The environment for the Aquagarden product can be described in terms of PESTE and assessed in terms of SWOT (Lamb et al. 2018).
Political Here in Australia we a surrounded by Government intervention. In the case of sustainable development government parties are on board for example the labor government, who stated in there 46th National Conference document that they are working “ to promote sustainable economic development and raise living standards” which is an opportunity for our product to thrive.
Economic Due to Australia’s economy surviving the global financial crisis, in comparison to the rest of the world, the area of borrowing funds is more expensive. Never the less, the strong Australian dollar suggest a stable economy ready to undertake change towards a sustainable future and hence once the Home Eco Garden is introduced into the market it would be more widely sought after
Social In today’s society the idea of intergenerational equity has come to the table as a hot topic with 82% of Australian Adults reported concerns for at least one environmental problem (ABS 2010). The table below shows the proportion of adults who reported the natural environment was declining and expresses the high rate of concern in today’s society about the environment and how it is sustained however; consumers have become set in their ways and do not have the inbuilt intention to change towards a sustainable future without being enforced to do so. This means that consumers may be aware of their effects on the earth but are not ready to adopt sustainable practices.
Furthermore, from the above statements we can see that consumers are talking the talk, yet not walking the walk in terms of their attitude and actual behavior.
Technology around the world is moving at an astronomical pace and with this technology we can create Aqua Gardens at an efficient rate to be sold to consumers (if the demand arises). The internet can be utilised to allow the Home Eco Garden to be seen nationally and even internationally.
To become sustainable we must begin to each food’s that are seasonal, to reduce transport (petrol and energy that is wasted) but with the Aqua Garden many foods can be grown year round as the gardens are not affected by the cold, frost, heat or winds.
The AG is incredibly energy efficient and low cost, its small form makes it able to effectively be used anywhere and it aesthetically pleasing design outweighs any competitors. It has been shown that awareness of the sustainable issues are on the rise and the AG will be positioned at the forefront of the changing attitudes.
With the AG being a new and innovative product there are still some questions in the unknown which will take time and knowledge to be found. Also being a new business we have no known reputation to consumers while furthermore, In order to begin production of the Aqua Garden a large amount of funds must be injected into the business which is subject to some risk.
OpportunityCompetitors are currently over pricing their products which is an opportunity for the AG to become the superior product with its design and features at a lower cost. Globally the world is depleting and with this information consumers are beginning to be more sustainable and thus creating a larger market. Also generous substitutions have been given to sustainable products which could be awarded to products like the AG.
ThreatsWhile this product is now new and innovative it will not be long before other businesses catch up with the technology if the demand increases. Also the obstacle of society’s current ways must be breached in order to create a broader market. As well we have the current economic state from the GFC which has left consumers with little or no confidence leaving their money safely in their pockets.