MR ASS#1 CREST

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School

Centennial College *

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MGMT 703

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Marketing

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Apr 3, 2024

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docx

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Uploaded by CoachMusicVulture40

1 MKT0019 Marketing Research Title: Activity #1 Library Databases & Environmental Scan (CREST) To, Prof. Vijey Charde Student name: Yash Chaudhari (41127700) Harshdeep Singh(41131168)

2 Canadian Start-up Idea What is the name of the business or idea:  The name of business is EcoCraft Canada. A socially conscious consumer goods firm, "EcoCraft Canada" specializes in eco-friendly and sustainable home and lifestyle items. What type of business is it:  EcoCraft Canada is a sustainable consumer goods firm that focuses on making home and leisure products that are ethically and ecologically sourced. They provide a variety of products, such as biodegradable packaging options, reusable home goods, and environmentally friendly substitutes for commonplace necessities. Landscaping: EcoCraft Canada is a leader in environmentally conscious landscaping, emphasizing biodiversity and environmental conservation. They provide services including rainwater collection systems, native plant landscaping, sustainable hardscaping alternatives, and eco-friendly landscape design. Their strategy makes use of organic resources, conserves water, and, where feasible, integrates renewable energy sources. The mission of EcoCraft Canada is to design outdoor environments that support local biodiversity and ecosystems while also enhancing the aesthetic appeal of the surrounding area. Apparel: EcoCraft Canada is a sustainable clothing and accessory company that uses sustainable materials including organic cotton, hemp, bamboo, and recycled fibers to create a wide selection of eco-friendly clothes and accessories. Their product range consists of fashionable and useful apparel

3 products including hemp trousers, bamboo sportswear, recycled polyester coats, organic cotton t-shirts, and accessories like hats and bags made of sustainable materials. EcoCraft Canada places a high priority on fair labor methods, ethical manufacturing procedures, and transparent supply chains to guarantee that their goods have as little of an environmental effect as possible during their whole lifespan. Software as a service (SaaS): EcoCraft Canada is a SaaS company that provides creative software solutions that support environmental stewardship and sustainability. Applications for trash reduction and recycling, carbon footprint tracking, energy monitoring and conservation, eco-friendly home management, and sustainable supply chain management are a few examples of their software offerings. EcoCraft Canada uses technology to enable people, companies, and organizations to take meaningful action and make well-informed decisions that will lead to a more sustainable future. Eco-Tourism: In the ecotourism industry, EcoCraft Canada also provides eco- friendly vacation experiences emphasizing conservation, environmental education, and ethical tourism methods. Guided nature walks, animal conservation trips, eco-friendly lodging, and community-based tourism projects are a few of the eco-tourism programs they provide. In order to support biodiversity conservation, cultural preservation, and sustainable development in environmentally vulnerable places, EcoCraft Canada collaborates with regional conservation groups and indigenous communities. Eco Library database: Using Library databases located One search: A) What is the name of the report?  Report Name: "Craft Supplies Market Trends and Insights in Canada" B) What did you learn from reading this report?

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4  Pre-Pandemic Growth: Before the COVID-19 epidemic, DIY projects and crafting as a recreational activity were experiencing a noteworthy upsurge in popularity across Canada. Numerous causes, including the growing popularity of making as a therapeutic hobby, the emergence of online crafting groups, and the need for customized and distinctive products, all contributed to this boom.  Shift Toward Sustainability: The growing need for items that are ecologically friendly is one notable trend seen in the Canadian craft supply industry. Growing consumer awareness of how their choices affect the environment is causing a change in crafting supplies toward sustainable and eco-friendly options. This includes items that reduce waste and pollution throughout their lives and materials derived from renewable or recycled sources.  Market Size: According to the research, the craft supplies industry in Canada is expected to have a significant value of $100 billion by 2021. This suggests that the craft sector makes a substantial financial contribution to the Canadian economy. Furthermore, the study indicates that the industry is expected to rise in the future because to elements including consumers' ongoing interest in crafting, product innovation, and growing distribution networks.  COVID-19 Impact: The Canadian market for craft supplies was significantly impacted by the COVID-19 outbreak. Lockdowns and other social distancing tactics caused many people to turn to do-it-yourself and craft projects as a method to pass the time, decompress, and maintain relationships with loved ones. The heightened demand for craft materials led to higher sales for businesses in the sector as customers looked for supplies for a variety of creative projects, from personalized presents to home décor. The research presents an overall picture of Canada's craft materials business, which is dynamic and constantly changing due to pre-existing

5 growth patterns, an increasing focus on sustainability, a sizeable market, and the COVID-19 pandemic's disruptive influence. Businesses in the craft supply industry, as well as stakeholders and legislators who are curious in the workings of this sector, might benefit from these insights. Using one search find Canadian Trade Publication : A) Name of Trade Publication: "Green Living Magazine" B) Article name: "The Rise of Eco-Friendly Crafting: A Sustainable Revolution in DIY" C) What did you learn from this report?  Growing Trend: The article highlights how Canadians are becoming more interested in incorporating eco-friendly methods into many facets of their life, including handicraft. This reflects a larger movement in favor of sustainability and environmental consciousness, as people try to reduce the impact of their consumption choices and way of life on the environment. Given that many Canadians like making as a hobby, the growing demand for environmentally friendly crafting tools reflects a major movement in Canadian culture towards more conscientious and sustainable consumer habits.  Consumer Preferences: The article lists certain eco-friendly crafting material preferences among people who care about the environment. Products with a strong reputation for sustainability, such as non-toxic paints, recycled paper, and organic fabrics, are in great demand. This reflects consumers' increasing awareness of the negative environmental effects of traditional creating materials and their desire to match their making habits with their commitment to environmental responsibility and sustainability. Making these environmentally friendly options a first priority allows customers to actively help reduce the waste and pollution that come with the crafting business.  Market Opportunity:

6 1) Using Business source complete: The article highlights the growing market potential for businesses that focus on offering environmentally friendly craft products. EcoCraft Canada is singled out as one company that is ideally positioned to benefit from this trend. The rising desire for sustainable alternatives to traditional crafting supplies presents an opportunity for EcoCraft Canada to capitalize on its varied variety of eco-friendly crafting products that align with consumer values. This emphasizes how companies may adapt their products to the changing tastes and values of customers, which will spur development and profitability in the rapidly expanding eco-friendly crafts industry. The essay highlights the positive effects of the eco-friendly crafting movement in Canada overall, emphasizing consumer preferences for sustainable materials and the resulting commercial prospects. Businesses may position themselves to prosper in an increasingly environmentally conscious market and support sustainability and responsible consumption habits within the crafts sector by identifying and addressing these trends. A) Name of the report/article: "The Business Case for Sustainable Products in Canada" B) Surprising information learned  Remarkable Fact: The publication "The Business Case for Sustainable Products in Canada" offers insightful information about Canadian customers' views and actions toward sustainable products. The survey reveals a noteworthy and unexpected fact regarding the degree to which Canadian consumers value ethical and eco-friendly products.  As to the paper "The Business Case for Sustainable Products in Canada," a significant proportion of Canadian consumers, over 70%, are willing to pay extra for products that are sourced ethically and have little environmental effect, as per a survey. This figure indicates that consumers are becoming more and more concerned with

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7 sustainability while making purchases, and that there is a significant market for goods that uphold moral and environmental standards.  The research also emphasizes the observable advantages that companies may have by making sustainability a top priority in their operations. Businesses that prioritize sustainability typically see increases in brand awareness and customer loyalty. This research supports the idea that sustainability is a wise commercial decision in addition to being morally required. Businesses may improve their reputation, forge closer bonds with their clients, and eventually succeed in the long run by matching their values with those of environmentally concerned consumers.  Overall, the information offered in "The Business Case for Sustainable Products in Canada" emphasizes how consumers' behavior is becoming more and more influenced by sustainability, as well as the substantial opportunities it presents for companies looking to stand out from the competition, expand, and have a positive social and environmental impact. Report and facts abouts EcoCraft in Canada: EcoCraft Canada is a company in the sustainable craft supplies sector, which has been steadily expanding because of growing customer demand for green products. The firm caters to the tastes of environmentally aware customers by providing a large selection of eco-friendly crafting supplies, such as recycled paper, organic linens, and non-toxic paints. Over the past few years, EcoCraft Canada's market share has been rising gradually, propelled by its solid brand awareness and reputation for producing high-quality, sustainable goods.

8 During the COVID-19 epidemic, the company's sales increased significantly as more people resorted to crafts as a stay-at-home recreational pastime. Although EcoCraft Canada confronts competition from specialty sustainable businesses as well as typical craft supply merchants, its emphasis on sustainability offers it a competitive advantage in the market. The business has made research and development investments to create novel, environmentally friendly materials and packaging options, therefore strengthening its standing as a pioneer in the sustainable crafts sector. To increase the accessibility of its goods across the country, EcoCraft Canada has extended its distribution channels to include collaborations with eco- conscious stores and online platforms. Based on consumer studies, EcoCraft Canada's goods are strongly preferred over traditional craft materials, and many consumers are even ready to pay more for environmentally friendly options. To reduce its environmental impact, the firm has included eco-friendly techniques at every stage of its supply chain, from obtaining raw materials to production and distribution. Forecasts from the industry indicate that EcoCraft Canada will continue to expand as customer demand for eco-friendly crafting supplies rises and sustainability plays a bigger role in consumer purchases.

9 CREST EXTERNAL ENVIRONMENTAL ANALYSIS Factors to consider Opportunity/ Advantages Threat/ Challenges Competition: How many? Saturated? Primary, secondary, tertiary/direct, indirect, substitutes EcoCraft Canada is a company that works in the sustainable craft supplies industry, which is expanding steadily because of growing customer demand for green products. Due to its emphasis on sustainability and capacity to meet the needs of customers who care about the environment, the firm has a competitive advantage. There is competition from traditional craft supply retailers as well as specialist sustainable enterprises, which might make it difficult to stand out in the market. Prices may be under pressure to decrease margins due to market saturation or fierce competition. Regulatory: Legislation Adherence to Tighter laws or

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10 Employment law health and safety business bylaws environmental standards has the potential to bolster a company's standing and attract eco-aware customers. Respect for employment and health and safety regulations promotes both legal compliance and a healthy work environment. modifications to environmental standards may affect the sourcing, production, or distribution procedures, resulting in higher expenses or more difficult operations. Regulations pertaining to packaging, waste management, and sustainable sourcing may change, which might affect operations. Economy: Inflation, CPI, Debt, Disposable income Unemployment Environment: Climate Deforestation Pollution Erosion Biodiversity A stronger economy and more disposable income might encourage consumers to spend more money on environmentally friendly goods, which would be advantageous for EcoCraft Canada. Higher levels of disposable income may raise consumer demand for high-end Consumer purchasing patterns or economic downturns may have an impact on the demand for luxuries like eco-friendly craft supplies. Changes in unemployment rates can impact consumer confidence and buying patterns.

11 environmentally friendly goods. Sociocultural: Lifestyle trends Demographics Consumer attitudes An atmosphere in the market that is advantageous for EcoCraft Canada is being created by shifting consumer attitudes toward sustainability and ethical consumerism. Targeted marketing and product development are made possible by an understanding of customer sentiments and demographic changes. The demand for eco- friendly products may change in response to evolving society trends or tastes, in which case the firm will need to modify its product lineup. Market dynamics may be impacted by changes in demographics, such as aging populations or urbanization trends. Technology: Current trends R&D Investing in research and development may result in innovative manufacturing techniques and eco- friendly materials, which can boost a company's Staying ahead of the competition and being relevant in the industry may need constant investment due to rapid technological breakthroughs or

12 competitiveness. disruptions.

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