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Planning for Growth Assignment (Solution)
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Added on 2020-12-09
Planning for Growth Assignment (Solution)
Added on 2020-12-09
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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Analyse key considerations for evaluating growth opportunities..........................................1P2 Evaluate the opportunities for growth applying Ansoff’s growth vector matrix...................3TASK 2............................................................................................................................................4P3 Assess the potential sources of funding with benefits and drawbacks..................................4TASK 3............................................................................................................................................6P4 Business plan for growth.......................................................................................................6TASK 4............................................................................................................................................7P5 Assess exit or succession options with benefits and drawbacks............................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONPlanning for growth refers to make more effective as well as efficient plan of action togain profitable growth opportunities which facilitates to achieve appropriate benefits. Thepresent report is based on XYZ Software Company which deals in web designing SEO (SearchEngine Optimisation) – SMO (Search Mobile Optimisation), web development, application-development and provide services to business clients in an appropriate manner as per their needsand demands. In this assignment, the Company is coming under a contract with E-commerceWebsite “Fluid Branding Limited” for bidding. It also includes description for keyconsiderations of evaluating growth opportunities and several potential sources of funding alongwith benefits as well as drawbacks (Eddleston and et. al., 2013). The business plan for growthincluding financial information and strategic objectives with several exit or succession optionsfor small business involving merits or demerits are given below. TASK 1P1 Analyse key considerations for evaluating growth opportunitiesThere are various kinds of factors which are required to be observed, analyse andevaluate thoroughly which helps to determine potential growth opportunities for business. Thenew and innovative ideas, thoughts or concepts provide support to improve brand image inmarket which facilitates to gain growth and success of business properly. It is necessary toidentify beneficial chances and put efforts to grab them at correct time to improve profitability ofan organisation (Mahmoudi and et. al., 2013). In case of XYZ Software Company, they arerequired to evaluate several key considerations that are explained further – Resources: There are various kinds of resources which are available in company such asstaff members, raw material, machines, equipments and many more. Thus, it is essential to utilisethem appropriately to generate maximum outcomes from the same. In context to given company,they are required to manage overall resources in correct way to produce desired services to fulfilexpectations of their business clients in proper manner along with achieving satisfaction (Valler,Phelps and Wood, 2012). Corecompetences: This can be described as to observe different competitors with theirproducts or services to compare them with own goods. Thus, it is helpful to determine severaleffective ways to improve quality of services to improve brand image in market which supports1
to sustain strong position amongst competitive firms. The given company have to thoroughlyanalyse about efficiencies of product of competitors an then implement certain modifications toboost up effectiveness of own products successfully. Porter'sgenericstrategies: This model was primarily introduced by Michael Porter whoprovides four strategies of business which render support to organisation in order to gaincompetitive advantage. It is helpful to determine more effective as well as efficient practiceswhich provide help make strong brand of given company amongst different competitiveorganisations in market (Kraaijenbrink, Ratinho and Groen, 2011) . It involves several strategieswhich are as follows:CostLeadership: This can be described as to make manufacture product with betterquality and render to customers at affordable price to become more preferable brand than otherfirms in market. It is helpful to increase profitability as well as satisfaction of consumers throughproviding services at reasonable rates. Thus, XYZ Software Company are required tomanufacture software services at affordable price to sustain their effective position in market. CostFocus: This includes to target niche market which has little competition and provideservices at lower prices to people. It requires to understand dynamics of particular market placeand then render goods to customers at reasonable or comparatively low price. In context to givencompany, they can decrease rates of their software services in terms of increasing number ofconsumers along with improving brand image. DifferentiationFocus: The factor of differentiation focus refers to make strategy to addunique features of product for making it separated from other brands. It basically involves strongbrand loyalty of customers towards brand in market as compared to other competitive firms. It isvery important to make services differentiated easily from other brands which can create animage in minds of customers and motivate to purchase the services of selected enterprise(Grover, Bokalo and Greenway, 2014). DifferentiationLeadership: This includes the criteria of making product more effectiveand satisfactory than other competitors so that people become ready to pay premium price for thesame. It involves to improve superior quality, promotional support and generate brand loyalty inclients so that clients prefer only to buy services of XYZ Software Company. PESTanalysis 2
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