Kudakwashe Chakona 24/01/2021

1. Export earnings
In the long term, it could be exported to other countries if the sauce is successful,
thereby leading to a more favorable current account balance for the UK. Levi is already
considering exporting Reggae Sauce back to the Caribbean with an export firm.
Contribution to public finances
By hiring people to make the sauce, unemployment will be reduced and the welfare
benefits paid out by the government will consequently be reduced. This would
encourage the government to use resources in some other way, e.g. it might use the
money saved to improve education spending. In addition, the success of Levi would
mean that increased tax revenue would benefit the government.
Economic growth and job creation
The opening of a new factory for the manufacture of Reggae Sauce would generate jobs
in the United Kingdom and thus lead to the reduction of the unemployment rate in the
economy. The investment would have an economic multiplier impact, e.g. Reggae Sauce
will generate demand for ingredients that other businesses will supply, thereby helping
to boost their income and helping to boost economic growth.
Increased competition and consumer choice
In order to ensure a competitive edge, Reggae Sauce would create competition for
established brands on the market and thereby enable businesses to be more profitable
and boost the quality of their products. The new product would improve the consumer's
choice of goods.
2. Commitment and determination, despite the setbacks, Levi did not give up on his
dream. The Inconvenience of being rejected by many banks and still being capable of
bouncing back. A significant trait of many effective entrepreneurs is adversity. In certain
cases, the market performance of making a profitable product is based on delivering a
good product or service. In this situation, Levi has a fantastic product that was checked
by the public at the Notting Hill carnival and was successful enough to attract Sainbury's
to store it. This will provide an effective angle for selling the product, as it is based on a
recipe passed down by his grandmother.
3. I think Levi’s will always be successful. If Levi continues to make profits like these and
uses them to reinvest into his business to grow his market the business may continue to
grow and be successful. Just like Levi is discussing to export to the Caribbean, he can
begin to export to many other countries which is increasing his market and make his
business more likely to stay successful. Since Levi got media publicity and managed to
persuade the market with his personality his product is going to be in high demand
meaning is business will be successful
Kudakwashe Chakona 24/01/2021