Assignment on Planning for Growth - Docs
16 Pages4087 Words252 Views
Added on 2020-10-22
Assignment on Planning for Growth - Docs
Added on 2020-10-22
ShareRelated Documents
Planning for growth
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P1. Analyzing key consideration for evaluating growth opportunities for Qbic Hotels inimplementing digital technology............................................................................................1P2. Evaluating the opportunities for growth applying Ansoff's growth vector matrix..........2TASK 2............................................................................................................................................4P3. Evaluating the different sources of funding available to business...................................4TASK 3............................................................................................................................................7P4. A business plan for growth that includes both financial and strategic objectives............7TASK 4............................................................................................................................................9P5. Different exit and succession plan available for small businesses with their benefits anddrawbacks...............................................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONEntrepreneurship is significant for economical growth of any country. Small scaleindustries are the hey contributors in GDP of a country. In the recent technological era, it isimportant for SMEs to implement digital technology in their operations. The present report isbased on Qbic Hotels limited which is UK based hotel company and going to introduce digitaltechnology in its business operations. The present report will evaluate the growth opportunitiesfor Qbic Hotels. Further, the growth opportunities will be discussed using Ansoff' s matrix.Study will also focus on various potential source of funding available to Qbic. Later, a businessplan will be made which help to understand the plan. The report will also include exit andsuccession plan for small business.Task 1P1. Analysing key consideration for evaluating growth opportunities for Qbic Hotels inimplementing digital technology.Qubic being the small-scale hotel wants to expand its business for growth and increase itsprofit. In order to plan for growth, Qubic hotel coming up with the implementation of digitaltechnology and social media in its operation. Qbic is taking the hotel on social media networkand outsourcing the business activities by launching new website. Social media and website willhelp the company to reach at global platform and attract new customers through social media.In order to plan for a growth of business, is is very important to analyse the market anddifferent growth opportunities. Qubic also requires to evaluate its competitors anfd the factors inbusiness environment. The PESTEL analysis will help Qbic hotels to evaluate the growthstrategies in implementing digital technology in their business operations. The use of socialmedia and online digital websites will help the company to attract more customers andexpanding business at global level.PESTEL analysis: Political: In some countries government has block the using of social media, some websites.That may affect the business of Qbic hotels as advertising option is not possible in thesecountries.Economical: internet has created many pricing problems that are not possible to ascertained(Belton, 2017). 24 hour sales are easier to accommodate with a code to enter at checkout, "onlyavailable until midnight.” software for websites will cost to business profit.1
Social: Knowing the targetcustomers are very important. Not everyone has access to socialmedia or digital technology, this is generally to the lower income people.Technological: its all about technology which is being used. The design of websites, tablets,picturisation of hotels in social media is important. Whether new technology makes elements ofyour marketing mix.Legal: There are some legal issues online are a major consideration. Stealing images issues fromwebsites like copyright, patents etc.Porter's Generic Competitive strategies:It is also very essential to evaluate the strategies that helps Qubic to gain competitiveadvantage across the target market. Porter's Generic Competitive strategies is an essential modelwhich assist in determining the company's strength to be a cost advantage or differentiation.Cost leadership: it mainly focuses on introducing the new method at lower cost as compared toother companies. It will help Qubic to attract more customers buy cost-effective manner.Differentiation: under this strategy company will focus on creating its online services that willbe completely different from other company's digital communication services.Focus: this method will assist Qubic to be focused on their target market which would be morebeneficial for them. There are two focus strategy, cost-focus which emphasis to the cost factor inorder to make it affordable to the customer. Another one is differentiation factors, which focuseson differentiation in target market, such as youth groups, certain age-group etc.P2. Evaluating the opportunities for growth applying Ansoff's growth vector matrix.The Ansoff's matrix is a common tool for growth strategies, it focuses on firm's presentand potential products and markets (USE THE ANSOFF MATRIX FOR EVALUATINGGROWTH OPPORTUNITIES, 2018) It considers the ways to grow via existing products and newproducts, and in existing markets and new markets, there are four possible product-marketcombinations. It concerned that marketing strategies is a joint work of four growth areas: marketpenetration, market development, product development and diversification. These four areascreates the Ansoff Growth matrix. Qbic hotels is implementing new digital technology in itsservices, Ansoff growth matrix will be beneficial to understand the potential of new growthstrategies. The Ansoff's growth matrix quadrants explains the four possible growth strategies forQbic Hotels. The four strategies shown in picture above is:2
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Assignment on Evaluating Growth Opportunitieslg...
|15
|4087
|135
BUS305 Small Business Management Report - Qbic hotellg...
|15
|4707
|193
Learning for Business Plan : Reportlg...
|15
|4714
|52
The impact of digital technology on businesslg...
|13
|4299
|34
Manage Successful Business Project Assignment (Doc)lg...
|7
|1108
|86
Planning for Growth INTRODUCTION 1 TASK-11 P1 Key considerations for evaluating growth opportunitieslg...
|18
|5074
|139