (2017).What Can Policymakers do to Decrease Cyclical Unemployment? Investopedia. Available at https: //www.investopedia.com/ask/answers/030415/what-can-policymakers-do-decrease-cyclical-unemployment.asp.[Accessed 23 Sep 2017] Morgan, R.(2017).Over 2.6 Million Australian Unemployed or Under Employed in May.Roy Morgan.com.Available at https://www.roymorgan.com/findings/7253-roy-morgan-australian-unemployment-may-2017-201706091431[Accessed 23 Sep 2017] O.E.C.D.(2014).Preventing Unemployment and underemployment from Becoming Structural.O.E.C.D.Org.Available at https://www.oecd.org/g20/topics/employment-and-social-policy/OECD-Preventing-unemployment-and-underemployment-from-becoming-structural-G20.pdf[Accessed 23 Sep 2017] Patty, A.(2017).Underemployment skyrockets to 1.1 million Australians.The Sydney Morning Herald.Available at https://www.smh.com.au/business/workplace-relations/underemployment-skyrockets-to-11-million-australians-20170317-gv09bw.html[Accessed 23 Sep 2017] Pettinger, T.(2017).Policies for reducing Unemployment. Economics Help.Org. Available at https://www.economicshelp.org/blog/3881/economics/policies-for-reducing-unemployment/[Accessed 23 Sep 2017] Plumer,B.(2013).Four Ideas for fixing Long-term Unemployment Crisis.The Washington Post.Available at https://www.washingtonpost.com/news/wonk/wp/2013/04/25/four-ideas-for-fixing-the-long-term-unemployment-crisis/?utm_term=.c428fe114e30[Accessed 23 Sep 2017] Sebastian.(2015).Causes of Unemployment. Adelaide-South Australia.Available at https://www.adelaide-southaustralia.com/money/causes-of-unemployment/[Accessed 23 Sep 2017] Sheen, V.(2012).There s no Silver bullet Solution to Australia s Ageing Workforce. The Conversation. Available at https://theconversation.com/theres-no-silver-bullet-solution-to-australias-ageing-workforce-9089.[Accessed 23 Sep 2017] Spoehr, J.(2017).The Search for an economic solution for South Australia. The Conversation. 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Top Argumentative Essay Topics - How to Answer

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Kentucky Derby Essays - Kentucky Derby, Churchill Downs, Derby Kentucky Derby The History of The Kentucky Derby The Kentucky Derby is the most famous and prestigous horse race in the world. It is the first leg of the United States Triple Crown of horse racing. The race became the most famous horse race shortly after it started in 1875. The Kentucky Derby is said to be The most exciting two minutes in sports. Besides the race itself, there are many Derby activities in the previous two weeks, known as the Kentucky Derby Festival. The month of May and the Kentucky Derby is one of my favorite times of the year. Churchill Downs was started by a group headed by a man named M. Lewis Clark in 1874. The group built the track on land owned by the Churchill family of Louisville, Kentucky. The track officially opened on May 17, 1875 and that was the day of the first Kentucky Derby won by Aristides. The first races from 1875-1895 were modeled after the English Derby and were 1 and a half miles long. In 1896 they changed the length of the Kentucky Derby which would prove to be a good decision because from there on it became the most popular race in the world. The Kentucky Derby is the first leg of the United States Triple Crown of horse racing. It is held annually on the first Saturday of May on the world famous Churchill Downs track in Louisville, Kentucky. The race itself is run on a 1 and one-fourth mile dirt track. The race is for the best 3-year-old horses in the world. Most of the recorded times for the race are just over 2 minutes. Only one horse, Secretariat, in 1973 has run the Derby in under 2 minutes. The Kentucky Derby usually has attendences of over 120,000 fans, but millions of viewers watch at home on television. The Triple Crown is the biggest three races in the world. Only eleven Kentucky Derby winners have went on to win the next races, the Preakness and the Belmont Steaks. Some of the most notable Triple Crown winners are Sir Barton in 1919, the first Triple Crown winner, War Admiral in 1937, Whirlaway in 1941, Citation in 1948, Secretariat in 1973, Seatlle Slew in 1977, and Affirmed in 1978. These Triple Crown winners are some of the most famous horses in the history of the sport of horse racing. The fastest Kentucky Derby time was run by Secretariat in 1973, who finished in 1 minute and 59.4 seconds. The slowest Derby winner ever was Kingman in 1891, who ran the Derby in 2 minutes and 52.25 seconds, when the race was still 1 and a half mile. The biggest longshot to win the Derby and the highest paid winner of the Derby was Donnerail in 1913, who paid $184.20 at 91-1 odds. There have been 36 fillies, or female horse who have run in the derby, and 3 of them have won. Fourty-eight favorite horse have won the Derby in 126 runnings, the last favorite to win was this years winner, Fusaichi Pegases. The largest purse for any winning horse was in 1987 when Alysheba won $618,600 for winning the race. The largest crowd for the Derby was in 1975, the 100th anniversary of the Kentucky Derby. Besides the race itself, the two week period before that known as the Kentucky Derby Festival is a favorite time for people in Louisville. For the past several years the Festival has been kicked off 2 weeks before the Derby with Thunder Over Louisville. Thunder Over Louisville is one of the biggest displays of fireworks in North America. Once Thunder Over Louisville has started, the Derby activities begin. There are too many to list, but here are some of the most notable events. The Balloon Glow happens on the next Friday after Thunder, where the balloon are blown up and displayed for families to see. The next morning is the Great Balloon Race if the weather permits it. There are many famous hot air balloons which trail the winner of the event from the previous year and try to hit a target placed somewhere different every year. In the week before the Derby, there is one of the 5 top

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Energy Drinks Market in Denmark Essay Example for Free

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On the other hand, Coca-cola Denmark also considered it as an opportunity to further develop product chain of its energy drink Burn. In Denmark, Burn has been dominating the energy drink market so far but now with the entry of Red Bull into the market it will now have to strategically develop its marketing mix to find a better way to compete with Red Bull and maintain its dominant position. 1. 2 Problem Statement We define the problem question for our research as follows: How could Burn compete with Red Bull on the Danish energy drink market? To support main question we have formulated some sub questions. They are as follows: 1. 2. 1 What is the preference of customers between Burn and Red Bull? 1. 2. 2 How should Burn products be developed and how should they be priced? 1. 2. 3 How should Coca-cola Denmark promote and distribute Burn? 1. 3 Definitions 1. 3. 1 Energy drink Energy drink can be defined as a drink or the beverage that contains higher doses of caffeine and other stimulating agents that give you instant energy. The doses of the caffeine and the stimulants are legally approved by the government health authorities. The main purpose of drinking an Energy drink is to get an instant energy to your body. 1. 3. 2 Burn energy drink. Burn Energy Drink is a functional beverage, mixture of 14 ingredients that come in a 16 ounce can and is available at almost every grocery store or convenience store across Denmark. It is one of the products of Coca-Cola Company. 1. 3. 3 Red Bull energy drink Red Bull Energy Drink is a functional beverage, specially developed for periods of increased mental and physical exertion. It can be drunk in virtually any situation: during sports, at work, whilst driving and during leisure activities. 1. 4 Demarcations (Scope and limitation of the study) As every report has its limitations, this report is also subject to various limitations. This report is based on two products, Burn and Red Bull which are the products of The Coca-Cola Company and The Red Bull Company respectively. These two companies have various product categories; however this report will be focused only on those two products among wide category of energy drink in energy drink sector. As far as the market place is concerned, this report is limited to the Danish market. Most of the consumers of energy drinks in Danish market are mainly the younger people aged 18-25. Considering this fact we have selected this age group as our target group. 2 Theoretical Background. This section of the report helps to provide the broad theoretical framework used for interpreting the research presented in this report. Various marketing theories have been applied as a background in this report. Theory of Market segmentation is used to analyze Burn and Red Bull in the Danish Market. To analyze the competition between Burn and Red Bull, Competitor Benchmark Analysis is used. Finally Using the theory of Marketing Mix (4 Ps), recommendation to Burn has been made to successfully develop its marketing campaign so that it can increase its sales and compete with Red Bull. 2. 1 Market segmentation. Market segmentation will be identified by taking into consideration the demographic variables (like gender, different age group and life style) and geographical locations (various cities of Denmark) like Center of Copenhagen, Sj? lland, Fyn and Jylland 2. 2 Competitive Benchmark Analysis Competitive benchmark of Burn will be made with its direct competitor, Red Bull. For this we will take various factors which are flavor, taste, brand, price, place (convenient to buy), packaging and effectiveness of the products. During our group discussion these factors came up as the most relevant criteria for making competitive benchmark. Accordingly, respondents were asked to rate and evaluate both Burn and Red Bull on those factors during the online survey. 2. 3 Marketing Mix (4 Ps) Marketing Mix i. e. 4 Ps will be taken as theoretical base for providing recommendation to Burn after the analysis of data and findings are presented. Accordingly, Product, Price, Place and Promotion Strategy will be presented in order for Burn to successfully compete against its rival Red Bull. Then after, the conclusion will be made. 3 Methodology Description This section of the report gives information about the stages that we went through while doing the research and writing the report. 3. 1 Research Design We chose exploratory design as our research design. We have a research problem which is unstructured. We do not have enough information about our topic for which we have to investigate more on our topic. Both Qualitative and quantitative data collection methods are used. To gain more and more information and insights about the problem topic, Qualitative research design was chosen. Using qualitative data collection method, it became easier for us to change translate and reformulate our unstructured questions. Quantitative method is also used in order to check the validity of the results obtained from qualitative method. For quantitative data collection we tried to get as many respondents as possible who can represent the total population. 3. 2 Primary and secondary data collection For this research we have chosen both Qualitative and Quantitative data collection method for primary data. Similarly, wherever required, we have also used secondary data from the articles, publications and website of the company as well as blogs and other relevant news articles. 3. 3 Qualitative data collection To collect the qualitative data, a focus group interview was conducted. We prepared the interview guide for the focus group which is attached in the appendix. The focus group contained 11 members who are the students from 2nd semester class at Niels Brock. After the completion of interview process we also took a blind test among the focus group interview participants plus 15 other students. Students were chosen randomly. Each of them were given to drink two glasses, one filled with Burn and another filled with Red Bull and were asked which one they like and how they taste. The responses from the participants were used for the analysis. 3. 4 Quantitative data collection To collect quantitative data, we prepared structured questionnaire. It consisted of 15 questions (open and closed ended questions). We posted our research questionnaire in the Facebook blogs and invited 600 Facebook users through simple random method. We got only 116 responses and of which only 77 respondents answered all questions of questionnaire. So in this research 77 respondents are our total number of observation. In other words our sample size is 77 which represent the total population of energy drink customers in Denmark. 4 Presentation and analysis of data The presentation and analysis of data has been categorized as Market segmentation and Competitor Benchmark. 4. 1 Market Segmentation of energy drinks 4. 1. 1 Analysis of Focused group interview: During the focused group interview, 11 participants were asked about the consumption of energy drink every week. Among the participants, 1 participant consumes 5 or more cans per week. 4 respondents consume 3 to 4 cans and 1-2 cans as well. Whereas, 2 respondents consume less than 1 can of energy drink. Thus their consumption habit is around 1-4 cans per week. When there was a discussion about the occasions during which they consume the energy drink, most of the answers was during workout, training or going to sports and when mixing with alcohol. There was also a discussion about having coffee instead of energy drink when one is tired. 6 participants said that they prefer coffee whereas others preferred energy drink. Regarding price, most of the respondents voted for cheaper one, less than 20 DKK and between15-17 DKK. 4. 1. 2 Analysis of Online questionnaire survey The willingness of various age groups towards energy drink is illustrated in the diagram below. It shows that 56% of respondents from age group 18 to 25 years are interested in energy drink. Figure 1 Willingness of various age-groups towards energy drink Source: Appendix 4 Similarly, 20% of respondents from the age group below 18 and 26-35 years age group showed their interest in energy drink. But only 4% of the elderly respondents are interested in energy drink. Thus, it can be seen that the highest number of people from the age group 18-25 years are interested in the energy drink. Figure 2 Willingness towards energy drink by gender Source: Appendix 5 The above figure shows that 68% of male population is interested in energy drink whereas only 32% of female population is interested in Energy drink. Figure 3 Willingness towards energy drink by location Source: Appendix 6 According to the above figure, most of the respondents from center of Copenhagen are interested in energy drink. 68% respondents from the Copenhagen region and 32% respondents from Sj? land region showed interest in energy drink. While analysisng the age wise consumption of energy drink which is illustrated in the figure below it has been seen that the data is bit conflicting. Figure 4 Age wise consumption of energy drink Source: Appendix 7 As shown by the diagram, those who almost never drink energy drinks are higher in age group 18 to 25 years. But again, those drinking from 1-2 cans per week are also higher number in age category 18-25 years but less compared to those who never drink. But what can be concluded that those who drinks energy drinks they normally consume 12 cans per week and are higher in 18-25 years category. Analyzing the preferred occasions when customers usually like to drink energy drink, the research show that customers usually prefer it to mix with alcohol as their first preference and then drinking when they are tired. Figure 5 Occasional preference of Energy Drink by gender Source: Appendix 8 The above graph shows most of both females and males consume energy drink when they mix with alcohol. 22 females out of 35 female respondents (63%) and 19 males out of 42 male respondents (45%) said they consume it when they mix with alcohol. Similarly 43% of female and 40 % of male respondents answered that they take energy drink when they are tired. Likewise, 11% female and 33% male said that they take it when they go to sports. 14% of female and 21% of male chose energy drink when they are thirsty and 6% of female and 7% of male chose for other occasions. Figure 6 Customers willingness to pay for the energy drink Source: Appendix 9. Relating to the price it can be clearly seen from the figure above that 18-25 years age group which is the target customers for energy drinks are willing to pay 16-20 DKK for the energy drinks where as 26-35 years age group are willing to pay 10-15 DKK for the drink. 4. 2 Competitor Benchmark (Burn and Red Bull) 4. 2. 1 Analysis of Focused group interview: During the focused group interview, 8 out of 11 participants preferred Red Bull. Only 3 preferred Burn. When there was a discussion of product features like taste, flavor and effectiveness of the products; participants said that effectiveness of the product is important. During the blind test 26 participants were made to taste both Burn and Red Bull drinks blindfolded. Table 1 Preference of product by tasting without knowing the product (Blind Test) BurnRed BullBoth Total no. of participant (26)9152 The research showed that Red Bull was highly preferred by the participants with 58% appreciating the taste of Red Bull. Burn was preferred by only 35% of the participants. 4. 2. 2 Analysis of Online questionnaire survey The illustration of various measures to which the consumer gave importance when buying energy drink is shown in the figure below. Figure 7 Customers’ emphasis when buying energy drink. Source: Appendix 10 We found data of customers according to the importance they give to various measures or elements when they want to buy an energy drink. The above graph shows that 53% of the total respondents said flavor is very important when they buy energy drink. About taste, 60% said it is very important. None of the respondents said that it is not important at all. Talking about brand, only 19% said very important, 34% said important, 30% said not so important and 17% said not important at all. About price, 51 %( more than half population) said that it is very important. Only 5% said not so important and no respondents said that it is not important at all. So far as convenient place to buy is concerned, 29% said very important, 54% said important. When packaging is concerned 16% said very important, 29% said important 39% said not so important and 16% said not important at all. When it is about effectiveness, 44% said it is very important, 38% said important. Thus the analysis shows that flavor, taste, price, convenient buying options and effectiveness of the drinks are important for customers where as brand and packaging are not that important in buying decision. Based on the various factors to which the consumers give preference when buying energy drinks, comparative analysis between Burn and Red Bull has been carried out. This can be described from the figure given below. We asked the respondents to evaluate Burn and Red Bull giving them 4 options (Very Good, Good, Bad, Very Bad). But here in the analysis we have taken only two options as we think these two options are sufficient for comparative analysis. Figure 8 Comparison of Burn and Red Bull based on the various factors Source: Appendix 11 The above figure shows the customers preference between Burn and Red Bull on the various factors which are important for their buying decision. 34% of the total respondents said the flavor of Burn is good and 23% said very good while 48% and 29% said the flavor of Red Bull is good and very good respectively. Similarly, 39% and 13% of the total respondents said the taste of Burn is good and very good respectively while 52% and 29% respectively chose good and very good for the taste of Red Bull. As far as brand is considered, 39% and 26% said the Burn brand is good and very good respectively while 42% and 45% said Red Bull brand is good and very good respectively. When it is about price, 27% and 12% chose good and very good for Burn while 16% and 12% for Red Bull. 35% and 23% of total population said Burn is good and very good respectively when considering convenient to buy whereas for Red Bull it is 38% and 17% respectively. About packaging 36% and 22% answered good and very good for Burn while for Red Bull its 45% and 18%. Finally for the effectiveness of the product, 39% and 18% respectively chose good and very good for Burn while it is 45% and 25% for Red Bull. Thus the analysis shows that customers highly prefer Red Bull while relating to flavor, taste, and brand. On the other hand, with relating to price, convenient to buy and nice packaging, customers seemed to prefer Burn. So far as the effectiveness is concerned, Preference towards Red Bull is high but the difference is not so much. 5 Findings and summary of the analysis According to the analysis presented above, it can be seen that the energy drink market segmentation is more concentrated on the costumers between age group of 18-25 and that the customers are dominantly male rather than female. Looking at the geographic distribution the market segment is undoubtedly concentrated on Copenhagen with to some extent also in Sj? land. However, the other fact is also that since Copenhagen is the largest city with dense population this result is quite obvious. The other important findings of the study regarding the life style of the customers relating to the consumption of energy drinks is that energy drinks are excessively consumed as a mix in alcohol and then it is consumed while people get tired. Also energy drinks are often consumed just 1 or 2 cans per week. Normally customers are willing to pay 16-20 DKK for the drink. The analysis shows that in general the customers give high importance to the flavor, taste, price, effectiveness and buying convenience while making their buying decisions of energy drinks and that the brand and packaging are not of importance for the customers. Keeping this in mind the competitor benchmark of Burn and Red Bull Red Bull clearly shows that though Red Bull being a new entrant in the Danish market it has succeeded in taking good share of energy drink market in Denmark. Red Bull is preferred by customers in terms of its flavor, taste which are important factor in general for customers while making their buying decisions. Similarly, with the effectiveness as well Red Bull is preferred by customers in comparison to Burn. Burn is preferred by customers in packaging which not of important factor for customers. But Burn still dominate Red Bull in terms of its easy availability at stores which is due to the fact that it is distributed by Carlsberg Brewery which is considered to have a very strong distribution channel in Danish market. (footnote) Again at price Burn is rated better owing to the fact that they are cheaper than Red Bull. Of course with the brand Red Bull is rated much better as it is an internationally recognized brand. 6 Recommendations Based on above findings following recommendations have been suggested for Burn to improve its products, promotion and pricing strategy. The recommendations will be based on the marketing mix (4 Ps) which is product, price, place and promotion. 6. 1 Product Since the research findings show that Red Bull has dominant preference by customers in terms of flavor, taste and effectiveness, therefore Burn has to come up with innovative product development in order to provide added value to its product so that customers preferences divert towards Burn. Therefore, considerable amount of resources and time should be spent on research and development of variety of flavors and appealing taste with its product. Since the market segment of the energy drink is mostly 18-25 years old and that they consume it as mix in alcohol so the taste preference of these age group should be taken into consideration and the flavor and taste should be developed which is appealing while mixing with alcohol as well. 6. 2 Price Relating to the price, Burn is cheaper that Red Bull and realizing the fact that Red Bull is gaining market share it is wise to maintain its low price strategy. 6. 3 Place The research show Burn with strong placement but since strong distribution channel is its one of core competencies it has to fully utilize this competences to move ahead form Red Bull to place its products at all the convenient stores. The major priority should be given to Copenhagen since it’s the main market segment but again taking advantage of its well managed distribution channel it should also focus on other cities where Red Bull are not able to reach due to lack of experience with the Danish market. 6. 4 Promotion A well planned advertising strategy should be developed mainly targeting on the 18-25 years age group and again the male customers who are the major customers of energy drinks. Though Red Bull is world recognized brand, Burn also has its brand reputation as it is a product of world class Coca Cola Company. Thus advertising campaign should also be focused to create awareness of the Coca Cola brand among the customers while promoting Burn which can positively influence customers’ choice. 7 Conclusion Based on the research analysis and findings, it can be concluded that within the Danish energy drinks market Burn is definitely getting a tough competition from Red Bull despite the fact the Red Bull is a new entrant in Danish market. Its global brand recognition has provided Red Bull with competitive strength which can be a serious threat to Burn in coming future. Therefore it is a must for Burn to take timely action and initiate necessary marketing strategies to compete with Red Bull. Burn has low price advantage as well as strong distribution channel which provide Burn with an edge in the competitive market and therefore it needs to look more into product development and promotion strategy in order to compete with Red Bull and thus gain success in the competitive energy drink market. 8. References Books David Jobber. (2007). Principles and Practice of Marketing. UK. McGraw-Hill Education Pervez GH, Kjell Gr. (2005). Research Methods in Business Studies. UK. Pearson Education Bryman, A. and Bell, E. (2007). Business Research Methods. 2nd Ed. UK. Oxford University Press Burns, A. C. and Bush, R. F. (2006) Marketing Research, 5th ed. , Prentice Hall Kotler, P. and Keller, K. L. (2006) Marketing Management, 12th ed. , Prentice Hall Svend Hollensen, (2007) Global Marketing – a decision-oriented approach, Websites http://www. euromonitor. com/Soft_Drinks_in_Denmark http://advantageaustria. org/dk/news/local/Red-Bull-und-Shark. en. jsp http://www. aeofooddrink. com/34. php http://www. dietspotlight. com/burn-energy-drink-review/ http://www. redbull. com/cs/Satellite/en_INT/Products/Red-Bull-Energy-Drink-021242751115866?p=1242745950125#/product-FAQ 9 Appendices Appendix. 1 Questionnaire Dear respondents, we make this survey in order to obtain more comprehensive knowledge about the energy drink sector in Denmark, particularly the two big brands: Burn and RedBull. So we would highly appreciate if you spend a few minutes answering our questionnaire. Your information will be treated anonymously! 1. How interested are you in energy drinks? oVery interested oInterested oNot very interested oNot intererested at all 2. How often do you drink energy drinks? oAlmost never oFrom 1 2 cans per week. oFrom 2-5 cans per week oMore than 5 cans per week 3. ON WHAT OCCASIONS DO YOU DRINK ENERGY DRINKS? oWhen Im tired oWhen Im thirsty oWhen I go to sports oWhen I mix with alcohol oOther (please specify in the box below) 4. Where do you often buy energy drinks? oIn the super markets oIn the bars oIn Seven Eleven oIn small shops (eg: gas station, kiosk etc) oOther (please specify in the box) 5. How much would you like to pay for an energy drink? o10 15 Kr o16 20 Kr o21 25 Kr oMore than 25 Kr 6. How important are the following factors when you buy energy drinks? Very important Important Not so important not important at all Good flavor Good taste Good brand Reasonable price Convenient to buy Nice packaging The effectiveness of the drinks 7. Which of these brands do you know? oBurn oRed Bull oNone of them 8. Which one of these brands do you prefer? oBurn oRed Bull oNone of them 9. How do you evaluate RED BULL in the following factors? Very goodGoodNot good-not badBad Very bad Brand Taste Flavor Price Convenient to buy Packaging Effectiveness 10. Do you have any recommendations for RED BULL to better meet your satisfaction? oI dont know oIm already very satisfied oI would recommend as follows: 11. How do you evaluate BURN in the following factors? Very good Good Not good-not bad Bad Very bad Brand Taste Flavor Price Convenient to buy Packaging Effectiveness 12. Do you have any recommendations for BURN to better meet your satisfaction? oI dont know oIm already very satisfied! oI would recommend as follows: 13. What is your age? oYounger than 18 years old oFrom 18 25 years old oFrom 26 35 years old 14. What is your gender? oMale oFemale 15. Which part of Denmark do you live in? oCenter of Copenhagen oSj? lland oFyn oJylland Appendix 2 Interview guide for focus group What criteria do people choose when they buy energy drink products? Are different flavors important? What occasion do they drink energy drink? Eg: when they’re tired, or mix with strong alcohol, etc. What product name(s) do they like? Why? Do they know Burn/Red Bull? Where do they buy? Do they like Burn/Red Bull products? How much should a can of energy drink cost? Appendix 3 Fokus gruppe analyse 2. Semester klasse Niels Brock Lien, Niraj, Silas og Michelle Market research Alle kender begge 11 deltager 8 ud af 11 kan lide red bull Dog viste det at 6 ud af 11 faktisk kun valgte Red Bull efter blinde smagning Smagen er bedre, burn er for sodt. (inden smagning af begge m? rker) Hvor mange energidrinks drikker du per uge? 1 drikker 4-5 cans a week 4 3-4 cans 4 1-2 cans 2 mindre end 1 Hvornar drikker du energidrinks? Sprut, tr? ning, Det er meget i forhold til det at man drikker alkohol. Enighed blandt minimum 8 af deltagerne Dog drikker mange det ogsa hvis de er tr? tte eller skal til tr? ning efter en lang dag i skole. Kaffe frem for energi drink hvis man kan lide det hvis man er tr? t og skal videre, dette mener 6 ud af 11 af deltagerne hvor de andre ikke kan lide kaffe eller mener at en energi drik er bedre†¦ Hvor meget vil du betale for en energidrink? Ikke mere end 20kr, mellem15-17kr ca er de fleste villige til at betale Men ville kobe den billigste hvis de stod mod hinanden pa hylden i super marked. Energien er mere vigtig end smagen. Irriterende reklamer – for meget nogenhed – provokerende reklamer – mener 2 af deltagerne, Red Bull promoverer ikke sadan (I Dk hvert fald).