Entrepreneurial strategy in UK Assignment

Entrepreneurial strategy

Table of Contents
INTRODUCTION....................................................................................................................... 3
TASK 1....................................................................................................................................... 3
Critically evaluate a range of entrepreneurial strategies for plan.com......................................3
TASK 2....................................................................................................................................... 5
Analyse the strategies for Plan.com and develop a set of objectives........................................5
TASK 3....................................................................................................................................... 7
Develop a strategy for the Plan.com which will more consistent with their situation...............7
TASK 4 ...................................................................................................................................... 9
Own judgement of received opinions......................................................................................9
CONCLUSION.......................................................................................................................... 10
REFERENCES.......................................................................................................................... 11

·INTRODUCTION
Entrepreneurial strategy is defined as a process in which a firm establish their relations
with environment. In addition to this, it is an action or decision which is taken by the firm for
introducing a product in order to getting competitive advantage in the marketplace. Entrepreneur
have to face various kind of challenges for starting a business such as land, funds, labour forces
etc. The chosen organisation for this assignment is KAE which engages in providing marketing
consultancy to leading and small firms and the other chosen organisation is plan.com which
engages in telecommunication sector and founded in 2014 along with based in UK. This report
will discuss about the different kind of strategies which can used by the SMEs for developing
their business. Strategic situation and a set of objectives along with a strategy which is created
for different situation that can arise any time in the workplace and recommendations will also
given for implementing suitable strategy it will also cover in this assignment.
·TASK 1
·Critically evaluate a range of entrepreneurial strategies for plan.com
Entrepreneurship is defined as a process of identifying the opportunities and allocate the
resources accordingly so that the identified opportunities can be gained in effective manner. As
the company is small in the marketplace therefore they have to analyse the needs and wants of
customers then they will able in make products accordingly. For example- company wants to
capture a huge market share in the upcoming time (Zone, 2014). In present scenario, the
establishment of a new business is very tough because every firm creates a strategy for sustain
their product in the market for a long time period therefore, managers of Plan.com have to
implement suitable strategies in their workplace for taking growth and sustainability in the
marketplace. The strategies are given as under:
SWOT Analysis
·STRENGTHWEAKNESSESThe company have lower number of workers but they are well
experienced and knowledgeable through which the company can easily get competitive
advantage in upcoming time.
·The company has innovative team which helps them in making effective relations with the big
player of telecommunication sector.Less availability of funds

·They have only 30000 customers in UK nation which shows their limited market share.
·OPPORTUNITIESTHREATSThe company can gain huge market share and customer base in
future time.
·Company can reduce the prices for data and call which will be an opportunity for them in
upcoming time.Management have to make effective strategies because the giant players of
telecommunication sector can affect their small market share and customer base. As the present
situation of telecommunication sector is very critical, all the players of this sectors are making
different products so that they can attract large number of customers towards their offerings so
the managers of company have to estimate their funds and make effective strategies so that their
business operations are less effected from the rival's strategy.
Market penetration – The main objective of this strategy is to increasing the sale of
existing products which will automatically increases the market share of firm. In this strategy
company have to make innovations in their existing products through which they will attract a
large number of customers towards the offerings of firm. It will also helps the firm in acquiring
competitive advantage in the marketplace. The company have capable staff members through
which they can make better changes in their existing products through which they can increase
their market share in effective manner. On the other hand, The company have less funds for
make innovations in their products
Market development – In this strategy, company is situated at one place and doing good
business in that market but now the organisation wants to expand their business in new market
with their existing products. This can be defined as enhancing the sale of old products in
unexplored market. With the help of this, managers of company will spread the awareness about
the offerings of firm through which the customer base would increases in global market.
Company have less investor due to which they can not expand their operations in new market at
present condition.
Product development – The objective behind this is to introduce new products in the
existing markets. This strategy can be used by the firm in order to offering new products for
their existing customers with an aim of enhancing the revenue and profitability. It will increases

the profitability and productivity of firm in global market. Firm has to allocate resources of
funds through which they will able in expanding their operations in new marketplaces.
Diversification – This strategy can be used by the owners for entering in new market
areas with launching new products for that market. It is also called riskiest strategy because in
this, company have to use marketing for newly developed products in a new market. As the
company is rapidly growing in the market with their old products therefore company can move
in a new segment with introducing a product for this segment. For this, company have to find
big investors which will provide funds to the firm whereas the financial condition of the firm is
very week so they have to make effective strategies before diversification.
From the all above strategies company can increase their customer base and profitability
in the existing market by using product development. With the help of it, company can also gain
sustainability and growth in UK market with introducing 5G services or data plan. As the
company has acquired 14th position in the market for “The best small business to work” which
defines that company has created a good image in the marketplace in a small time period. For
increasing the revenue and profitability, the research and development team of Plan.com can
introduce 5G services in the UK market. With the help of it, company will easily increase their
customer base and profitability in their existing market (Furlong, 2013).
By using this strategy company will able in attracting a large number of customers
towards their offerings which will help them in getting sustainability for a long time period. In
this strategy company have to use effective promotional tools for introducing 5G services in the
market such as social media platforms, marketing campaign which helps the firm in spreading
awareness about their new products in the customers. For launching 5G services management
requires a huge investment which can possible through taking financial supports from the
various resources such as banks, financial institutions. In order to launching the 5G services in
effective manner management of plan.com have to conduct surveys in the marketplace which
assists them in identifying the threat and opportunities of their new services. With the help of it
management will also analyse the needs and preference of the customers which provide guidance
in their further development of products and services. With using this strategy the manager will
easily identify the performance level of their employees which guides them in providing training
programmes to the low performer of their firm. By adopting such kind of strategy the managers

of plan.com will also improve the quality of their products and services which helps the firm in
increasing their reputation and position in the marketplace.
·TASK 2
·Analyse the strategies for Plan.com and develop a set of objectives.
The managers of firm wants to provide effective services to their customers in
telecommunication sector for this they have made suitable strategies through which they will
sustain their products and services for a long time period in UK. The present situation in the
telecommunication market is very critical as every firm wants to introduce new products and
effective plans for achieving competitive advantage in the market areas therefore the cited firm
has developed some strategies as per the situation which will help them in increasing their
capability and position in the UK market. The capabilities and position of the company are
given as under which will guide them in setting their objectives:
Capabilities of the company- There are some capabilities of the firm which are given
as under:
Team of Experts – the company have very experienced workers who are working from a
long time in the telecommunication sector. The most important capability of the firm is their
loyal workers who are providing their maximum efforts in achieving a better position in the
marketplace (BOUGUENOUS,2012).
Ready to innovate – The workers have a great knowledge and experience who enables
them in innovating new products. The company is thinking for introducing 5G service in the UK
market due to which the firm will easily get a huge customer base in the marketplace.
Effective data and calling plans – As the company is providing services from the 3
years so they have created effective data and calling plans which helps them in attracting new
customers towards their offerings. It also provide assistance to company in creating a good
position in the marketplace.
Appropriate funds- The firm is providing suitable and effective services to their
customers so that their financial power is strong and they can expand their business operations in
future. Which will helpful for the firm in enhancing their position in marketplace.
The objectives of the company on the basis of their capabilities and position are
given as follows:

·To increase the market share
·To develop Product as per the need and wants of the customers
·To enhance the productivity and profitability of firm with satisfying the needs and wants of
customers
·TASK 3
·Develop a strategy for the Plan.com which will more consistent with their situation.
Plan.com is a rapidly growing firm that can increase their business and profitability in
global markets in future time. As the company wants to introduce 5G services in UK market due
to which company can expand their business operations in global market therefore they have to
set a specific strategy which will help the firm in their regular development and growth. For
creating strategies company have to use their workforce as they are very knowledgeable and
experienced so the managers can take supports for them in developing such kind of strategies.
Implement optical fibre – The company wants to become leader in the
telecommunication sector so they have to provide best data and calling services to their
customers which will help them in gaining competitive advantage in the marketplace. In order to
providing best data services to the customers, managers have decided to include optical fibres in
their networks through which the data can be transferred in fast speed and it will helps the
company in providing communication in secure way to their customers. Which will help the
company in acquiring huge customer base in future.
Set effective prices- As the company wants rapidly growth in the telecommunication
sector so they have to provide services to their customers in affordable prices. With the help of
it, they will easily attract new customers towards their offerings and it will also helps in making
effective relations with the customers. It is also a new player in the telecommunication sector
therefore they have to prepare effective plans and policies so that they can easily capture a huge
market share in UK. For example the rivals of the firms are providing only calling at 1£ for a
month so company can add the data services in this plan along with same price which will help
in attracting the large number
Partnership with big players – the company can create partnership with the big players
of market such as Vodafone, virgin, talk talk etc. It will also help the firm in providing better

services to their customers through which the loyalty of the customers will also increases in the
future time. The partnership with the giant players will also increase the revenue and goodwill of
firm due to which the company will easily achieve their objectives in effective manner.
Develop the network – The current situation of the telecommunication sector is very
crucial because every firm wants to earn revenue and profitability in the market but they are not
considering on developing the network. Therefore, the managers of firm has decided to develop
the network due to which they will increase their customer base and growth in the market. For
this strategy they have implement boosters in their towers through which they can provide the
best speed network to their customers. With the help of it, the company will easily increases
their capability and position in the marketplace. They can also spread their network in Europe in
the upcoming time period(Heding,2015).
Take collaborative works from their employees – In this strategy the managers of
plan.com have to increase the loyalty of their staff members which assists them in generating
huge profitability and revenue for their firm. In the case of plan.com the company wants to
introduce 5G services in the existing market where they are providing services in present time
therefore the capable staff members can support them in enhancing their market share and
growth in well manner. For taking mix efforts from the workforce managers have to organise
some kind of competitions in their workplace so that the skills and strength of their employees
will be increased and they provide better efforts on the given tasks (Chen, 2014).
Make different products from their rivals – Under this strategy, management have to
make different kinds of products and services for their customers so that the customer can easily
differentiate the offerings of the firms with their rivals. As the company engages in
telecommunication sector where the competition is very high in nature. In which company have
to provide a suitable services so that the brand image of firm can be easily created in the mind
set of the customers. Company have suitable workforce who are ready to innovate in their
existing products and services. Hence company have to regularly innovate the products which
will help them in following this kind of strategies.
Steps in implementation of a strategy:
Establishment of annual objectives – The company have to establish suitable objectives
so that the employees get aware and perform their roles in effective manner.

Formulation of policies for execution of strategies – As the company is new in the
market place so that they have to formulate effective strategies so that the firm will achieve their
preset objectives in well manner.
Allocation of resources – for better implementation of the strategies company have to
find better resources which may be funds, human resources etc. with the help of these, the
employees will perform better on the given task.
Actual performance of task and activities – In this phase, company have to measure
performance level of their employees so that the given task will be completed in effective
manner and skills of the employees will be enhanced.
For implementation of such kind of strategies in well manner company have to use some
approaches which are as follows:
Commander approach – Under this approach, company have to determine best strategies
so that managers can understand their roles and responsibilities and implement the strategies in
effective manner. In this kind, managers have the power to distribute the tasks to their staff
members as per their skills and knowledge. With the help of it employees will understand their
duties and effectively work on the given tasks. The managers of Plan.com can not used this kind
of approach because this approach is very restrictive in nature due to which the employees get
demotivated and they can not perform their duties in effective manner.
Cultural approach in this kind of strategy managers have to make relations with the lower
level of employees which breaks the barriers between the managers and workers. With the help
of this approach the employees feels motivated and provide effective efforts for implementation
of the desired strategies of firm. In this kind of approach workers provides their best because
these are the important resource of the firm. As per this approach it will reduce complexities
from the tasks due to which the employees provides maximum efforts on the given works but
firm can not use this approach for implementing the above strategies because it not assists the
managers in measuring the performance level of their employees.
Organisational change approach- In this kind of approach company wants to implement
the strategy on the urgent basis therefore employees of the firm has to adopt the change. In it,
managers are assuming that they implements a best strategy for their firm. For this they makes
easy tasks for their employees so that the organisational structure can adopt the changes in well
manner. This strategy is more effective in nature than the other approaches because it focuses on

the regular changes in the environment which helps the employees in adopting more difficult
strategies in the workplace. In the context of cited firm, their managers wants to implement the
strategies of making different kinds of products for this, they have to make changes in the
workplace on the regular basis due to which they will able in making different products from
their rivals and introduce them in the marketplace in well manner.
Collaborative approach – This kind of approach is more essential as it helps the firm in
taking collaborative supports from their employees. In this approach manager have to plays
coordinate role for their employees through which the employees also provide mix contribution
for achievement of organisational goals. The cited firm is rapidly growing in the market and
wants to introducing 5G services in the market which can not be possible without taking
supports of the staff members therefore, managers of Plan.com has to motivate their staff
members so that they gets motivated towards organisational goals and provide maximum efforts
for completing their assigned tasks in allotted time period. With the help of this approach
company will easily identify the lower or best performer in the workplace and provide rewards
to the best and training to the lower performers so that the skills and strength of the staff will be
maintained.
From the all above approaches managers of Plan.com have selected collaborative and
organisational change approach for implementing their strategies which are more beneficial for
them in effectively implementation of this approach.
l壱TASK 4
l弐Own judgement of received opinions
According to my perception the above strategies which are applied for the firm in order
to getting sustainability and growth are appropriate in nature. The company have uses product
development strategy as they wants to introduce 5G services in UK market so they can take
support from this strategy. It will help them in getting supports from their employees. In my
opinion company can use their capabilities for setting their objectives because it will guide the
managers in identifying their strength and weaknesses. The firm will also gets support from the
setted objectives in the capturing of huge customer base in local market. With the help of it
employees will aware from their roles and responsibilities which helps the managers of firm in
reducing the conflicts and issues (Kasemsap, 2015). For analysing the current situation firm has

to make some strategies such as make different product from the rivals it will provide assistance
to the managers in introducing new products at marketplace and also guide them in achievement
of goals. The collaborative approaches are used for implementing such strategy in effective
manner. From the all above factors the managers can identify the growth and sustainability of
firm in future time. With taking help of strategies, company can make suitable plans for
achieving their objectives. The Plan.com can achieve huge success at marketplace in upcoming
time as they have unique ideas and effective workforces which will help them in achievement of
such kind of growth. For implementing the Product development in effective manner company
can use various promotional tools which will help them in spreading awareness about the
product in the customers. In order to arranging funds for their new services they can take helps
from the banks and financial institutions through which they will be able in introducing their
new product or services at existing market in effective manner.
·RECOMMENDA TIONS
For achieving their preset objectives company have to reduce the prices of data and call through
which the company will attract a large number of customers towards the plans of company. The
company have skilled workers so that they can develop new products which can satisfy the needs
and wants of customers in better manner. As it is a small player company have to make effective
agreements with the big players of telecommunication sector through which they will be able in
increasing their market share and productivity in well manner.

·CONCLUSION
It has been concluded from the above report that entrepreneurial strategies plays an
important role in the Small and medium scale firm as they wants to grow and develop their
market share therefore the firm have to adopt effective approaches so that they can implement
the strategies in well manner. For analysing the capabilities of firm company have to set their
objectives accordingly so that the position can be analysed in well manner. Company have also
focuses on the rival's strategies which can used by them in capturing a huge market share and
profitability. For gaining growth and sustainability SMEs can use Ans-off matrix as it helps the
firm in identifying the weaknesses and strengths of firms. With the help of it company will
easily attracts new customers towards their offerings and also introduce new services for the
customers.

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