Entrepreneurial strategies - Assignment
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Added on 2021-02-21
Entrepreneurial strategies - Assignment
Added on 2021-02-21
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Entrepreneurialstrategies
Table of ContentsTable of ContentsIntroduction..........................................................................................................................................31B. Critically evaluated entrepreneurial strategies and its relation with Kitchen Table..................32C. Analysis of organization strategic situations and development of its objectives......................63D. Approaches to attain objectives & Implementation of strategy................................................94E. Recommendation.....................................................................................................................10Conclusion..........................................................................................................................................10References...........................................................................................................................................11
IntroductionStrategy is defined as a play , pattern, position or an action which an individual take toachieve their desired objective (Waddington 2014). For using the entrepreneurial strategy, anentrepreneur develops and executes their new innovative idea in their product and services with theaim and objective of to attaining the beneficial outcomes form sustainable market. The chosen smallmedium enterprise performs their operation in service sector in the UK in the restaurant sectornamed “ Kitchen Table” in London. Entrepreneurial strategy are combination of practices and the polices with in the enterpriseused by entrepreneurs for establishing the business. In this report, various elements are going to becovered which includes BCG matrix in order to examine the competitive position of the companysegments. Along with this, McKinsey's 7s which helps in determining soft as well as hard skills. Atlast, it includes Porter's five force model which assist in analysing and identifying competitiveforces of industry. In order to conduct and examine situational analysis, various factors or models are going toexplained in detail. Some of these models includes SWOT as well as TOWS analysis in an effectivemanner. With the help of SWOT analysis managers will be able to know their internal strength andweakness along with external opportunities and threats. Apart from this, Pestle analysis are going tobe discussed in this report which helps in examining all the factors which affects the overallfunctionality of the company . In this report the enterprises is choose is “Kitchen Table” restaurant situated in London.Michelin started the kitchen table, with his innovative idea of daily changing menu of around 12dishes and announcing the 19 the lucky dinners who all sit facing the kitchen. As it is a dinningexperience with the full of interaction with the chef and show casing the kitchen in a theatre. In thisrestaurant the Reservations of table are taken from months in advance and its standards so highand as entrepreneur put his creativity and innovation in this well as it is too costly as well. With thehelp of this research, various organisational objectives are as going to be developed by themanagement team of chosen organisation. Along with this, SMART techniques are also developedby the managers in order to attain their organisational objectives.1B. Critically evaluated entrepreneurial strategies and its relation with Kitchen TableThe entrepreneur of “Kitchen Table” has used and adopt different various Entrepreneurialstrategies in their business for analysing the environment. Some strategies are BCG matrix, Porter's5 Forces, Value chain model, McKinsey 7s and some of the strategy is described as below:
BCG Matrix:BCG matrix has four dimensional in its framework where each and every dimension states itseffective and competitive position of the company segments (Spykman 2017).Its elements are star,question mark, cash cow, dogs which are described as follow in context to the company.Dogs: These are those products with low growth and the low market share. It can beexplained with the help of example, the restaurantplasma TV from Philips.should not produce andserves those products which is not beneficial for the company and those product who are notincreasing the market share of the company. It is recommended to the company that the dogsproduct can give negative affect and to improve this, they should focus on product development as wellas the market development of products so, product can survive in competitive market.Cash Cows: These Products are those whose growth markets is low with the high marketshare of company (Scholes 2015).In other words cash cows products are those segments whichprovide effective financial stability in the business organization. In context to the kitchen table themanagement should include and introduce the more profitable products into its menu, to attract andtarget more effective and profitable segments while identifying the customer needs and focuses onsatisfying them accordingly.Stars: These products have high growth in market with high growth in market share. Theseproducts are very profitable to the company as they are the market leaders through ongoinginvestment to sustain in market place. As they generate more effective return on investmentcompare to other product. Question marks: These Products have high growth markets with low market share. Incontext to “Kitchen Table” the restaurant should formulate, and execute the market developmentand product development strategy in their business for effective productivity as well as the profitmaximization. As they have to introduce the more franchises and outlets according to the needs andrequirement of customers which helps in garbing the competitive advantage form market. TheCompanies are advised to do invest in question marks products, if the product has enough potentialfor growth, or to sell if it does not.Porter's 5 Forces:This models helps in analysing and identifying competitive forces of industry. It focuses on thecompetitors, suppliers, buyers, new entry and their substitutes of the business organization. Theseelement are described under as follow:Industry rivalry: The competitive rivalry in fast food industry is very high as there arenumbers of restaurant available in market. Each will fight to improve their customer base. Some of
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