Political

As per the entrepreneurship and innovation assignment, Australia ranks 5^th among the Asian countries in political stability. Australia political index is which shows that Australia has a strong stability rate which makes the organization applicable for trading (Theglobaleconomy.com, 2022. This has made Australian market most important for MNC, in Asia- Pacific region, this can be beneficial of the organisation to open market in Australia.

Economical

As per the entrepreneurship and innovation assignment, Australian GDP is the world's 14th-largest economy. By 2022, its GDP is predicted to increase at a rate of 3.1 percent, notwithstanding the worldwide lockdowns of 2020 (Worldbank.org,2022). Additionally, business investment, family earnings, and inflation are likely to rise during the next several months this will create negative impact on the company. The federal tax rate in Australia as per the entrepreneurship and innovation assignmentis thirty per cent, and it applies to the income that is taxable for all enterprises. On the other side of this entrepreneurship and innovation assignment, the tax rate for small businesses is 26% of their revenue(Ato.gov.au, 2022). It is anticipated that this rate will drop by a quarter of a percentage point in the not-too-distant future.

Social

There are roughly 26 million people in Australia, which is a rather modest population for a big economy (Worldometers.info, 2022). According Csi.edu.au, (2022) considered in this entrepreneurship and innovation assignment, “Australia's social entrepreneurial ecosystem”, this helps in the development of sustainable organisation as people usage of sustainable products. One of the world's most ethnically diverse nations, Australia is home to a diverse populationThese people left behind an enduring legacy.As per the entrepreneurship and innovation assignment, availability of skilled labor which benefits the organisation and people prefer sustainable products which benefits the organization.

Technological

In comparison to the rest of the developed world in the entrepreneurship and innovation assignment, Australia's rate of technical advancement is widely acknowledged to be substantially faster. The country as a whole has seen a tremendous amount of technological advancement throughout the course of its long history. It is more likely now than ever before that this startup will be able to get its hands on cutting-edge technologies. Businesses in the local area are responding to the demands of their customers by investing in cutting-edge technology. Thus as per the entrepreneurship and innovation assignment, it could have a positive impact on the company's efforts to expand their business in Australia.

Legal

In order to ensure that businesses and customers are shielded from unethical business practises, Australia has enacted fair dealing rules, competition laws, and consumer protections as per the entrepreneurship and innovation assignment. The most significant item of legislation regarding labour in the United States is the Fair Work Act which was passed in 2009 (Alrc.gov.au, 2022). In addition, regulations concerning privacy govern the way in which businesses must deal with the private information which provides security to employees. As a result, staff productivity rises, benefiting both the company and its customers. As a result of the adoption of the Animal Care and Protection Act 2001 in this country, which restricts the use of animal leather, the organization's products would benefit greatly (Monday.com, 2022).

Environmental

According to the entrepreneurship and innovation assignment, the continent of Australia is the one with the fewest people living on it. Alterations to the climate are also a significant issue (Anwar, et al., 2022). According to a study that was just released by the Senate in Australia and focusing the stability there are lack of violence and disruption which promotes peaceful environment for trading (Theglobaleconomy.com, 2022). The growth of concern about environment among people is beneficial for the developed of product in Australia according to the entrepreneurship and innovation assignment. 

Factors

Impact

Threat (High or Low)

Bargaining Power of Buyers in the entrepreneurship and innovation assignment

Customers may easily purchase sports shoes other than those made by this firm because of the cheap switching costs. This company in the entrepreneurship and innovation assignmentwill, on the other hand, have a little higher cost than other due to its innovative concept of using banana leather.  Smaller customers have less of an influence on the business' overall success. These external factors hinder customers' ability to bargain.

LOW

Bargaining Power of Suppliers

The operations of individual suppliers will have a negative impact on this new footwear firm because of the abundance of supply. In the same manner, the large number of suppliers reduces the effect of the demands of local suppliers on larger firms like Nike, Adidas, etc. According to the entrepreneurship and innovation assignment, because of the modest size of individual suppliers, suppliers may have some impact. However, suppliers' bargaining power is simply a weak factor in this regard.

LOW

Threat of New Entrants

According to the entrepreneurship and innovation assignment, because of the enormous costs associated with developing a brand, it is difficult for new businesses to compete successfully against established corporations like Adidas or Nike. When analysing the production and distribution network for the business's athletic shoes around the globe, one must also take into consideration the enormous economies of scale that provide this new company with a competitive edge over other new firms (Dryuchenko, 2017). According to the entrepreneurship and innovation assignment, the relatively low cost of doing business is another factor that makes it difficult for new entrants to significantly alter the environment of an industry.

LOW

Threat of Substitutes

This company will face a moderate degree of competition from its customers, who have a broad variety of alternatives to other products from its competitors such as Adidas, Jordan, or Nike. It is believed in the entrepreneurship and innovation assignmentthat the level of competition is expected to be moderate. Customers are fairly inclined to look for replacements due to the relatively poor performance of alternatives in comparison to this company's vegan shoes when it comes to athletic competition. Further, low switching costs contribute to this possibility.

MODERATE

Competitive Rivalry

In part, the sluggish pace of market growth might be attributed to the high market penetration and saturation levels reached by enterprises (Nyurenberger, 2020). The fact that this company producing vegan footwear using banana leather is fighting for a market that is very slowly expanding generates a powerful force. It is noted in this entrepreneurship and innovation assignmentthat the other businesses compete aggressively for greater market share. The company has to place a primary emphasis on both the expansion of its target market and the creation of new products in order to keep its edge in the global market for sporting goods and to increase its market share.

HIGH