BPESTLE Factors affecting the Candle Industry in India

BUSINESS: 

  1. Raw Material Supplier Negotiations
  2. Raw Material Logistics
  3. Quality Control Strategies
  4. Strategic models to minimise material wastage
  5. Increasing competition in the home fragrance industry
  6. Increase in the need for luxury gifting options

POLITICAL:

  1. Government support for foreign trade
  2. Political events which cause inflation
  3. Political changes which lead to revised trade deals
  4. Government Regulations for health and safety
  5. Corruption that hinders the smooth import and export of goods

ECONOMIC:

  1. Increase in taxes
  2. Decreasing Labour Supply
  3. Increasing Labour Costs
  4. Employee welfare, health, safety and financial regulations
  5. Increase in the average consumer’s buying power

SOCIO-CULTURAL:

  1. Education for better jobs and positions.
  2. Better Lifestyle Choices – More Comfort
  3. Seasonal Buying Trends
  4. Religious and Cultural choices

5.   By 2020 – The median individual in India will be 29 years old (http://www.thehindu.com/news/national/india-is-set-to-become-the-youngest-country-by-2020/article4624347.ece)

TECHNOLOGICAL:

  1. Efficient Machine Operated Production Lines
  2. Equipments for Performance, Material and Toxicology Tests
  3. Secure Internet Infrastructure 
  4. Research and Development – Product development 
  5. Access to Microsoft Dynamics Navision for better business operations

LEGISLATIVE: (http://www.intertek.com/hardlines/candle-testing/)

  1. RAL-GZ041 Candle Quality Control
  2. General product Safety Regulations of 1994
  3. BS EN 15493: Candles  – Specification for Fire Safety
  4. BS EN 15494: Candles – Product Safety Labels 
  5. BS EN 15426: Candles – Specification for Sooting Behaviour

ENVIRONMENTAL:

  1. Waste Management of Dyes and Chemicals
  2. RO Water Purification Plant
  3. Incorporation of Solar Panels for clean and green power
  4. Changing Weather – Temperature control
  5. Recycling of excess wax
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