An Economic Report On Haigh's Chocolate

Using the information gathered during class, evidence is found and is developed in an Economic Report on Haigh Pty Ltd. Demonstrating knowledge and understanding of economic concepts, principles and models; understanding that economic decisions involve costs and benefits to our communities (local, national and global); developing inquiry skills through accessing and using information on indicators of economic development; analyse and evaluate the significance of economic issues.

It was first May 1915, when Alfred E Haigh opened the entryways of the specific first Haigh's Chocolates store at 34 King William Street, Adelaide. Time had come to extend. In 1922, he moved shops to the Beehive Corner which still is our Adelaide leader store. Alfred's grandson, John Haigh, joined the business in 1946 with a dream to take Haigh's chocolate making higher than ever. He prepared in Switzerland with Lindt and Springily and visited the US to take a gander at creation, shop styles and advertising. John altered the manner in which we produced our chocolate and in 1959 progressed toward becoming Managing Director. Haighs today are exceptionally pleased to be the eldest family-possessed chocolate creator in Australia. Today the organisation is controlled by fourth era Haighs, Alister and Simon who joint Managing Directors since 1990 and John Haigh, Chairman of the Board. Haighs currently have 17 retail locations situated crosswise over Adelaide, Melbourne, Sydney, Canberra and as well as social media. The values within Haighs still remain constant and are well and truly based from the beginning of the Haighs creation Journey. It is mentioned that they're all well considerate and passionate towards the well-known business Haighs, each and every one delivers themselves with pride and supports the team. Collaboration - Working together to achieve a safe, friendly and positive working environment. Their main 6 factors consist of the following;

• Clarity - Setting clear expectations and communicating clearly, inclusively, honestly and in a timely manner.
• Respect - Showing respect to each other and valuing diversity.
• Responsibility - Leading by example, taking responsibility for our actions, contributing to the community and maintaining environmentally sustainable practices.
• Recognition - Recognising contribution and developing our people.
• Passion and pride - Having pride in our product and passion for the business, its heritage and its future.

The economy is an area that specifies in purchased goods and services by people. It can involve anyone and any amount of people to participate. A local economy includes a small town, a national economy would include Australia and a global economy takes in the world. Haigh's began as part of a small local economy and is now building to become a Global economy and broaden their business. Haigh's is currently operating in a national economy. Due to the profit the business has founded and sponsors they have received, Haigh's are able to produce more and better-quality products to the community. The basic function of any economy is the use of efficiently whatever resources it has in order to satisfy many needs and wants as possible and it also includes the best solution to solve a problem.

Haighs Chocolate has a broad selection of chocolate, it caters for all ages and still brings excitement and delicious taste to everyone. From a wide variety of a selection of chocolates, you can find the novelty Chocolate frogs that every child adores. At an affordable cost children can afford to indulge within this luxury treat, as well as the Milk Chocolate Bilby and the bright and colourful Chocolate Speckles at only $1. 85. Not only may it be a child's favourite go to, but it still remains to be one of the most popular choices for elders to gravitate also as it may have been their childhood treat. For the elders who may like their dark chocolate and fruit and nut mixture, there is an extreme broad of flavours to cover their wants. At a reasonable cost it is affordable to purchase an assorted pack full of their favourite fruit and nut combinations at only $29. 95 without breaking the bank and still treating themselves with the taste of luxury treats. Each and every chocolate has a particular design to distinguish between each flavour, with a glazed finish and well produced cover with a luxurious look, each chocolate is a delight to the eye and mouth for everyone.

There are four categories of resources employed in the production process: land, labour, capital and enterprise. Land involves raw materials or natural resources as they occur naturally in the environment which is why it revolves under the land categories due to it literally coming from the land. Examples of this resource being used in Haighs include like wine grapes, cocoa beans which have different flavour characteristics depending on variety, area of origin and processing. A use of water, milk and sugar are all naturally found and made also. Labour includes the physical and mental effort and the human skills which go towards producing goods and services. It is often known as the labour force or the workforce. The production of some goods is labour-intensive and can require either multiple employees or less than others. Capital refers to good that are and have been produced as a purpose of making final goods for shelves or for providing services. Capital includes the factories, tools, computers and machines. They assist labour which increases production. They're often called our man-made products. Machines that are used for the creation of the Haighs chocolates are grounding, mixing and heat lamps to create the specific texture that is necessary to go towards the making of the final product. Computers are involved to print labels and dietary requirements on each packaging Enterprise is the term used for the skills, creativity and innovation that people apply to the use of the other three resources. A person who uses their skills to create economic opportunities is called an entrepreneur. They produce something that is different and requested by what people want which is all used and involved within Haigh's. The entrepreneurs involved within the company would have consisted of the generation of business owners, administration and employees, without their contribution the succession of Haighs wouldn't be where it is today.

The opportunity cost impacts Haighs due to the factors and risks that are involved while taking into consideration on handling the products and decision making. For an example, on a specific day if the company decide to only make milk chocolate products, they won't be able to create dark chocolate products that day either, due to the limited resources and machinery that is available. During the time of decision making on what to make on each day, the process would consist of what recourses are available, what employees are available and where their skills may apply, no mixing of products to avoid contamination between products, following and taking control on health and safety rules and risks, as well as cleaning the machinery and time frame the schedule may consist. For products at Haighs that may not reach the perfection criteria or have reached the outcome they were hoping for, the products will either depending on the situation be advertised as seconds and sold on shelves cheaper. The products that may not have even reached the criteria of being classed as seconds will become a waste and will be thrown away. As a result of this situation to avoid any mistakes that could be made, Haighs employs staff with exceptional knowledge and skills within the department for them to perfect the products.

In conclusion the overall company have been fortunate to have created such a luxurious chocolate for all ages, genders and races to consume, with an affordable price and easy access to the 17 stores located around Australia as well as delivery and special occasion facilities. A recommendation towards Haighs from a customer's perspective would be to extend the current warehouses to allow a larger space to include more machines and stations to work to produce a more variety of products in a day such as allowing multiple different flavour chocolates to be create without contamination concerns and following safety requirements.